Naples foreclosures can be great deals, but you’ll have a few decisions to make before you even go looking. Because there are so many options, here and throughout the nation, it’s important to figure out what type of foreclosed home is best for you.

Government Foreclosures

Homes with federally sponsored loans, such as HUD homes, are repossessed by government housing agencies. Because these homes offer a lot of opportunities for discount purchases, they move quickly.

 Foreclosure Auctions

One of the most common ways to buy a foreclosure is while it’s on the chopping block of a traditional real estate auction. The auction is public, with homes sold to the highest bidder.

 REO Foreclosures

Repossessed by the bank, real estate owned properties have been through a foreclosure auction without being bought. There’s not necessarily anything wrong with the home itself.  In fact, many foreclosure auctions fail to sell the home.  The primary reason foreclosure auctions do not succeed is that the auction price is more than what the property is worth. When the auction does fail, ownership reverts to the bank and the home becomes an REO.

 REO foreclosures also have auctions, but the bidding process is closed and blind – no haggling allowed. You look over the available properties and come up with an offer to buy the home directly from the bank, rather than competing with other buyers in a public sale.

 The good thing with REO foreclosures is that you can also set up the financing and mortgaging options through the same bank. Often, this gives the bank encouragement to give you a better price for the home.

 Whether you’re looking at Naples foreclosures for investment opportunities, or to buy your dream home, you have a myriad of options. Knowing what you want – before you start looking – is one of the best ways to ensure you get the deal of a lifetime!

 If you’re unsure which type of foreclosed home is best for you, or if you want help finding a great deal on a foreclosure, I can help.

Call me at 239-784-3283 or email me at dave@bartleyrealty.com for more information.

                                              www.bartleyrealty.com

Even, perhaps especially, in an economic downturn, people are trying to make a living in the real estate market. “Flipping” houses used to be a great way to make a little cash, but not now. Many are now looking at long-term cash prospects, such as renting property, and Naples foreclosures seem to be a good start. But are they? Let’s take a look.

Finding a good rental property isn’t easy. It’s not like shopping; you can’t go into a real estate store and grab the first house off the rack that looks good on you. It’s a process of investigating, gaining knowledge and being realistic. This is especially true when looking at Naples foreclosures.

Homeowners who suffered foreclosure were unable to pay the mortgage. We all know that.  What people usually don’t think about is that the homeowners were probably also unable to pay for upkeep. This means that you, as the buyer, have a larger possibility of buying a money pit rather than a moneymaker. Keep this in mind as you look over a few tips for finding good rental property:

1. Location – Since you’re looking at foreclosed properties rather than properties that are already set up for renting, you can’t check established rental records. However, you can ask your real estate agent for a list of areas with less people moving out and more moving in. As well, look at areas with surrounding retail development. New shopping malls, theatres and restaurants will bring in more people to an area.

1. Addition and subtraction – It’s time to do the math. Ask your real estate agent for what the going rental rates are in the area you’re looking at. You’ll need to find out if the rent you can charge will take care of expenses as well as bring you profit. Figure the yearly income you can expect to make and then subtract mortgage payments and operating expenses. If your math produces a negative balance, don’t buy the property.

1. Taxes – Once you pay expenses, your income is taxable. Now, while you can depreciate rental property, you can’t depreciate the land it’s on. Talk to a real estate agent or accountant to decide whether it’s worth it or not.

If you follow these three tips and remember to pay attention to the amount of repair needed, you might just find some fantastic deals on Naples foreclosures. Take a little time to make sure renting is for you, and then get started.

If you’re looking for potential rental property, I can help. Call me at 239-596-1181 or email me at dave@bartleyrealty.com for more information.

Links:

Finding a good rental property

http://www.investopedia.com/articles/mortgages-real-estate/08/buy-rental-property.asp?viewed=1

going rental rates:  http://www.rentvine.com/blog/index.php/find-the-average-rent-for-your-city/

Depreciate rental property

http://www.real-estate-owner.com/rental-property-depreciation.html

When you’re looking to buy a home, and especially when you’re looking at foreclosures in Naples or anywhere else, title searches are important.

Many buyers make the mistake of settling for a quitclaim deed without doing a title search. Unfortunately, the person who signs the quitclaim deed may not be the actual person holding the title. If there are any liens on the title, the new owner may get an unpleasant surprise at closing. With foreclosures in Naples, the possibility that there is a lien on the title is even greater.

