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:



 
Price Change - 2 weeks ago
$7,999,000
Farm For Sale
Active
5
BEDS
8
TOTAL BATHS
11,520
SQFT
3707 NW 110th Avenue
Ocala, FL 34482
0154-0154 Subdivision
Foreclosure
$2,250,000
Land For Sale
Pending
34.3
ACRES
COLUMBIA
COUNTY
Tbd SW Commerce Drive
Lake City, FL 32025
Not In Subdivision Subdivision
Foreclosure
$1,749,000
Single Family Home For Sale
Active
6
BEDS
5
TOTAL BATHS
5,275
SQFT
16391 Shenandoah Cir
Fort Myers, FL 33908
Shenandoah Subdivision
$1,500,000
Land For Sale
Active
14.2
ACRES
CHARLOTTE
COUNTY
29390 Jones Loop Road
Punta Gorda, FL 33950
Acreage Subdivision
$1,400,000
Single Family Home For Sale
Pending
3
BEDS
3
TOTAL BATHS
2,494
SQFT
115 Devon Drive
Clearwater, FL 33767
Bayside Sub Subdivision
New Listing - 3 weeks online
$1,300,000
Single Family Home For Sale
Active
3
BEDS
2
TOTAL BATHS
1,190
SQFT
154 Bayside Drive
Clearwater, FL 33767
Bayside Sub 3 Subdivision
Foreclosure
$1,248,000
Single Family Home For Sale
Active
4
BEDS
6
TOTAL BATHS
5,744
SQFT
11313 Knights Griffin Road
Thonotosassa, FL 33592
Unplatted Subdivision
Foreclosure
$1,014,000
Single Family Home For Sale
Active
5
BEDS
5
TOTAL BATHS
4,547
SQFT
35139 Nashua Boulevard
Sorrento, FL 32776
Cross-Tie Ranch Ph 02 Tr A Subdivision
New Listing - 3 days online
$1,000,000
Single Family Home For Sale
Active
5
BEDS
7
TOTAL BATHS
5,236
SQFT
1535 Manor Way S
St Petersburg, FL 33705
Pinellas Point Add Sec C Mound Sec Subdivision
Foreclosure
$985,000
Land For Sale
Active
7.03
ACRES
HILLSBOROUGH
COUNTY
Henderson Road
Tampa, FL 33625
Unplatted Subdivision
Price Change - 2 days ago
$950,000
Single Family Home For Sale
Active
3
BEDS
4
TOTAL BATHS
2,674
SQFT
8301 Congress Street
Port Richey, FL 34668
Port Richey Land Co Sub Subdivision
Foreclosure
$899,000
Single Family Home For Sale
Active
8
BEDS
5
TOTAL BATHS
3,909
SQFT
1473 Rolling Fairway Drive
Davenport, FL 33896
Stoneybrook South Ph G-1 Subdivision
Foreclosure
$899,000
Single Family Home For Sale
Active
3
BEDS
3
TOTAL BATHS
2,117
SQFT
11461 Claymont Circle
Windermere, FL 34786
Keenes Pointe Subdivision
Foreclosure
$858,000
Single Family Home For Sale
Pending
4
BEDS
4
TOTAL BATHS
2,724
SQFT
291 S Auburn Road
Venice, FL 34292
Not Part of Subdivision Subdivision
$799,900
Commercial For Sale
Active
7,688
SQFT
38449 County Road 54
Zephyrhills, FL 33542
 
Foreclosure
$799,900
Townhouse For Sale
Active
3
BEDS
3
TOTAL BATHS
2,515
SQFT
955 Harbour Bay Drive
Tampa, FL 33602
The Twnhms At Harbour Bay P Subdivision
Foreclosure
$799,900
Single Family Home For Sale
Active
3
BEDS
2
TOTAL BATHS
2,388
SQFT
306 15th Avenue NW
Ruskin, FL 33570
Ruskin Colony Farms 02 Ext Subdivision
Foreclosure
$799,500
Single Family Home For Sale
Pending With Contingencies
4
BEDS
4
TOTAL BATHS
3,717
SQFT
17100 Primavera Cir
Cape Coral, FL 33909
Las Lomas Subdivision
Foreclosure
$796,000
Single Family Home For Sale
Active
3
BEDS
2
TOTAL BATHS
2,082
SQFT
476 Rebstock Boulevard
Palm Harbor, FL 34683
Crystal Beach Heights Subdivision

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