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
$2,399,999
Land For Sale
Pending
6.47
ACRES
LEE
COUNTY
1311 NE Pine Island Rd
Cape Coral, FL 33909
PINE ISLAND Subdivision
Foreclosure
$850,000
Single Family Home For Sale
Pending
3
BED
3
TOTAL BATHS
3,510
SQFT
1302 Jambalana Ln
Fort Myers, FL 33901
FORT MYERS Subdivision
Foreclosure
$799,900
Single Family Home For Sale
Pending
3
BED
2
TOTAL BATHS
2,186
SQFT
1102 Harbor Cottage Ct
Sanibel, FL 33957
HARBOUR COTTAGES Subdivision
Foreclosure
$715,900
Single Family Home For Sale
Pending
3
BED
3
TOTAL BATHS
3,232
SQFT
5511 SW 14th Ave
Cape Coral, FL 33914
CAPE CORAL Subdivision
Foreclosure
$583,000
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
2,676
SQFT
4919 Cerromar Dr
Naples, FL 34112
NAPLES LAKES COUNTRY CLUB Subdivision
Foreclosure
$562,000
Single Family Home For Sale
Pending
3
BED
2
TOTAL BATHS
1,882
SQFT
1870 Apataki Ct
Marco Island, FL 34145
MARCO BEACH Subdivision
Foreclosure
$515,000
Single Family Home For Sale
Pending
4
BED
5
TOTAL BATHS
4,794
SQFT
13540 Brynwood Ln
Fort Myers, FL 33912
BRYNWOOD Subdivision
Foreclosure
$489,900
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
2,785
SQFT
8791 Largo Mar Dr
Estero, FL 33967
BELLE LAGO Subdivision
Foreclosure
$477,600
Condo For Sale
Pending
2
BED
2
TOTAL BATHS
1,155
SQFT
Vanderbilt Beach #1-303
9101 Vanderbilt Dr 1-303
Naples, FL 34108
Foreclosure
$449,900
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
1,786
SQFT
140 Crescent Dr
Fort Myers, FL 33919
NOT APPLICABLE Subdivision
Foreclosure
$439,900
Multi-Family For Sale
Pending With Contingencies
10
BED
8
TOTAL BATHS
Cape Coral #1-4
2846 SE 16th Pl 1-4
Cape Coral, FL 33904
Foreclosure
$434,700
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
2,226
SQFT
16347 Coco Hammock Way
Fort Myers, FL 33908
COCO BAY Subdivision
Foreclosure
$389,900
Single Family Home For Sale
Pending
3
BED
3
TOTAL BATHS
2,177
SQFT
7583 17th Pl
Labelle, FL 33935
WHEELERS SUBD Subdivision
Foreclosure
$366,700
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,516
SQFT
8478 Laurel Lakes Cv
Naples, FL 34119
LAUREL LAKES Subdivision
Foreclosure
$365,300
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,058
SQFT
2040 16th Ave SW
Naples, FL 34117
GOLDEN GATE ESTATES Subdivision
Foreclosure
$365,000
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
3,209
SQFT
1053 El Mar Ave
Fort Myers, FL 33919
NATOMA PARK Subdivision
Foreclosure
$359,900
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
1,516
SQFT
3081 Pine Tree Dr
Bonita Springs, FL 34134
BONITA PINES Subdivision
Foreclosure
$346,800
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,436
SQFT
2139 SE 19th Pl
Cape Coral, FL 33990
CAPE CORAL Subdivision
Foreclosure
$339,950
Single Family Home For Sale
Active
4
BED
2
TOTAL BATHS
2,230
SQFT
1018 NW 32nd Pl
Cape Coral, FL 33993
CAPE CORAL Subdivision
Foreclosure
$339,900
Single Family Home For Sale
Pending With Contingencies
4
BED
3
TOTAL BATHS
2,280
SQFT
4165 15th Ave SW
Naples, FL 34116
GOLDEN GATE ESTATES Subdivision

Please call 239 694 3300 or use the fore below:



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