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
$1,690,000
Single Family Home For Sale
Active
4
BEDS
3
TOTAL BATHS
5,474
SQFT
4150 Dingman Dr
Sanibel, FL 33957
Seagate Subdivision
Foreclosure
$835,000
Single Family Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
1,885
SQFT
355 Copperfield Ct
Marco Island, FL 34145
Marco Island Subdivision
Foreclosure
$816,200
Single Family Home For Sale
Active
3
BEDS
2
TOTAL BATHS
1,100
SQFT
465 8th St N
Naples, FL 34102
Olde Naples Subdivision
Foreclosure
$645,900
Condo For Sale
Pending
2
BEDS
2
TOTAL BATHS
1,511
SQFT
Bayfront #2503
410 Bayfront Pl 2503
Naples, FL 34102
Foreclosure
$545,000
Commercial For Sale
Active
0.1711
ACRES
LEE
COUNTY
12734 Kenwood Ln 53 #53
Fort Myers, FL 33907
 
Foreclosure
$455,000
Single Family Home For Sale
Active
3
BEDS
2
TOTAL BATHS
1,726
SQFT
2504 Belleville Ct
Cape Coral, FL 33991
Sandoval Subdivision
Foreclosure
$400,900
Single Family Home For Sale
Active
4
BEDS
3
TOTAL BATHS
2,118
SQFT
518 SE 1st Ter
Cape Coral, FL 33990
Cape Coral Subdivision
Foreclosure
$339,900
Single Family Home For Sale
Active
2
BEDS
1
TOTAL BATH
975
SQFT
1533 Coconut Dr
Fort Myers, FL 33901
Coconut Grove Subdivision
Foreclosure
$294,950
Villa For Sale
Pending With Contingencies
3
BEDS
2
TOTAL BATHS
1,256
SQFT
Tanglewood #17
518 Saint Andrews Blvd 17
Naples, FL 34113
Foreclosure
$284,900
Single Family Home For Sale
Active
3
BEDS
2
TOTAL BATHS
1,905
SQFT
1648 County Rd 78
Labelle, FL 33935
Glades County Subdivision
Foreclosure
$255,900
Single Family Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
1,214
SQFT
17552 Lebanon Rd
Fort Myers, FL 33967
San Carlos Park Subdivision
Foreclosure
$243,900
Condo For Sale
Active
2
BEDS
2
TOTAL BATHS
1,122
SQFT
Heritage Palms Golf And Country Club #424
8076 Queen Palm Ln 424
Fort Myers, FL 33966
Foreclosure
$239,000
Land For Sale
Active
0.344
ACRES
LEE
COUNTY
5407 SW 22nd Pl
Cape Coral, FL 33914
Cape Coral Subdivision
Foreclosure
$229,900
Single Family Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
1,256
SQFT
916 SE 22nd St
Cape Coral, FL 33990
Cape Coral Subdivision
Foreclosure
$225,000
Single Family Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
1,777
SQFT
112 Blackstone Dr
Fort Myers, FL 33913
Mirror Lakes Subdivision
Foreclosure
$199,900
Single Family Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
1,392
SQFT
1122 SE 35th Ter
Cape Coral, FL 33904
Cape Coral Subdivision
Foreclosure
$199,000
Single Family Home For Sale
Active
4
BEDS
2
TOTAL BATHS
1,422
SQFT
1094 Alabama Rd S
Lehigh Acres, FL 33974
Mirror Lakes Subdivision
Foreclosure
$189,900
Single Family Home For Sale
Active
3
BEDS
2
TOTAL BATHS
1,506
SQFT
18052 Doral Dr
Fort Myers, FL 33967
San Carlos Park Subdivision
Foreclosure
$189,900
Single Family Home For Sale
Active
2
BEDS
3
TOTAL BATHS
1,520
SQFT
8674 Athena Ct
Lehigh Acres, FL 33971
Olympia Pointe Subdivision
Foreclosure
$189,000
Single Family Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
1,454
SQFT
2218 Flora Ave
Fort Myers, FL 33907
Ft Myers Villas Subdivision

Please call 239 694 3300 or use the fore below:



(5) Comments

  1. Pingback: How does buying a foreclosed home work? – Steelbridge Realty LLC

  2. Pingback: How does buying a foreclosed home work? – Jaclyn Maya's Blog

  3. Pingback: How to Build a Real Estate Investment Portfolio. – Jeff Tumbarello

  4. Pingback: How to Build a Real Estate Investment Portfolio. – Jaclyn Maya's Blog

  5. Pingback: How does buying a foreclosed home work?… – Jeff Tumbarello

Leave a Reply