Bank owned properties offer opportunity

Bank Owned or Real Estate Owned (REO) or Foreclosed properties are properties that have "gone back" to the bank or lender and are now owned by those entities.  These properties are  deeply discounted and thus are terrific opportunities for investors, first time home buyers, a second home purchcase or for those who want to down-size or upgrade.

Good, bad or indifferent, the Ft. Myers/Cape Coral market ranks in the top five in the nation with the number of bank owned properties.  Known for its 400 mile canal system (more than anywhere in the world including Venice, Italy) and its beaches, Cape Coral and Ft. Myers offers an attractive lifestyle as a vacation destination, location for a second home and of course, year round living.  And now it offers highly attractive pricing for numerous types of properties including waterfront.  But even in this down market, people are buying; Cape Coral has experienced an 84% increase in sales from 2007 to 2008 (January-October).  In fact, the sales volume is HIGHER than it was in 2005 which was the most active year for real estate in the nation.  It IS a buyer's market.

If you're considering a bank owned property, keep the following in mind:

* Cash is King.  If you have the liquid funds to purchase the property, do so.  Banks will want Proof of Funds so make sure to have copies of your MOST CURRENT account statement(s) to submit with your offer.

* Financing is fine, however, be prepared to have a PRE-APPROVAL letter from your lender. PRE-APPROVAL not pre-qualified.  And of course, current account statements for the funds you'd be using in addition to the loan.

* Often there are multiple offers on a property so be prepared to submit an offer that is your highest and your best.  Numerous deals are to be had and as the high sales volume indicates, you're not the only one seeking a good deal.

*ALL properties are sold AS-IS with right to inspect.

We'd be pleased to provide you with a list of bank owned properties! Currently, 70% of the available inventory is either bank owned or pre-foreclosure with more expected to come on the market.  To best serve and assist you in taking advantage of these incredible opportunities, please call or email us with your buying criteria and we'll get started towards your owning your own piece of paradise!

Call us directly at:  239-823-6917 or 239-839-6744

Email us at:  pvcape@comcast.net