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Buying Naples Foreclosures and Naples Bank Owned Properties (REO)


So you would like to buy Naples bank owned property?

You have watched the late-night infomercials and now you are ready to make "a killing". Foreclosed homes are a great way to get “more house” for the money. Most of these houses are sold for well below current market value and some are offered at an absolute steal. If you want to start hunting for great bargains, visit www.spflorida.com for the largest selection of Naples Foreclosures and Naples Bank Owned Homes for sale. Others please take a look at some facts and get familiar with the foreclosure process.

Naples Bank Owned (REO) vs. Naples Foreclosure

An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction. Naples foreclosure sales begin with a minimum bid that includes the loan balance, accrued interest, attorney's fees and any costs association with the foreclosure process. In order to bid at a foreclosure auction, you must have a cashier's check for the 10% of the bid amount and come up with the difference in 24 hours. If you are the successful bidder, you receive the property in "as is" condition, which in some cases may include someone still living in the property. There may also be other liens against the property, so be careful. And since you cannot get title insurance policy, it’s important to hire someone to do a title search and find out about any other liens and other mortgages before you decide to bid on a property. In current Naples real estate market what is owed to the bank is almost always more than what the property is worth, very few Naples foreclosure auctions result in a successful sale. So in this case property "reverts" to the bank. It becomes an REO (Real Estate Owned), Naples Foreclosed Home or Naples Bank Owned Property.

Naples Foreclosed Properties For Sale

Now at this point these Naples Foreclosed properties are owned by the bank and free of any liens. The banks are still going to try and get the most money they can for the property but most importantly, they are willing to take a loss and move on. The biggest benefit of buying Naples bank owned property is that you will have the opportunity to get title insurance and the opportunity to perform an inspection. Title insurance will ensure that you do not have any additional liens recorded against the property.

How Banks Sell Naples Foreclosures / Bank Owned homes

Each bank is a little different when it comes to selling bank owned property, but in general the process remains the same. So at this point property gets listed in Naples MLS (Multiple Listing Service) and becomes Naples bank owned home for sale. www.spflorida.com list ALL Naples Foreclosures and Naples Bank Owned homes for sale. All data is updated daily. No sign up required to see detailed description, pictures and even property address. As an option, you can sign up for automatic email updated to have new Naples Foreclosed properties delivered right to your email inbox.

Property Condition

Banks always sell their properties in "as is" condition. It sounds scary, but most of the contracts allow you to get all the inspections you want (at your expense), but they won’t agree to do any repairs. In general, offers include an inspection contingency period (5-10 days) that allows you to terminate the sale if the inspections reveal unanticipated damages that the bank will not correct. Sometimes (if something major comes up), banks will re-negotiate to save the transaction instead of putting the property back on the market, but don’t take it for granted. These banks do not provide any property disclosures, and buyers have to do due diligence during inspection period too.

Making an Offer

In order to submit an offer on Naples foreclosure or Naples bank owned property every buyer has to provide bank pre-approval letter (if financed) or proof of funds (if cash). NO EXCEPTIONS!  By starting this step early, you can know what type of Naples foreclosed houses you qualify for. Once the offer is prepared, then it’s typically sent to the bank. At this point you must have a little patience. It can take a few days for you to get a response from the bank. Many realtors work weekends, but banks do not typically have anyone around after 5pm or on the weekends so you will not get a very quick response. If there are several offers on the property, banks ask everyone to submit their “highest and best” offer. Then if you offer gets accepted, you will receive additional sales contract addendums which pretty much read the same as original as-is contract (just in different words). Make sure you understand all the sales terms before you sign anything and consult your real estate attorney (if needed).

If you are interested in buying real estate in Naples area, please review Naples Foreclosures or Naples Bank Owned Homes available for sale. This daily updated website provides complete listing descriptions and pictures as well as valuable information about how the foreclosure process. We would be happy to help you locate the property, prepare and make an offer on any Naples bank owned property. We have the experience to make it happen!

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