Foreclosure in Cape Coral>Question Details

Libby, Home Buyer in Punta Gorda, FL

I understand there are quite a few foreclosures in Cape Coral, but I don't know much about the process.

Asked by Libby, Punta Gorda, FL Sun Jan 25, 2009

Can you tell me what the buyers are responsible for when buying a foreclosed property?

Help the community by answering this question:

Answers

8
We have done ALL the work for ANY investor looking for great foreclosure opportunities in Cape Coral, FL. We hand pick the best lien- free foreclosures and fixed them up rent ready along with the help of our full service property management company having tenants needing to rent TODAY, We made the process easy for you. Everything is in place. These are excellent 3/2 homes with over 1400 sq ft and priced between $85k to $100k. New homes built comparable to these homes would cost over $140k on a half decent lot.
This opportunity is great for cash flow and I want to tell you all about it.
WE WILL PAY COMMISSIONS TO REALTORS OR INVESTMENT GROUP LEADERS.
Email me at shamilton@douglasinvestemnts.com for more information.
0 votes Thank Flag Link Thu Feb 12, 2009
the site below may be of help....it has info on both shortsales and foreclosures....
0 votes Thank Flag Link Mon Jan 26, 2009
Cindi Hagley, Real Estate Pro in San Ramon, CA
MVP'08
Contact
Thanks so much everyone, for your helpful advice. I really appreciate it very much!
Lisa
0 votes Thank Flag Link Mon Jan 26, 2009
Lisa, maybe this will help a bit..This is the Hud site for Florida, it will explain what needs to be done to bid on their homes..take a look around, see what's available in the market you are looking at.....http://www.nhmsi.com/

Take a look thru the bank reo sites and they will explain the process to bid/buy...http://www.countrywide.com/purchase/f_reo.asp

http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp

Do this and combine it with the other advice you get and you may reach an understanding that will add you in your home search..

Good luck, Dunes
0 votes Thank Flag Link Sun Jan 25, 2009
HI Lisa,

When buying a foreclosure you will want to make sure and have the property inspected to determine the condition. You will have a period of time usually 7-10 days to inspect and determine whether or not you want the house. Banks will use title companies or attorneys who will give you title insurance so you will not have to worry about issues with the title. Most banks pay the document stamps on the deed, in Cape Coral that is typically a Seller's expense but not all will. You will have any fees associated with a mortgage. If you have further questions please feel free to contact me by phone or email.

Steve Koffman
Century 21 Sunbelt
Steve@Koffman.com
239-443-2463
0 votes Thank Flag Link Sun Jan 25, 2009
The key to navigating through the Southwest Florida foreclosure maze is picking good professionals to work with. A good Realtor, a good mortgage broker and a good home inspector. There are lots of interesting deals to be had, but also lots of problem properties as well.

To help you get up to speed on foreclosures, here are several blog posts including a couple of video about foreclosures: http://www.gulfreturns.com/labels/foreclosures.html

Good luck in your search!
0 votes Thank Flag Link Sun Jan 25, 2009
Hi, Lisa,

A foreclosure is simply a property owned by the Bank. The Seller is the Bank. In most foreclsoure sales, a pre-qualification letter is required from you with a signed contract if you intend on a mortgage. Otherwise, proof of funds is required for cash sales. I have been showing really nice foreclsoures in Cape Coral for months. If you would like me to email you listings, please drop me an email or call,

Regards,

LLoyd Nichols Right Choice Realty LLC
Realtorlloydn@aol.com

cell: 239-810-2980
office: 239-463-5217
Activerain Local Blog: http://localism.com/neighbor/lloydn
Active Rain Blog: http://activerain.com/lloydn
Website: http://www.mlsouthwestfloridahomes.com
0 votes Thank Flag Link Sun Jan 25, 2009
The process is very easy. The only way it differs much from a normal purchase is that the bank wants to sell the property "as is". You will be responsible for all inspections. Banks have never been in the house so they have no idea what condition it is in. Banks will require you to show proof of funds or prequalification prior to them considering your offer. Closings usually can occur in a normal 45 day timeframe if you are getting a mortgage. If you have questions please feel free to call me, I would be happy to help.

Steve Koffman
Century 21 Sunbelt
239-443-2463
Steve@Koffman.com
0 votes Thank Flag Link Sun Jan 25, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer