Florida Foreclosures* Cape Coral * Fort Myers* Bank Owned REO Properties *Why you need a Buyers Agent !
Florida foreclosures and Bank Owned property. Fort Myers * Cape Coral * Bonita Springs Florida written by Joe Kendall, Realtor with Sandals Realty a Waterfront and Foreclosure Specialist.
I was also reviewing a couple homes for out of town buyers and I just wanted to explain why you need a buyers agent when buying bank owned REO Property. Bank owned property is sold in "as is " in "where is" terms. Meaning the seller is selling it in as is condition and makes no warranty to its condition.
Many Realtors that list Bank Owned foreclosures have property management companies that go to the bank owned property and change the locks and take pictures for the listing. The listing agent of the bank owned property sometimes do not always visit the property and lists the home off the taxes records in as is where is condition.
Remember the Listing agent has a contract with the seller to work in the best interest of the seller. Now not all Realtors, do this, but there are many companies that do. Last week, I found these errors in the listing information sheet.
After inspecting these homes with the home buyers here is what we found.
(1) This home was listed as having city water ( the inspection of the home showed this home was currently on well water ) The home was also listed with appliances. Arrived at the home no appliances.
(2) This home was found to be on city water with an association fee of 360.00 per year for the water service. ( This home was listed as a home with a well with future assessments coming )
(3) This listing is a waterfront pool home on a freshwater lake. I called the listing agent and asked about a seawall? before going out to visit the property, the agent said I am not sure, I think so? We went to the property and the home was on a fresh water lake without a seawall. Not good for my homes buyers with two small dogs.
(4) The listing advertisement stated the home just needed a little TLC . When we arrived at the home it had been neglected to the point of needed major remodeling. Yet in most cases, it is in the buyer eyes to TLC or what is major work. Every Home buyers eyes are different but I think everyone would of agreed on this one.
(5) Previewed a Gulf Access waterfront Foreclosure and Found the Seawall in desperate need of repair. Bank foreclosures offer no seller disclosures regarding the condition of the property and the home. You need to visual check of the seawall, you normally can see stress cracks, bowing and water damage behind the sea wall if you look carefully.
You should inspection of the boat lift and docks as well as the pilings and water depth at the home and at the end of the street where your boat will be traveling to the gulf. Many times some canals during low tide can be very narrow with limited access..
When buying bank owned property, it is very important to review all the known facts about the property, reviewing the property details visual inspect the interior , exterior and the property lines before making an offer on a property.
You can search thousands of Foreclosures from my web site at www.joekendall.listingbook.com
I look forward to hearing from you.
Best regards
Joe Kendall, Realtor Sandals Realty
Waterfront & Foreclosure Specialist
Phone 239-560-0726 Fax 239-236-0422
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