You're smart to want to get in on these foreclosures, and you're even smarter for knowing that the best deals are bought within days of going up on the MLS.
As far as "where to look", Port Charlotte, North Port and Punta Gorda are the foreclosure sweet spots for sure. We work with banks to list foreclosure properties, so my team is well versed in the foreclosure market down here. There is a lot to be aware of but for the most part the buyer comes out with a great home for a wonderful price.
As far as getting the most recent foreclosure listings, what we typically do is have the MLS set up to send out the list daily to your email. That can be useful because we can set it up to only send you properties that match what you're looking for - (we can set parameters based on square footage, age of the home, etc.). This makes finding the good deals easy because they come right to your email every day.
As far as being able to jump on the good ones when they come out on MLS, even though you're in Pennsylvania, a member of our team could go out to the house that you're interested in, take TONS of photos for you, email them to you and you could make an offer based on our photos all within 24 hours probably. This is done a lot and, especially if it is to be an investment home, you could buy the property sight-unseen if necessary. Or, as we're submitting the offer you could make plans to come down and see it for yourself.
The foreclosure market is unlike the regular real estate market and you do need an agent who is:
1. VERY familiar with foreclosures and the foreclosure process
2. Familiar with contracts and all the necessary foreclosure addendums
3. Experienced with foreclosures in THIS market; we've lived and worked in North Port/Port Charlotte for over 20 years.
If there's anything we can do to help you out, let us know! Good luck on finding your dream investment property and have a great day.
You hit "the nail on the head." The word is out that this location (Porth Charlotte, North Port, Punta Gorda) is a hot bed for real estate opportunity and it a very nice location to settle into. Since many buyers are focusing on this location "Foreclosures" are being snapped up as soon as the hit the market.
Serious buyers in these locations need to be involved with serious agents that know the inventory as well as the "key players" and therefore have an idea when these properties will be coming onto the market. To be ready, serious buyers need to be pre-approved, with their deposit in hand, and ready to go to contract.
There is not time for hesitation and it's critical to either be right here of have an agent the knows your exact criteria that you trust. Without the benefit of this arrangement you will be stuck watching great deald go "pending" on day one or two of the listing.
Our recommendation is that if you are serious about buying in this area get yourself financially ready and identify an agent that has the above described ability.
Great post.......good luck
The Eckler Team
Michael Saunders & Company
Thanks for your answer. Just so you know, I've been already pre-approved for a mortgage thru SunTrust (working with office on West Marion Ave in Punta Gorda, FL) if I need to finance the deal. But you're right, I do need a local foreclosure "expert" you could help me stay one step ahead of the game. I just wasn't sure how to find that the right person for me - considering that I'm looking to purchase a property for under $75K which offers only a very small commission for that "expert". So if you're willing to partner with me, I'm ready to go!!
My office lists a lot of bank foreclosures and so I am made aware of them just prior to them being listed. Of course other companies also list a lot of foreclosures but I do check the market everyday looking at the new listings, back on the markets and price reductions and I would be happy to help you find the bargain that you seek. If you would like me to be on the lookout for that good buy for you, I will need your email address so that I can email you a listing as soon as it appears on the MLS. I will look forward to hearing from you.
Coldwell Banker Sunstar Realty