Berkshire Lakes Foreclosures

Berkshire Lakes offers many affordable condominium developments including Coach Homes, Colonies, Canterbury Village, Newcastle, New Waterford, Partridge Pointe, Trafalgar Square, and Windsor Place. 

Berkshire Lakes is located in East Naples and is only 6 miles from Fifth Avenue and the Beach. It is convenient to shopping, I75, and Marco Island. Enjoy the five lakes with fountains and walking paths, pools, community clubhouse, and tennis.

Berkshire Lakes Foreclosures

Buying Bearkshire Lakes Foreclosure...

This is to assist buyers in the dynamics of buying a foreclosure in Berkshire Lakes. 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. 

BERKSHIRE LAKES 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. 

BERKSHIRE LAKES 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.

BERKSHIRE LAKES 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 Berkshire Lakes 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.

Marie Orlando
Licensed Sales Associate