Donald Trump has recently been promoting to investors that now is the time to buy real estate. Buying a foreclosure in Fort Myers can be rewarding if you are aggresive, have a strategic game plan and know what pitfalls to be aware of. Knowing what to look for in a foreclosure and what problems may arise will most certainly help with a succesful closing and possibly a great investment.
It is all about Location, Location, Location
This is Real Estate 101. While foreclosures may be a "Dime-A-Dozen" you want to look for a Fort Myers neighborhood that has sustaining characteristics to it. Is the home in a neighborhood that has anchors that would cause people to move there. Is it on or near gulf access, the beach, waterfront, does it boarder a preserve with hiking trails, is it in a good school distirct, are there jobs in the area, or is there good shopping and entertainment nearby? Ask yourself why you might want to live there? The reasons you would want to buy into the neighborhood would be the same reasons someone else would buy there in the future. Think "RESALE".
Just because there are 15 foreclosures in a neighborhood does not mean one is right for you
Look for neighborhoods with a low foreclosure rate. Neighborhoods that have a higher rate of foreclosure will take longer to heal. Contrast that with a home in a good location with fewer foreclosures. That particular neighborhood will take less of a hit on home prices, and likewise take less time to heal when the Real Estate Market in Fort Myers begins to turn around.
Avoid Becoming "House Poor"
This can happen whether you are buying a Fort Myers investment foreclosure to place tenants in or for your own family to live as a primary residence. It can occur when you find a foreclosure that requires more money in rehab than you have funds to pay for. So budget wisely. Do research and ask your Fort Myers or North Fort Myers Real Estate Expert to inform you on what other properties are renting for in the area you would like to buy in. If you cannot rent it out for what you need to see positive cash flow, you would want to reconsider before signing on the dotted line. If you are living in a foreclosure as your primary residence and need to rehab it, consider the cost & always estimate higher. The rehab project will be an additional living expense you will incur. Also, you should see an ROI, or Return on Investment, for it to be a worthwhile purchase.
Understand Your Competition
When buying a foreclosure you are facing some pretty aggresive and well-prepared competition. You are competing against investors who have refined their time tested strategies and often-times have cash. You are also competing against Realtors who quickly share information about their new listings with friends and collegues before you may even have a chance to see it. If you are working with a lender and are financing your purchase, you will need to have a letter in hand from a lender showing that you will be able to obtain a loan and "consider" bringing your highest and best offer. You must identify first if it is a house you would be disappointed over if you lost. We are seeing more and more where a house is priced below market value and it receives multiple offers bidding the price up. Be prepared as much as you can for the emotional toll of placing several offers on homes and not winning them. If you are a cash buyer you are hands down going to have an advantage over the buyer who has a financing contingency.
Bank Addendum's
You are more than likely not an attorney, and your Realtor is more than likely not an attorney and cannot give legal advice. Be aware that the banks have hired attorneys to draw up addendum's to contracts that can be pages and pages long. Hire a Real Estate Attorney to review these documents. Most all of these addendums are in the interest of the seller, and in the case of foreclosures, that would be the banks best interest. A Fort Myers Real Estate Attorney can help you understand the legalize on those documents. You may still choose to move forward with the purchase, however you will understand the important details of the contract.
Deposit
My broker at Sandals Realty in Fort Myers shared with us this afternoon another challenge that buyers are facing from banks when purchasing a foreclosure. She said that recently there are banks that are holding onto the escrow deposit after the buyer has asked to cancel the contract. Even if the buyer is still within the contingencies on the contract. The buyer has conducted their home inspection, is still within the time period to ask for a release of escrow funds and cancellation of the contract and decides that they are not satisfied with the results of the inspection. They ask for the release of escrow funds and cancellation of the contract in writing, and our Sandals Realty broker said that the banks sometimes hold on to the deposit checks, even to the point of a law-suit. We appreciate learning some of the challenges that other agents are experiencing at Sandals Realty because this helps us to better inform and prepare our buyers for additional pitfalls.
We will be adding tips throughout the days and weeks ahead, so please save www.WeLuvFortMyes.com as a favorite so you can stay updated on current Fort Myers Real Estate market trends. If you have any questions about Fort Myers Foreclosures please feel free to contact us. You can receive Free Morning Reports on new Foreclosure in Fort Myers by requesting a ListingBook Account here. Feel free to cancel it at anytime.
