Cape Coral Real Estate - What You Need to Know About Buying Foreclosures
Who hasn’t thought of what a wonderful buying opportunity foreclosure property could be? We all know a bargain when we see one, and getting a piece of that Cape Coral waterfront at half price or less of what someone else payed for it, is certainly a bargain, or is it? The truth is that foreclosures sometimes really can be a steal of a deal. However, buying a foreclosure is a complex process and there are certain things savvy buyers should watch out for.
Foreclosures are simply Cape Coral Properties that are bank owned, usually because of a mortgage default. Having that said, it is important for potential investors to understand that foreclosures may come with significant damage or with extensive repairs needed due to long-term neglect. Keep a business head, when viewing foreclosures, paying close attention to the amount of work the property will need. If your real estate agent has your best interests in mind, they will make sure a thorough home inspection is completed before any offers are made.
Before you can start viewing foreclosed Cape Coral properties, you need to know where to find them. Since foreclosures are hot ticket items, they can be difficult to keep up with unless you have a real estate agent who regularly deals with them.
Your realtor will be able to notify you of Cape Coral properties that become available within your specific search criteria. For example, if your realtor knows you are looking for an affordable Cape Coral waterfront property with at least three bedrooms, he can monitor the lists and let you know immediately when the perfect property pops up.
Cape Coral properties under foreclosure can be purchased in one of several ways. Many banks choose to hold a public auction for the property. You will need a letter of preapproval or proof of financial means before you will be allowed to submit a bid. With this method, the rule is to be aware of your limit and not exceed it. It is very easy to get caught up in the excitement of an auction and enter into a bidding war.
Another method of buying foreclosures is buy submitting a sealed bid to the owner. The bank sets a time period for accepting bids and when that time is up they select the best offer, provided it meets their minimum price.
Finally, and perhaps the easiest of all methods, is to work with a Cape Coral realtor to advocate on your behalf. A seasoned realtor is knowledgeable of the foreclosure process and will help you navigate the competitive nature of the business. Remember, you aren’t the only one who noticed this opportunity! If you are thinking about purchasing a foreclosed Cape Coral property, the best start will always be your realtor’s office.
We would be happy to assist you on the road to buying your Cape Coral foreclosure. We will also help you weigh out your other options. Sometimes a property that is not in foreclosure can be a much better deal.
Give us a call and we can help you better understand your options. Your slice of paradise is right around the corner.