Naples Foreclosures can be Unpredictable
The term foreclosure actually defines the process by which a lender repossesses the property from the borrower. These bank owned properties are often loosely referred to as foreclosures, when in fact, they are actually REO, or real estate owned. Sometimes, buyers and sellers will refer to these foreclosed properties as bank owned, lender owned, corporate owned, repossessions or bank repos. In addition to presenting the tremendous value these properties have to offer, Naples Real Estate experts also strive to educate and inform you, the buyer, on the process of buying a bank owned property and also dealing with banks, the Listing Agents who work for the banks, contracts, addendums, disclosures, inspections, deposits and more. Even they sold more bank owned properties than any other real estate team in Naples.
Agents all have a lot of experience in the distressed property market. Most agents look down on distressed properties, especially those that are bank owned. Many naples Real Estate company do the opposite like highlight them, bring them to your attention, compare them to non-distressed properties to prove the value, show them and encourage bidding on these bank owned properties because they present such a great value to all types of buyers from investors to first time home buyers to infrequent vacationers.The flow of Naples foreclosures is unpredictable. Buyers are still looking at distressed properties first, and sometimes, they aren’t always available when they are expected. Buyers often scour the internet, read their Naples foreclosure list that was emailed to them, create a favorites list and fly down to Naples, often a little over-zealous, to look at their listings. Unfortunately, when they arrive, the distressed properties are already gone or already in a highest and best multi-offer bidding situation. Depending on what buyers are looking for, they may have nothing to look at in their price range and property type. Then, a week later, a bunch of terrific deals flood the market. This unpredictablility is not a problem for buyers, it just means that buyers need to exercise patience and due their part in monitoring the market. There is no doubt that the distressed properties are often the best option for buyers.In the last 16 months, Naples foreclosures made up over three quarters of all sales. In the first quarter of 2010, they only represented half. This doesn’t mean distressed sales are increasing, certainly not in frequency, but the inventory of distressed properties is shrinking. To many, this means the beginning of the end of the down period. Many think that Naples real estate is making a big comeback and Naples foreclosures and Naples short sales are leading the way.
Naples foreclosures – Browse all Naples foreclosures for sale in Naples, Florida. Bank Owned listings updated each day with all Naples foreclosed homes and condos in the Naples MLS
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