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
$1,961,000
Single Family Home For Sale
Active
5
BED
7
TOTAL BATHS
4,981
SQFT
681 Katemore Ln
Naples, FL 34108
PELICAN BAY Subdivision
Foreclosure
$1,599,900
Single Family Home For Sale
Active
4
BED
7
TOTAL BATHS
6,518
SQFT
5850 Harbour Preserve Cir
Cape Coral, FL 33914
CAPE HARBOUR Subdivision
Foreclosure
$849,900
Single Family Home For Sale
Active
3
BED
4
TOTAL BATHS
2,348
SQFT
2690 Firebush Ln
Naples, FL 34105
GREY OAKS Subdivision
Foreclosure
$759,900
Single Family Home For Sale
Pending With Contingencies
3
BED
2
TOTAL BATHS
1,761
SQFT
5206 Punta Caloosa Ct
Sanibel, FL 33957
CALOOSA SHORES Subdivision
Foreclosure
$729,900
Single Family Home For Sale
Active
6
BED
5
TOTAL BATHS
5,417
SQFT
292 Sharwood Dr
Naples, FL 34110
PALM RIVER ESTATES Subdivision
Foreclosure
$699,900
Single Family Home For Sale
Active
5
BED
3
TOTAL BATHS
4,038
SQFT
2440 Moore Ave
Alva, FL 33920
ALVA Subdivision
Foreclosure
$690,000
Land For Sale
Active
0.906
ACRES
LEE
COUNTY
9101 College Pky
Fort Myers, FL 33919
NOT APPLICABLE Subdivision
Foreclosure
$599,900
Land For Sale
Active
0.52
ACRES
LEE
COUNTY
4321 Sol Vista Dr
Upper Captiva, FL 33924
UPPER CAPTIVA Subdivision
Foreclosure
$596,000
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
3,139
SQFT
3131 SE 22nd Pl
Cape Coral, FL 33904
CAPE CORAL Subdivision
Foreclosure
$556,500
Land For Sale
Active
0.294
ACRES
LEE
COUNTY
9750 Cypress Lake Dr
Fort Myers, FL 33919
FORT MYERS Subdivision
Foreclosure
$550,000
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
3,730
SQFT
2917 SE 22nd Pl
Cape Coral, FL 33904
CORNWALLIS Subdivision
Foreclosure
$530,000
Single Family Home For Sale
Active
2
BED
2
TOTAL BATHS
2,023
SQFT
8802 New Castle Dr
Fort Myers, FL 33908
CROWN COLONY Subdivision
Foreclosure
$469,850
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
3,824
SQFT
20620 Rookery Dr
Estero, FL 33928
ROOKERY POINTE Subdivision
Foreclosure
$469,000
Single Family Home For Sale
Active
3
BED
4
TOTAL BATHS
3,813
SQFT
Riva Del Lago #PH31
14300 Riva Del Lago Dr Ph31
Fort Myers, FL 33907
Foreclosure
$459,900
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
2,200
SQFT
2340 Magdalina Dr
Punta Gorda, FL 33950
PORT CHARLOTTE Subdivision
Foreclosure
$440,000
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
2,919
SQFT
3619 SE 17th Ave
Cape Coral, FL 33904
CAPE CORAL Subdivision
Foreclosure
$429,900
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
2,058
SQFT
2516 Padre Island Dr
Punta Gorda, FL 33950
PUNTA GORDA ISLES Subdivision
Foreclosure
$428,000
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
1,623
SQFT
3306 SW 27th Pl
Cape Coral, FL 33914
CAPE CORAL Subdivision
Foreclosure
$399,900
Single Family Home For Sale
Pending With Contingencies
4
BED
4
TOTAL BATHS
3,640
SQFT
2261 W End Ct
Lehigh Acres, FL 33973
WESTMINSTER Subdivision
Foreclosure
$386,650
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
2,785
SQFT
8791 Largo Mar Dr
Estero, FL 33967
BELLE LAGO Subdivision

Please call 239 694 3300 or use the fore below:



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