What is a title search?

Title searches are performed by title companies or lawyers. These companies and attorneys search the public records for information on the property’s ownership. The goal is to find out if there are any problems with the title.

What kind of information can a title search give you?

A complete title search will cover such things as:

• How many mortgages the property has
• Any liens, such as judgments or mortgages, on the property
• Taxes owed on the property

The purpose, other than finding current information, is to establish chain-of-title – who owned the property at what time, who they sold it to and so on. Title companies look for proof that any encumbrances have been taken care of, as well as easements, rights-of-way and anything else that can affect the title.

Why get title insurance?

Most title companies also offer title insurance. Title insurance, depending on the company, provides a guarantee that the title is clear, as well as insuring that you can’t be held accountable for forgery, fraud, defective records or incorrect signatures that occurred before you received the title. It also guarantees that there is no encumbrance or judgment on the property.

Foreclosures in Naples are a good bet for a great home or investment property. However, make sure you know what you’re getting by having a title search done. As well, spend the money on that one-time fee for title insurance. It may be the best investment you’ve ever made!

Thinking of buying a home?  Let me guide you easily through the entire process, from negotiating the price to having a title search performed to signing your closing papers.  Call me today at 239-596-1181 or email me at dave@bartleyrealty.com.

Links:

Quitclaim deed:  http://real-estate.lawyers.com/Quitclaim-Deed-Overview.html

Chain of title:  http://definitions.uslegal.com/c/chain-of-title/

Title insurance

http://www.mtgprofessor.com/A%20-%20Title%20Insurance/Questions%20About%20Title%20Insurance.htm

These days, homes are going into foreclosure like never before. Many factors have contributed to this trend, and as a result, banks have numerous Naples foreclosures that need to be sold as quickly as possible. Explore a few reasons why buying foreclosures now could be a great opportunity.

1.      Price – Since there’s an over abundance of foreclosed homes that need to be sold, many are priced way below market value, which creates a good opportunity for real estate investors to buy.

2.      Quick sales – Sellers want to get Naples foreclosures off their hands as soon as possible and they tend to be extremely motivated sellers. Therefore, you could be the owner of a new home in record time.  Also, most bank owned deals, which were taking anywhere from 3 to 18 months, can now often be closed in less than 45 days.

3.      Easier to obtain loans – With the help of the stimulus plan, buyers of foreclosures are now finding it easier to get loans. 

4.      Less competition – Many times, foreclosures aren’t advertised like regular homes. Also, because of the sheer amount of foreclosures, many bank owned homes go unnoticed by most people.  This means you probably won’t have to compete heavily with other buyers for foreclosed properties.

Although times are still tough for some, if you’re a real estate investor, right now could be the ideal time to purchase Naples foreclosures. It may be a while before deals like these come around again, so take advantage of the rock-bottom home prices now before they’re gone.

Want to work with a real estate agent who can expertly guide you through the process of purchasing foreclosures?  Give me a call today at 239-596-1181 or email me at dave@bartleyrealty.com.

Buying Naples foreclosures can be an exciting task. And the thought of getting a great deal on a home can literally make you giddy. But before you get caught up in all the good things about buying a foreclosure, there are still many details to sort out before you get the keys to your dream home. 

When buying a foreclosure, you should:

1.  Get help

Purchasing a foreclosure requires a lot knowledge, skill and attention to detail. From real estate agents and home inspectors, to attorneys and investors, you’ll need the help of professionals to see you through the process. You will have your hands full, so seek out help ahead of time.

2.  Work fast

When it comes to getting Naples foreclosures, sometimes, your favorite property may also be someone else’s favorite. That’s why, as soon as you find the home, do your research so you can submit a knowledgeable bid on the property early on.

3.  Do your research

Research details about the property. Many surprises can pop up, so it’s important to spend the extra time finding out everything you can about the property, including whether or not the home has any liens on it. Although this can be a bit of a roadblock, you may be able to negotiate.

4.  Factor in risks

Lots of times, when buying foreclosures, the home is sold as is. It’s up to you to decide if you’re willing to renovate or update the home as needed. If so, just make sure you have enough money to cover any needed repairs or cosmetic work.

If you’re interested in getting a foreclosed property at a great price, give me a call today at 239-596-1181.  I specialize in guiding people through the foreclosure process, and I’m happy to answer all your questions.