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REO Foreclosure vs Short Sale
REO Foreclosures are priced to sell in one month
Editional REO/Foreclosure properties in Cape Coral FL are coming on the market everyday. Banks and lending institutions are becoming sole owners of properties. Banks/lending companies do not like/want to be in the business of owning homes so they have priced the listings accordingly for quick sale.
For example in Cape Coral FL this 1678 square foot pool home sold for $99,000. In 2005 it sold for $279,000. It has a completely new kitchen with granite countertops, a big beautiful in-ground pool and a large fenced in backyard which includes a mango and avocado tree. The new home owners are delighted with it and plan to make it their retirement home.
Cape Coral Short Sales are owned jointly by the Bank/lending institution and current owner. As of January 2010, the U.S. Treasury Department has placed a 10 day limit on Banks to respond to a short sale offer. This is gong to increase number of Short Sales to the closing table. So Short Sales is a Vioable option and one that can help a lot of home owners that are upside down in the market. Meaning the homeowner owes the bank more money than what the home can sell for on the market.
So, if you want to look at only homes in REO/ Forclosure or look at only Short Sale homes we can sort the lists out for you. Just Contact us for a list and / or we can plan a tour around town. When you are ready we will have the paperwork to draw up an offer, and then negotiate on your behalf.
For true local and knowledgeable service in the Cape Coral FL Real Estate and Fort Myers FL Real Estate markets and the surrounding area, contact Kurt and Helen Gearing at 888 812 5393 or email us..
Foreclosure vs REO
All REO (Real Estate Owned) homes are foreclosures. Not all foreclosures are REOs. An REO home is a home that was foreclosed and is now owned by Mortgage Company only or bank. To become a foreclosed poperty it must go through the court system. The court puts it up for auction. If home is not bought at auction it is stilled owned by Mortgage Company and is now called an REO property.
Understanding "As Is" and "Home Inspection"
All foreclosed homes are sold “as is”. This means buyer buys the home as is and seller (mortgage company or foreclosure auction buyer) will not make any repairs or fix any deficiencies. After a buyer’s offer is accepted, the buyer has 5 working days to have home inspected by a Home Inspection Company. The buyer pays for the inspection. Cost range from $295 -$500 depending on size of home if it has pool age, etc. The Home Inspection Company provides buyer a comprehensive report on their findings. If there is anything substantively wrong like foundation or water problems the buyer can withdraw their offer and escrow deposit is refunded upon seller’s signature that the offer is being withdrawn for cause.
For true local and knowledgeable service in the Cape Coral FL Real Estate and Fort Myers FL Real Estate markets and the surrounding area, contact Kurt and Helen Gearing at 888 812 5393 or email us.
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