What Can You Expect When Buying a Cape Coral Foreclosure?

There's an amazing selection of Cape Coral foreclosed homes. These homes are now bank or corporate owned. The selection includes waterfront, gulf access, direct access, sailboat access as well as homes on dry lots. Many are newer homes.  Now is fantastic home or investment buying opportunity, but …..?

Foreclosed homes must be purchased "as is" from the lender or corporate financial institution. Don’t expect a foreclosed home to be in perfect condition. It is possible to inspect these homes before making an offer but often in Cape Coral’s fast moving foreclosure market, there is little time to do a proper professional inspection.

When home owners are faced with foreclosure they usually stop maintaining the home. In Cape Coral’s lovely tropical climate, the landscaping will either die in the winter in become a jungle in the summer. Swimming pools turn green in a matter of weeks. As we move towards Cape Coral’s humid summer, mold may also become an issue.

If mechanicals such as air conditioning, well equipment, pool equipment are broken, malfunctioning or missing the owner of record isn’t going to replace or repair them.

If the owner or tenants are angry they may deliberately destroy the house. They may smash walls and windows or pull out the copper pipes and wiring to sell as scrap metal. More often than not, the appliances, kitchen cabinets and lighting fixtures have been removed and sold.

Be prepared to make cosmetic and/or mechanical repairs.  It is important to do your homework. Know the market price and the cost of repairs! The price of a foreclosed home is low; but you may have to put time and money into a foreclosed home. It would be wise to have the time and funds set aside for repairs before you decide to buy a foreclosure.

Barbara Klare
Gulf Coast Realty
239-292-1358
Visit: www.cape-coral-foreclosure.com

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