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
$819,900
Single Family Home For Sale
Active
3
BED
4
TOTAL BATHS
2,348
SQFT
2690 Firebush Ln
Naples, FL 34105
GREY OAKS Subdivision
Foreclosure
$749,900
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
3,972
SQFT
8870 King Lear Ct
Fort Myers, FL 33908
WINKLER ESTATES Subdivision
Foreclosure
$673,100
Condo For Sale
Active
3
BED
3
TOTAL BATHS
2,645
SQFT
Cove Towers #803
445 Cove Tower Dr 803
Naples, FL 34110
Foreclosure
$499,900
Land For Sale
Active
0.52
ACRES
LEE
COUNTY
4321 Sol Vista Dr
Upper Captiva, FL 33924
UPPER CAPTIVA Subdivision
Foreclosure
$401,100
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
2,100
SQFT
264 Lambton Ln
Naples, FL 34104
BERKSHIRE LAKES Subdivision
Foreclosure
$389,900
Single Family Home For Sale
Pending
3
BED
3
TOTAL BATHS
1,965
SQFT
4523 Collingswood Blvd
Port Charlotte, FL 33948
PORT CHARLOTTE Subdivision
Foreclosure
$389,500
Single Family Home For Sale
Active
5
BED
4
TOTAL BATHS
3,942
SQFT
9997 Via San Marco Loop
Fort Myers, FL 33905
THE FORUM Subdivision
Foreclosure
$339,000
Land For Sale
Active
28.73
ACRES
HENDRY
COUNTY
165 Taft Blvd
Clewiston, FL 33440
FLAGHOLE Subdivision
Foreclosure
$325,000
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,447
SQFT
21549 Windham Run
Estero, FL 33928
STONEYBROOK Subdivision
Foreclosure
$285,000
Single Family Home For Sale
Active
2
BED
3
TOTAL BATHS
1,804
SQFT
1441 Terra Palma Dr
Fort Myers, FL 33901
TERRA PALMA Subdivision
Foreclosure
$265,000
Land For Sale
Pending
10.825
ACRES
LEE
COUNTY
7396 Coon Rd
North Fort Myers, FL 33917
 
Foreclosure
$259,000
Single Family Home For Sale
Pending
2
BED
2
TOTAL BATHS
1,173
SQFT
17806 Hibiscus Cove Ct
Punta Gorda, FL 33955
BURNT STORE MARINA Subdivision
Foreclosure
$255,000
Condo For Sale
Active
2
BED
2
TOTAL BATHS
1,845
SQFT
Punta Gorda #133
1349 Aqui Esta Dr 133
Punta Gorda, FL 33950
Foreclosure
$250,000
Condo For Sale
Pending With Contingencies
3
BED
2
TOTAL BATHS
1,846
SQFT
Copperleaf At The Brooks #1208
23501 Wisteria Pointe Dr 1208
Estero, FL 34135
Foreclosure
$249,900
Condo For Sale
Pending With Contingencies
2
BED
2
TOTAL BATHS
1,599
SQFT
Legends Golf And Country Club #101
19421 Cromwell Ct 101
Fort Myers, FL 33912
Foreclosure
$239,900
Condo For Sale
Active
2
BED
2
TOTAL BATHS
1,688
SQFT
Portofino #201
12070 Lucca St 201
Fort Myers, FL 33966
Foreclosure
$235,000
Townhouse For Sale
Pending
3
BED
3
TOTAL BATHS
1,580
SQFT
Milano #139
15609 Marcello Cir 139
Naples, FL 34110
Foreclosure
$220,000
Condo For Sale
Active
2
BED
2
TOTAL BATHS
1,140
SQFT
The Anchorage #C204
4012 SE 19th Ave C204
Cape Coral, FL 33904
Foreclosure
$215,900
Single Family Home For Sale
Pending With Contingencies
3
BED
2
TOTAL BATHS
1,328
SQFT
921 SE 32nd Ter
Cape Coral, FL 33904
CAPE CORAL Subdivision
Foreclosure
$212,900
Single Family Home For Sale
Pending With Contingencies
3
BED
2
TOTAL BATHS
1,743
SQFT
1546 Canal St
Lehigh Acres, FL 33936
COUNTRY CLUB ESTATES Subdivision

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