Naples Foreclosures - Homes Condos Lots Real Estate And Bank Owned Reo Foreclosure Sales In Naples Florida.
Naples Florida real estate has been know for its luxury properties and for good reason. However, Naples Foreclosures are on the rise in 2008 and 2009 due to the large number of investors and property owners that over extended themselves.
Many of you ask what the difference is between a short sale and a foreclosure. A Short sale is when the owner offers their home for sale, for say, $400,000.00 but owes $500,000.00. This means that they will sell is short or for less than they owe. However, 99% of the sellers do not have the money to make up the difference. The best way to purchase a short sale is only when it is a lender approved price or if it is a foreclosure and the bank has a asking price that is realistic.
Most REO’s (bank foreclosures) are SOLD AS IS. Therefore it is important to have a home inspection to determine if the need repairs are an additional cost that you want to pay. Foreclosures are normally contingent on an inspection which means you can back out of the deal if the repairs are more than you want to pay.
Please call our office as we are Naples Foreclosure experts and would like to assist you in getting a great deal.
It is extremely important to have a professional real estate company assist you with the purchasing process on a Naples home or condo foreclosure.
IMPORTANT TERMS TO KNOW
PRE-FORECLOSURE (NOD -LIS) - This process is where the lender has filed foreclosure proceedings against the property. This is where you can buy from the owner/borrower and they are sometimes listed as a Short Sale. (A short sale is when the owner sells for less than the mortgage and makes up the difference) Most owners in this situation list their property and hope to get lucky and find a buyer but do not have the money to make up the difference of what they owe or the amount short of the mortgage. However, you must still have the lenders approval and it is difficult at best to make this happen in a timely manner. Not recommend
AUCTION (NTS - NFS) - If the property goes to auction then many times is done on the court yard steps. Buyers are often times required to pay cash and do not have a lot of time to research the title and conditions of the property. However purchasing Auction property can have financial benefits and you do not have to deal with the owner like in a Pre-Foreclosure.
BANK OWNED (REO) - This happens when the bank takes ownership from the borrower/owner by written agreement and puts a value on the property then offers it for sale. This is where you can pick up Great Values as in the current market Banks are overloaded with properties.