Home Buying in Cape Coral>Question Details

Gcaufin, Home Buyer in

What is the foreclosure procedure?

Asked by Gcaufin, Wed Jan 23, 2013

I am looking to buy a home in cape coral. there appear to be many foreclosures available. What is the foreclosure process? what should the buyer be aware of?

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4
Hello,
You can purchase foreclosures by working with a Realtor. You can also find pre-foreclosures with a Realtor. Sometimes the better buy is a pre-foreclosure. I have worked with many buyer to purchase both foreclosures and pre-foreclosures. I would be happy to help you and explain the entire process. Let me know if I can help.

Have a great day,
Nancy
0 votes Thank Flag Link Thu Jan 24, 2013
If you are referring to purchasing a foreclosure at the auction there are numerous things you need to be aware of. You can get a great deal or make an absolutely horrible "investment" if you purchase at auction without knowing the process which is rather detailed.

If you are referring to purchasing a home that has already been foreclosed on it is far simpler. It is in reality the same process so to speak as purchasing a regular listed property. You view it with your Realtor® and if you decide to place an offer your Realtor® will handle that. Just make sure you work with a Realtor® experienced in representing buyers with bank owned property transactions. Unlike a regular listing you will be required to sign addendums issued by the bank that you wouldn't in a regular transaction so those need to be very carefully reviewed.

I have worked with several buyers purchasing bank owned homes and your Realtor® needs to know how to properly structure your offer as many of the bank owned homes have multiple offers submitted on them. Price is always extremely important but I can also tell you from experience that terms are just as critical as the offer price.

Feel free to contact me if you would like more information on the process.

Terry McCarley, Realtor®, CDPE
Email: leecountyrealtor@earthlink.net
Phone: 239-707-4575
0 votes Thank Flag Link Thu Jan 24, 2013
The number of bank owned properties has shrunken dramatically in the last year and a half. You will place an offer just like any other property and submit a contract through a Realtor. The difference is that you may not get a response for a couple days to a couple weeks in worse case scenarios. Also, the bank will come back with a corrected contract that you have to sign to move forward with the transaction.
Web Reference: http://www.joesansone.com
0 votes Thank Flag Link Thu Jan 24, 2013
Also like previously stated you will depend heavily on your home inspection because the banks don't give property disclosures.
Flag Thu Jan 24, 2013
Hi gcaufin,

once a home goes into foreclosure, the house is placed on the market normally at market value. Banks typically make no disclosures on the property, so you have to make sure you get a thorough home inspection done to make sure there are no defects such as foundation issues, Chinese drywall, etc. if you would like, I could get some together for you, just provide me with an email address and I can send them over. Thanks!
0 votes Thank Flag Link Wed Jan 23, 2013
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