FORECLOSURES, BANK OWNED PROPERTIES, REO'S AND SHORT SALES
In todays market there are many questions regarding what all these terms mean.
It is not as hard as it seems. A foreclosure has simply been taken back by the
bank and the process is done which allows the bank to sell the property. The
bank has put a fair market value on the property and it is ready to be sold.
In many cases we have seen these properties sell for full price and even over,
this is due to the increase in awareness for our fast moving market. Being experienced
in the market, we will take you through the process of buying a foreclosure with
your eyes wide open. We help supply you with as much information as we can to
help you make a logical decission regarding your purchase. However, in this market
with sales being up over 100 percent, the deals are great, but nogotiating prices
down to much is likely to cause you to loose out on a home. Sometimes the gamble
is worth it and some times it is not. We are very experienced in the market and
can help you understand the value of the home you are purchasing. In some cases,
offering over the price listed is necessary. We do assure you, that we are looking
out for your best interest and we will help you offer what ever offer you desire,
within reason. We love to help people find homes and stay within their budget
so feel free to comunicate what your budget is so we can find you the best home
to fit your needs.
Just so you know... This is not what these homes in Foreclosure look like!!!
I have seen many as beautiful as this!
Prime example of waterfront property! Check out our About Cape Coral page!
Short Sales take place before foreclosures. A Short Sale is when a buyer tries
to sell his or her home before it goes into Foreclosure. It is important to understant
the process of short sales because they are much more difficult to aquire in our
market than a foreclosure. In the case of a short sale, the realtor who represents
the buyer has to submit the properties offer to the bank and then we wait! It
often takes 4 to 8 weeks to get an initial response. I have seen it take much
longer! Since it is potentially a new offer to the bank, it has many chanels
to go through before final approvals happen. Often buyers get impatient or the
bank decides it is best to foreclose on this property instead.
This brings me to my next point which is Bank Approved Short Sales. We have
had great success with selling these to our clients. The lender, in this case, has
accepted a similar offer at some point. This opens the door for us to know the
general price range the bank is looking for.
