FORECLOSURES (BANK-OWNED) PROPERTIES FOR SALE

Don’t focus fully on foreclosures as being the best deal you can get.  Regular sales can also be good buys plus we don’t have as many distressed properties as we used to.  Don’t limit yourself to only distressed properties…you may miss a good deal!

Marathon: From Long Key to the 7 Mile Bridge

First-time on my website?  Welcome! At some point in your search for properties, you’ll be asked to register and create an account or “portal”.  By registering, you have access to free search tools including the ability to save listings and property searches and to email me directly about a property.  Contact me if you have any questions at 305-766-1745 or by email. Thank you!

While you’re here, sign up for my Weekly Market Report – each Friday, receive in your Inbox:  new listings, price changes, sales, pending sales, back on the market, “What I Would Buy” (good deals) & more!  It’s my clients’ favorite Friday email!  

Upper Keys: Key Largo, Tavernier, Plantation, Islamorada, Lower & Upper Matecumbe

Lower Keys: Cudjoe Key, Summerland, Ramrod, Little, Middle, Big Torch, Big Pine, No Name

Key West: Stock Island, Bay Point, Shark Key, Sugarloaf Key

We have not seen as many foreclosures listed compared to short sales.

When you make an offer on a bank owned property, you need to include your proof of funds (if cash), which is a copy of your bank statement or a letter from your bank stating you have the funds available.  If you are getting financing, a pre-approval letter from your lender is needed.   In many cases, the bank who owns the property also wants you to be pre-approved by them or with their mortgage company of choice.

The bank will respond to your offer usually within 2-5 days and in most cases, they will send their own ADDENDUM & DISCLOSURES back for your signature.

Closings with foreclosures are sometimes not as simple as you think, and can take months.

MARKET STATISTICS:  

Keys-Wide Bank Owned & Short Sale with Percentage Listed and Sold – History 2008 to

September 2012

June 2012

 June 2011