Naples Foreclosures

Naples Foreclosures

Buying a Naples Foreclosure...

This is to assist buyers in the dynamics of buying a foreclosure in Naples, Florida. What you can expect when buying a foreclosed property is very different from a standard purchase. With the number of foreclosures increasing in the 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 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 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 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.

If you are considering purchasing a foreclosure in Naples- please contact a real estate professional like myself for more information. You can visit my website for foreclosure listings in the Marco Island and Naples Area.

The Naples/Marco island Florida area is one of the top areas for foreclosure homes in North America. As a busy buyer's agent I often work more then 12 hours a day, seven days a week and It's always interesting to hear potential out-of-state buyers tell me how it works here in the Naples area compared to where they are from.  It is Simple…. 99% of the properties I work with are bank owned. The banks will not even look at an offer from a buyer unless they submit evidence that they can purchase the home/condo. Because of the way things are now, you will be required to show proof of funds before you can get up the best deals; on top of that, any home I would show you today will be sold in a very short time so you need to be up and ready to purchase a property. You are looking at a time of 7-20 days to move quickly on a Foreclosed property.

How to purchase a Foreclosure:  If you are from out of town or even if you live in Naples/Marco Island, before you start house hunting you will need to determine how much home you can afford by getting  pre-qualified.  This goes for cash buyers as well...as a cash buyer you will need to be able to show proof of funds sitting in a bank, 401K Etc....Financial institution. The best way to proof up funds is to print out your bank statement, send your 401K statement or send a letter from your attorney verifying they are holding the funds with the amount and date on their letterhead signed and dated by them.

While getting pre-approved is a more in-depth process, a pre-approval letter lets both real estate agents and sellers know that you're a serious buyer and now you are armed and ready to negotiate the best deal possible on a foreclosure property - Call me at 239-272-0751 to get referred to a mortgage company I work with.I can help you find a loan officer to begin the process. Our company has loan specialists on the premises as a courtesy to our clients to see which program fits your needs so we can keep you in a payment that's comfortable for you. Let me know when is a convenient time for you to get together so we can discuss your real estate needs and desires.

Finally, set up an appointment with me and we will view specific properties that you are interested in and get it accomplished in a quick & efficient process.

 Call me at 239-272-0751. Marie Orlando, Licensed Sales Associate, Independent Brokers Realty. Naples and Marco Island Office Locations.

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