How does buying a foreclosed home work?

Buying a foreclosed home

 You have heard there are some good deals to be had buying foreclosed homes but how does buying a foreclosed home work?

Generally buying a foreclosed home are either through a real estate agent or through a public auction. In Lee County Florida. The Lee County Clerk of the Court auctions these foreclosures online.

How does buying foreclosed home work: Buying thru a Real Estate Agent.

There are two schools of thought on this. Some say go directly to the banks listing agent. In the beginning of the foreclosure crisis was a bit like the wild west, Since then, the banks have realized that a small percentage of their listing agents were not exposing the home to the market fully. There have since been protocols introduced to the industry at ensuring this does not happen. If the bank mandates that the home is listed for a certain number of days and the bids uploaded to a third party, then what advantage does it offer you to go directly to the bank’s agent? Think about this, you have the bank, the asset manager, the bank’s title company and the bank’s agent all working the same supply chain. Would you not want someone working for YOU?

We (Jeff & Cristina Tumbarello) have sold hundreds of bank-owned homes (As brokers we have sold over 300, we have also bought just under a hundred personally) and have developed a checklist to ensure a smooth transaction. PS, we also do not charge our buyers transaction fees.

One thing to point out on buying a foreclosed home.

A bank generally conveys title by a special warranty deed, not a general warranty deed. You need to understand the difference.

There is a lot less to choose from when buying a foreclosed home.

As one of the founders of the SWFL REIA ( South West Florida Real Estate Investment Assoc), I prepare and release a monthly statistical report that is very useful when trying to buy a foreclosed home. Here is the Foreclosure Trend Report for December 2017 Lee County Fl

There are just a lot fewer foreclosures to buy. If you find one you like. I would take action.

Buying a foreclosed home: A tip for you.

We find that the foreclosures are trading at similar prices to not bank owned properties. These home are often in better shape and convey with a general warranty deed.

Buying a foreclosed home: At the auction.

We have bought at the auction and you can get some great deals there. It is a space for experienced and savvy investors. You are responsible for any and all title defects (to include if the foreclosure was not done properly). In many cases, you also buy the property sight unseen.

Real Estate Investment Broker

Steelbridge Realty LLC  is a Licensed Real Estate Brokerage that utilizes cutting-edge marketing techniques and data-driven Real Estate solutions in today’s ever-changing environment. Our group of professionals have decades of experience and have navigated through many business cycles. Our diverse background gives us the tools to guide people towards successful decisions.

During the beginning of the housing downturn, Steelbridge Realty LLC was the Brokerage arm of several private equity entities. We assisted them with asset modeling and market metrics. Many prominent local commercial projects were included in this scope of transactions.

Need help buying a foreclosed home?

Please call 239 694 3300 or use the form below:



 
Foreclosure
$2,250,000
Land For Sale
Pending
34.3
ACRES
COLUMBIA, FL
COUNTY
Tbd SW Commerce Drive
Lake City, FL 32025
Not In Subdivision Subdivision
Foreclosure
$1,190,000
Single Family Home For Sale
Pending
4
BEDS
3
TOTAL BATHS
5,474
SQFT
4150 Dingman Dr
Sanibel, FL 33957
Seagate Subdivision
Foreclosure
$985,000
Land For Sale
Active
7.03
ACRES
HILLSBOROUGH, FL
COUNTY
Henderson Road
Tampa, FL 33625
Unplatted Subdivision
Foreclosure
$899,000
Single Family Home For Sale
Active
4
BEDS
6
TOTAL BATHS
4,646
SQFT
3140 Penwa Court
Longwood, FL 32779
Alaqua Ph 1 Subdivision
Foreclosure
$799,000
Single Family Home For Sale
Pending
5
BEDS
4
TOTAL BATHS
3,848
SQFT
1737 Cedarhill Place
Lake Mary, FL 32746
Magnolia Plantation Subdivision
Foreclosure
$710,000
Condo For Sale
Pending
4
BEDS
4
TOTAL BATHS
2,719
SQFT
5580 46th Court W #1503
Bradenton, FL 34210
Academy Park Ph Vi Subdivision
Foreclosure
$709,900
Single Family Home For Sale
Active
4
BEDS
4
TOTAL BATHS
3,807
SQFT
647 Crescent Hills Place
Lakeland, FL 33813
Crescent Hills Christina Subdivision
Foreclosure
$699,900
Single Family Home For Sale
Active
6
BEDS
5
TOTAL BATHS
5,123
SQFT
2725 Northampton Avenue
Orlando, FL 32828
Stoneybrook Unit 1 Subdivision
Foreclosure
$695,000
Single Family Home For Sale
Pending
7
BEDS
6
TOTAL BATHS
14,000
SQFT
5540 W Scarington Court
Orlando, FL 32821
Somerset Village Subdivision
Foreclosure
$674,000
Commercial For Sale
Active
2.93
ACRES
MANATEE, FL
COUNTY
1 Terra Ceia Bay Lane
Palmetto, FL 34221
Acreage Subdivision
Foreclosure
$614,900
Single Family Home For Sale
Pending
5
BEDS
4
TOTAL BATHS
4,830
SQFT
801 Acacia Ave
Lehigh Acres, FL 33972
Lehigh Acres Subdivision
Foreclosure
$600,000
Single Family Home For Sale
Active
3
BEDS
3
TOTAL BATHS
2,987
SQFT
4530 SW 81st Terrace
Gainesville, FL 32608
Haile Plantation Subdivision
Foreclosure
$590,000
Single Family Home For Sale
Active
4
BEDS
4
TOTAL BATHS
2,867
SQFT
1312 Lattimore Drive
Clermont, FL 34711
Nottingham/Legends Subdivision
Foreclosure
$570,000
Single Family Home For Sale
Pending
4
BEDS
3
TOTAL BATHS
2,581
SQFT
1728 Bobcat Trail
North Port, FL 34288
Bobcat Trail Subdivision
Foreclosure
$560,000
Land For Sale
Active
LEE
COUNTY
60 Ft. Boat Slip At Gulf Harbour D-7
Fort Myers, FL 33908
 
Foreclosure
$539,900
Single Family Home For Sale
Pending
5
BEDS
3
TOTAL BATHS
3,403
SQFT
273 Via Tuscany Loop
Lake Mary, FL 32746
Tuscany At Lake Mary Subdivision
Foreclosure
$519,900
Single Family Home For Sale
Pending
4
BEDS
4
TOTAL BATHS
3,591
SQFT
2840 Boat Cove Circle
Kissimmee, FL 34746
Bellalago-Phase 3 Subdivision
Foreclosure
$499,900
Single Family Home For Sale
Active
5
BEDS
5
TOTAL BATHS
2,342
SQFT
2631 Pawnall Street
Kissimmee, FL 34747
Windsor Hills Ph 06 Subdivision
Foreclosure
$499,000
Single Family Home For Sale
Pending
4
BEDS
2
TOTAL BATHS
2,413
SQFT
15806 Dawson Ridge Drive
Tampa, FL 33647
Tampa Palms Area 2 Unit 7c Subdivision
Foreclosure
$495,000
Single Family Home For Sale
Pending
2
BEDS
2
TOTAL BATHS
1,368
SQFT
3441 Fairview Drive
Sarasota, FL 34239
South Gate Subdivision

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