Fort Myers Foreclosures and Bank Owned Repossessions
Many buyers looking for Fort Myers real estate were priced out of the market in 2005 to 2007 due to the high cost of home ownership. However, in 2008 and 2009 there are outstanding buys of Fort Myers foreclosures. We are seeing more activity from theses buyers that were priced out of the market and they are taking advantage of the great deals on Ft Myers Foreclosures including homes and condos. So be sure you take advantage of these Bank Owned REO properties.
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 AND FAVOR AND GET THAT DONE BEFORE YOU THINK ABOUT A FORECLOSURE.
The Foreclosure process is about knowledge and negotiation so you should have Lee Collier Realty represent you. We are experts as Buyers Representatives,, negotiating with lenders and listing agents for you because they are trying to get the most money they can for the property. This is where our experience saves you money! You should always have a buyers Representative assist you in any real estate transaction. Remember there is no cost to you for our services as we are paid by the Lender/Agent but work in your best interest.
Foreclosures Can Cost More Than You See- Because most Fort Myers Foreclosures are empty for long periods of time before someone buys it there could be potential repair costs. When we assist you in making an offer to the lender almost all contracts are AS IS. This means you are responsible for any repairs that may be needed. You have the right to inspect the property and we will provide you with a list of Licensed Home Inspectors. If the repairs are more than you want to spend then you can cancel the contract within a specific time frame. Also often times if the home is unsecured vandals can remove items from the home like air conditioners which could lead to mold buildup.
How FT Myers Foreclosures Work
Warning Letter- When the property owner falls behind in payments, the lender will send a notice pre-foreclosure letter requesting payment.or they will file foreclosure proceedings.
Working Out an Agreement Between Parties - If the Property Owner does not make the required payments, often the owner and lender may try to work out an agreement. Options include stretching out payments or reducing the interest rate among others options. However because so many owners are upside down, meaning they owe much more than the property is worth this does not always work.
Lawsuit Filed by Lender - When an agreement cannot be reached the lender will file a foreclosure lawsuit against the property. A Judge will hear the case and in the majority of cases award the property to the lender.
Auction Sale of the Property - Once the lawsuit judgment is ordered by the Circuit Judge in favor of the lender, it becomes a (REO) and then they put the property on the Auction Block or sell it. This is done at the county court house where the suit was filed.
Lender Owned Real Estate (REO) - If the property fails to sell for the Lenders reserve price at Auction, then they try and sell the property themselves or with a listing agent. This is one of the best time to buy a home or condo because it has gone through the foreclosure process and the bank can sell it at an agreed price.
We hope that this short summary helps you understand the complex FT Myers foreclosure process and be sure to call us first are you will be glad you did.
On this site you will also be able to search for Fort Myers Homes and Ft Myers Condos listed on the MLS by selecting those buttons which are not foreclosures.
The foreclosure process from start to finish can take 6 months or more so it is vital that you have foreclosures like us assist you. In the event you would like to view Fort Myers Real Estate or Ft Myers Real Estate then be sure to click on those links.