We have many more resources available on our website www.FortMyersRealEstateFloridaHomes.com
Providing Excellence and Service in Real Estate
Shane and Joy Goushaw
I cannot tell you how excited we are that a deal has been made between Fort Myers and the Lee County Officials with the Boston Red Sox. With so many snowbirds flocking to Fort Myers every season, and a good majority being from Boston, it was a win-win for everyone! Last year I sold a lovely end unit condo with a lake view in Colonial Country Club to some great folks from Boston. Thier condo will most likely be the "go-to" place for their friends and family now during the Boston Red Sox Spring Training season!
Location of the New Boston Red Sox Spring Training in Fort Myers, Florida
The new Boston Red Sox Spring Training site in Fort Myers is located off of Daniels just East of I-75 and West of Southwest Florida International Airport. Gateway one of the largest residential communities in the area with tree-lined streets, lake views and community parks is located just west of the new Boston Red Sox Training Site. Single family homes, estate homes and condos are available in Gateway and make great seasonal get-aways.
It was reported in the Naples Daily News that the Red Sox Team is stressing the importance of the surrounding neighborhoods as being key to the overall attraction of the park. The site is already in a beautiful location in Fort Myers close to great shopping at Gulf Coast Towne Center and approximately 25 minutes to the white sandy beaches. The new Boston Red Sox Spring Training Stadium in Fort Myers is scheduled to open in 2012. You still have time to come down, find the ideal condo or single family home in Fort Myers and to catch some games at the current downtown Fort Myers Boston Red Sox location.
Now is a great time to buy your condo or single family home in Fort Myers! Why rent for the Boston Red Sox Spring Training season when you can buy your own condo at historically low prices!
We can get you set up with a ListingBook Account today! You will have access to all of the Fort Myers, Cape Coral, Estero, Fort Myers Beach real estate inventory and have morning reports of New Fort Myers Listings, Price Reductions, Solds and Pending Sales sent directly to your in-box each morning. This will give you the tools you need to keep track of the Fort Myers Real Estate Market in a similar fashion to how we as professional Realtors stay up to date on Fort Myers Real Estate. Ask us about receiving a free ListingBook Account, you can cancel at anytime.
Fort Myers ListingBook Account
www.FortMyersRealEstateFloridaHomes.com
The Marriott is known for superior service, upgraded rooms, and competitive rates. Fort Myers Courtyard by Marriott is located at 4455 Metro Parkway. The Marriott is minutes from I-75, Fort Myers International Airport, close to the business districts, great shopping, and some of the best Fort Myers tourist attractions!
For rooms, rates and specials call: 239-275-8600 and ask to speak with the Sales Manager, or click here to visit their website
Courtyard Marriott Features
Local Attractions
If you are a Health Care Professional you will love the way Cru Restaurant in Fort Myers is showing appreciation to you every Monday evening. Just by working as a Health Care or Medical Professionalyou will receive 10% off your entire purchase. To top that off, they will take your business card and place it in a drawing to win a dinner for two at the Chef's Table. Cru is owned by one of Fort Myers top Orthopedic Surgeons who knows and cares about the community.
This is a great way to network with other Health Care Professionals in Fort Myers while enjoying this upscale yet affordable fine restaurant. The food is superb while the ambiance creates the sense that you are in a New York City hot spot.
Cru is located in Bell Tower Shopping Plaza on the corner of S. Taimiami Tr. and Daniels. Please visit their website so that you can preview the other nightly events that they are host to.]
Enjoy!
It does not happen very often when the general public is allowed access to one of Fort Myers finest Golf Courses for a run! Now is the opportunity to run through the "Back 9" at Eastwood Golf Course. It may be an early start to a holiday, but what a great way to see such a beautiful Fort Myers Golf Course!
The details are below:
Location: Eastwood Golfcouse - 4600 Bruce Herd Lane, Fort Myers - Next to the Calusa Nature Center
Date: Monday, May 25th, 2009
Check In: 6:30 am
Start: 7:30 am
Entry Fees Prior to Race Day: $15
Entry Fees Race Day: $20
For More Information Please Call : 239.321.7530
What you will receive: Race T-Shirt, Race Course Map, Post Race Refreshments, eligibility for door prizes!
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