Cape Coral Florida Foreclosures Offer Great Buying Opportunity

The city of Cape Coral has reported record numbers of foreclosures that may take years to process. If you are interested in purchasing a Cape Coral Foreclosure, you should first know the terms associated with the process.

PRE-FORECLOSURE (NOD -LIS) - This process is where the lender has filed foreclosure proceedings against the property. This is where you can buy from the owner/borrower and they are sometimes listed as a Short Sale. (A short sale is when the owner sells for less than the mortgage and makes up the difference) Most owners in this situation list their property and hope to get lucky and find a buyer but do not have the money to make up the difference of what they owe or the amount short of the mortgage. However, you must still have the lenders approval and it is difficult at best to make this happen in a timely manner.  Not recommended

AUCTION (NTS - NFS) - If the property goes to auction, then many times it is done on the courtyard steps. Buyers are often required to pay cash and do not have a lot of time to research the title and conditions of the property. However purchasing Auction property can have financial benefits and you do not have to deal with the owner like in a Pre-Foreclosure.

BANK OWNED (REO) - This happens when the bank takes ownership from the borrower/owner by written agreement and puts a value on the property then offers it for sale.  This is where you can pick up Great Values as in the current market Banks are overloaded with properties.

A Short Sale that is not bank approved is not recommended because normally the price is just made up by Realtors to attract potential buyers.