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 a 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?

Foreclosure
$1,295,000
Single Family Home For Sale
Active
4
BEDS
5
TOTAL BATHS
4,664
SQFT
3038 Gardens Blvd
Naples, FL 34105
Kensington Subdivision
Foreclosure
$520,000
Single Family Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
2,058
SQFT
1577 Sand Castle Rd
Sanibel, FL 33957
Dunes At Sanibel Island Subdivision
Foreclosure
$358,500
Single Family Home For Sale
Active
2
BEDS
2
TOTAL BATHS
1,802
SQFT
1195 Mockingbird Ln
Naples, FL 34104
Rock Harbor Subdivision
Foreclosure
$349,000
Land For Sale
Pending
0.257
ACRES
LEE
COUNTY
254 Estrellita Dr
Fort Myers Beach, FL 33931
Laguna Shores Subdivision
Foreclosure
$339,000
Land For Sale
Pending With Contingencies
28.73
ACRES
HENDRY
COUNTY
165 Taft Blvd
Clewiston, FL 33440
Flaghole Subdivision
Foreclosure
$304,700
Townhouse For Sale
Active
3
BEDS
3
TOTAL BATHS
1,771
SQFT
6092 Islandwalk Blvd
Naples, FL 34119
Island Walk Subdivision
Foreclosure
$265,000
Land For Sale
Pending
10.825
ACRES
LEE
COUNTY
7396 Coon Rd
North Fort Myers, FL 33917
 
Foreclosure
$265,000
Single Family Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
1,496
SQFT
4660 1st Ave NW
Naples, FL 34119
Golden Gate Estates Subdivision
Foreclosure
$220,000
Land For Sale
Pending
2.5
ACRES
COLLIER
COUNTY
4421 5th Ave NW
Naples, FL 34119
Golden Gate Estates Subdivision
Foreclosure
$216,300
Single Family Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
1,497
SQFT
1214 SW 14th Ter
Cape Coral, FL 33991
Cape Coral Subdivision
Foreclosure
$200,000
Condo For Sale
Pending
2
BEDS
2
TOTAL BATHS
1,487
SQFT
Worthington #3601
13924 Southampton Dr 3601
Bonita Springs, FL 34135
Foreclosure
$194,900
Single Family Home For Sale
Active
3
BEDS
2
TOTAL BATHS
1,625
SQFT
1510 SE 19th Ln
Cape Coral, FL 33990
Cape Coral Subdivision
Foreclosure
$190,800
Single Family Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
2,188
SQFT
310 NW 25th Pl
Cape Coral, FL 33993
Cape Coral Subdivision
Foreclosure
$189,900
Single Family Home For Sale
Active
2
BEDS
2
TOTAL BATHS
1,836
SQFT
2160 Oxford Ridge Cir
Lehigh Acres, FL 33973
Westminster Subdivision
Foreclosure
$189,900
Single Family Home For Sale
Pending With Contingencies
3
BEDS
2
TOTAL BATHS
1,777
SQFT
1506 NE 7th Ave
Cape Coral, FL 33909
Cape Coral Subdivision
Foreclosure
$160,000
Villa For Sale
Active
3
BEDS
2
TOTAL BATHS
1,407
SQFT
Lakewood #D-1
3395 Boca Ciega Dr D-1
Naples, FL 34112
Foreclosure
$144,900
Villa For Sale
Active
2
BEDS
2
TOTAL BATHS
978
SQFT
5623 Foxlake Dr
North Fort Myers, FL 33917
Foxmoor Subdivision
Foreclosure
$144,500
Single Family Home For Sale
Pending
4
BEDS
2
TOTAL BATHS
1,871
SQFT
3765 6th Ave SE
Naples, FL 34117
Golden Gate Estates Subdivision
Foreclosure
$140,000
Single Family Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
1,373
SQFT
1687 Palmetto Ave
Lehigh Acres, FL 33972
Lehigh Acres Subdivision
Foreclosure
$140,000
Single Family Home For Sale
Pending With Contingencies
2
BEDS
2
TOTAL BATHS
1,365
SQFT
420 E Trinidad Ave
Clewiston, FL 33440
Clewiston Subdivision

Please call 239 694 3300 or use the fore below:



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