Buying a Naples Foreclosure..
Working with an experienced real estate agent is important in this market. I have worked with bank owned properties for many years. I wrote this to assist buyers in the dynamics of buying a foreclosure.
What you can expect when buying a REO property is very different from a standard purchase. With the number of Bank Owned Homes increasing in the area many buyers/investors are looking to purchase because of the cost comparison to a standard home price especially in the Golden Gate Estates and Golden Gate City Area in Naples.
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 & Marco Island Bank Owned Listings
(Note - These are Bank Owned Listings Only)
|SINGLE FAMILY HOMES UP TO $100K||CONDOS UP TO $100K|
|SINGLE FAMILY HOMES $100-$200K||CONDOS $100K-$200K|
|SINGLE FAMILY HOMES $200-$300K||CONDOS $200K-$300K|
|SINGLE FAMILY HOMES $300K-$400K||CONDOS $300K-$400K|
|SINGLE FAMILY HOMES $400K-$500K||CONDOS $400K-$500K|
|SINGLE FAMILY HOMES $500K-$600K||CONDOS $500K-$600K|
|SINGLE FAMILY HOMES $600K-$700K||CONDOS $600K-$700K|
|SINGLE FAMILY HOMES $700K-$800K||CONDOS $700K-$800K|
|SINGLE FAMILY HOMES $800K-$900K||CONDOS $800K-$900K|
|SINGLE FAMILY HOMES $900K-$1MILL||CONDOS $900K-$1MILLION|
|SINGLE FAMILY HOMES $1MILLION PLUS||CONDOS $1MILLION PLUS|
|MARCO ISLAND FORECLOSURE HOMES||
MARCO ISLAND FORECLOSURE CONDOS
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 is generally lower than a traditional purchase. You can find bank foreclosures in many gated communites in Naples such as Fiddler's Creek and Lely Resort.
Working in the areas of Marco Island and Naples in Foreclosures and Bank Owned properties for many years gives me the advantage in assisting to locating a property and making a reasonable offer.
Give me a call to discuss purchasing a Foreclosed Home in Naples 239-272-0751. Marie Orlando, Realtor