SW Florida Real Estate Information

Cape Coral short sales and foreclosures are abundant. If you are considering purchasing a short sale or foreclosure in Cape Coral make sure you have the right information to make a sound decision.

Many buyers are not in a position to purchase a short sale and some short sale listings are not priced correctly.

The buyer's needs.

If you need to buy a house within the next 30-60 days a short sale property most likely will not be for you. Unless you can find an approved short sale where a previous buyer backed out or was denied from the lender. In that case you may be able to close quickly.

Let's look at the listing price.

Banks will often times approve a short sale for a qualified seller but only if the numbers make sense. If the offer is too much below market value the bank most likely will not accept the low offer. How do they know? The bank will send out either an agent to perform a BPO (broker's price opinion - similar to a CMA) or hire an appraiser to do a full appraisal on the property. When that figure comes back in they are looking for an offer at that price or some percentage less than that price.

Ask your real estate agent to provide you with comparables before you waste your time making an offer on a house that may be listed well below market value.

Have patience.

Complete your due diligence. Get your financing in place. Make sure you have your pre-approval letter or proof of funds letter ready and be ready to have your inspections.

Cape Coral foreclosures can be a great opportunity to purchase a great deal. But these homes are often times selling quickly & with multiple offers for buyers to compete with. Make sure you are also working with an agent who understands the market and can help you determine the value of the house so your offer wins!