Cape Coral Foreclosures of Homes and Condos
Cape Coral Florida
As you may have heard Cape Coral Foreclosures are among the highest in the US, which means there are great buying opportunities for end users and investors alike.There is a variety of REO or (Real Estate Owned) by the lenders in Lee and Collier Counties in Florida.
IF YOU ARE NOT PAYING CASH YOU NEED A PRE-APPROVAL LETTER FROM YOUR LENDER IN A SPECIFIC DOLLAR AMOUNT BEFORE ANY BANK WILL ACCEPT AN OFFER FROM YOU.
DO YOURSELF A FAVOR AND GET THAT DONE BEFORE YOU THINK ABOUT A FORECLOSURE.
The most important thing to do if you are interested in a Cape Coral repossession is to select a knowledgeable company like Lee Collier Realty to represent you. There is no cost to you as we get paid by the lender or the listing agency but represent and negotiate in your best interest.
More Cost Than Just The Purchase Price - REO bank owned property is sold AS IS. Therefore, once we help you select the right property then you will want to have an home inspection conducted. We will assist you in making those arrangements. Also your offer is contingent on you accepting the need repairs if any with-in a specific time frame. Remember many of these homes have been sitting vacant and cold have a range of problems including vandalism.
Understand the Cape Coral Florida Foreclosure Process
PRE-FORECLOSURE (NOD -LIS) - This process is where the lender has sent notification to the home owner that they are behind in payments and legal action will be taking if a solution is not reached. This is where you can buy from the owner/borrower and they are sometimes listed as a Short Sale. (A short sale is when the owner sells for less than the mortgage and makes up the difference) Most owners in this situation list their property and hope to get lucky and find a buyer, However, almost all sellers in this situation do not have the money to make up the difference of what they owe or the amount short of the mortgage. Also you must still have the lenders approval and it is difficult at best to make this happen in a timely manner. Not recommended
AUCTION (NTS - NFS) - If the property goes to auction then many times it is done on the courtyard steps. Lenders place reserves on the price which is not normally a bargain. Buyers are often times required to pay cash and do not have a lot of time to research the title and conditions of the property. .
BANK OWNED (REO) - This happens after the action when the bank takes ownership from the borrower/owner by court order or written agreement and puts a value on the property then offers it for sale. This is where you can pick up Great Values as in the current market Banks are overloaded with properties.
Having a company to walk you through the Cape Coral foreclosure process is extremely important and we would like to tell you about all the possibilities so contact us today!