Since March of 2008, there was an observed decline in the number of bank repossessions more commonly known as Real Estate Owned (REO),where the homes are already repossessed by the lenders. The continuous decline of the properties repossessed by the bank has continued since then. Foreclosure filings on the other hand, piled up; setting a rise in the foreclosure filing record over the year. These filings were not yet finalized, so it goes to say that these homes and properties are not yet owned officially by the bank and thus may not be sold yet.
As a wise buyer and investor for foreclosures in Southwest Florida
, you better watch out when there will be the sudden boost up in number of bank repossessions (REOs). This is how the progress goes: the large number of foreclosure filings delayed or stuck in the process of default and auction stages of foreclosure development will be at the last phase or move throughout the foreclosure process all at once. The flood of new distressed properties would also mean the flood of properties owned by the bank (REOs) after a few months. So if we were to choose the right time for buying and investing on foreclosed properties, it would be the time where there is also the flood of newly repossessed properties by the bank.
By the time these newly repossessed properties by the bank (REOs) flood the market, these lenders do all means to dispose them to the sellers. The bank either sold these properties by listing with a local real estate agent on an open market or at an REO liquidation auction on auction houses or even at the property’s site.
And your part as a buyer, you would see to it that when you invest and grab some properties on Fort Myers foreclosures, you are offered with ample of properties to choose from. With the flood of foreclosed properties in the market, you will be able to choose what really the best is: considering the cheap cost, so as the amount of work needed for repair or renovations, location, and great amenities you want and need. To achieve this, the best key is to watch out for the distressed properties - that’s a start. So if you want to settle for a house from Fort Myers foreclosures with the cheapest price and quite justified in terms of quality, you better wait for the right time. Never rush things out if you want it to work in a long run.