MarcoIslandRealEstate.com
Foreclosures & Information on Deals & Steals!
Welcome to our foreclosure section. We are an authorized Broker for HUD and VA foreclosures. We also have ten years of experience with distressed sales, short sales, and Bank REO properties.
Given the fact that property values have fallen up to 50% in certain categories, foreclosures are not always the best values on the market as the Banks typically use stale information to price the properties. That being said, you will need an experienced Broker to help you through the process and make sure you are getting the absolute best value on the market.
There are three primary ways to purchase foreclosures and other distressed sales:
1) Cash at the Courthouse on the day of foreclosure. This is an on-site bid process. 5% due at the time of the bid, and the balance by noon the next day. You typically have 30 days notice in advance of the auction. If you can't personally attend the auction with me, I can go on your behalf. Caution is the name of the game at the Courthouse, you need to make certain that mortgage being foreclosed upon has a 1st lien position. I have seen several inexperienced Buyers purchase property only to find out that the sale still had prior liens attached to the property. Take advantage of my experience in this area.
2) Offer to Purchase from the Bank: Most of the foreclosures are in this category. These properties have already gone through the Courthouse Process and/or are being sold with the cooperation of the mortgage company as a "short sale" or an "REO" property. A short sale allows the Seller a certain amount of time to sell the property prior to foreclosure. An "REO" property is one that is owned by the Bank and is managed by their Real Estate Owned Group. Some of these Bank Owned properties take several months to price. If you have an interest in one of the "Bank Owned Properties" on our list, don't wait for the price - make them an offer.
3) On-line bidding for HUD & VA foreclosures: Theses bids can only be submitted by an authorized HUD / VA Broker such as MarcoIslandRealEstate.com. You must have a pre-qualification letter for the amount of your bid and closings take place within 45 days. Plenty of time for you to obtain financing. The vast majority of foreclosures are not HUD or VA properties.
Link to the current foreclosure listings
We pay the first $1,000. , up to $5,000 in closing costs for you!
Shown by Appt. only : Call Kent Hedrick - Broker @ 239-394-2500
MarcoIslandRealEstate.com
870 Bald Eagle Drive
Marco Island, Fl. 34145