Sunday, August 14, 2011


Fort Myers FORECLOSURES for sale -- Cape Coral FORECLOSURES for sale.

Contact us for a current list of up to date foreclosed homes in Cape Coral, Fort Myers and all of Lee and Collier County

Buying bank owned properties " Foreclosures "

Whats an REO?

REO stands for Real Estate Owned. These are properties that have gone through foreclosure and are now owned by the bank or mortgage company. There have been many Foreclosed homes for sale cape coral.

This is not the same as a property up for foreclosure auction. You'll receive the property 100% as is. That could include existing liens and even current occupants that need to be evicted. A REO, by contrast, is a much cleaner and attractive transaction. The REO property did not find a buyer during foreclosure auction. The bank now owns it. The bank will see to the removal of tax liens, evict occupants if needed and generally prepare for the issuance of a title insurance policy to the buyer at closing. Do be aware that REOs may be exempt from normal disclosure requirements. In Florida & California, for example, banks are exempt from giving a Transfer Disclosure Statement, a document that normally requires sellers to tell you about any defects they are aware of.

Is it a bargain?
Its commonly assumed that any REO must be a bargain and an opportunity for easy money. This simply isn't true. You have to be very careful about buying a REO if your intent is to make money off of it. While its true that the bank is typically anxious to sell it quickly, they are also strongly motivated to get as much as they can for it. When considering the value of a REO, you need to look closely at comparable sales in the neighborhood and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale. The bargains with money making potential exist, and many people do very well buying foreclosures. But there are also many REOs that are not good buys and not likely to turn a profit. Many with code violations or other serious problems may end up in an auction. There you must be extremely careful.

How to buy a foreclosed home.

1. NEVER pay for a list of Cape Coral foreclosures or a list of Fort Myers Foreclosures. Foreclosures are listed in MLS and REALTOR available.

2. Decide which property type you are looking for, determine your budget and call us.

3. Have your check of at least 2K (Min 10% for cash) in a money order not a check due to clearance time. Have it made out to any local title company or ask the agent.

4. Have proof of cash in writing for the balance to close.

5. Getting loan? Have a pre-qualification letter done right. Should have the maximum amount you are qualified for, interest rate, date (Letter should be no older than 3 months). Have the lender state the highest amount you are qualified for. Show strength to buy Cape Coral Foreclosures and Fort Myers Foreclosures.

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