Buying a Foreclosure...

This is to assist buyers in the dynamics of buying a foreclosure. What you can expect when buying a foreclosed property is very different from a standard purchase. With the number of foreclosures increasing in the Marco Island and Naples area many buyers/investors are looking to purchase a foreclosure because of the cost comparison to a standard home price.

There are negotiations that occur with lenders rather than between agents and buyers and sellers. Typically, when a buyer decides to make an offer to purchase, the buyer's agent submits the offer to a seller's agent and necessary inspections are made.

NAPLES FORECLOSURES - MARCO ISLAND FORECLOSURES - PROS and CONS
With a foreclosure, you are dealing with large banks and generally they have prewritten contracts that eliminate the right to inspections and usually are a purchase for a property in "As Is" condition. With this in mind, the buyer would need to evaluate if the purchase is worth the investment taking into consideration any necessary improvements that would need to be made. They must ask themselves "Is it worth the risk?" A benefit is that because the lender wants to get the home loss off their books they generally have it listed at "fair market value" which is usually at a steep discount. Another benefit is that the initial deposit on a foreclosure purchase is generally lower than a traditional purchase.

NAPLES FORECLOSURES - MARCO ISLAND FORECLOSURES - TITLE
Another discussion is liens and title issues. I always inform buyers it is in their best interest to hire an attorney to review and ensure of a clean title from any liens.

NAPLES FORECLOSURES - MARCO ISLAND FORECLOSURES - TIME FRAME
Generally in a traditional closing the turn time is within 45 days. With a foreclosure, I have noticed that it can be anywhere from 7-45 days. I have also noticed that an offer to close in a shorter time frame is a benefit to the lender and is more likely to be taken more seriously than a closing with a longer time frame. Also having a cash buyer rather than financing is a Plus

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