Buying Naples Pre Foreclosure Property

By: frank millford

Buying a foreclosed home could be a valuable investment. Finding a naples pre forclosure can be an even bigger investment. Pre repos are houses where the mortgages are in default, the bank has made notice of foreclosure, but the process isn't completed. These properties will be noted on naples pre foreclosure lists. These listings are available to the public thru county records and papers. There are also many internet sites that offer this info. Making contacts within the REO ( real estate owned ) dep. of banks is an alternative way to obtain access to naples pre foreclosure lists.

By buying a property that is going into foreclosure, you can make a good profit and also help the homeowner avoid foreclosure. Usually, a homeowner that's facing foreclosure is a particularly incentivized seller. By selling the property before the foreclosure, he is ready to spare the damage to his credit status. The bank is also willing to work with a buyer because they too desire to circumvent the foreclosure. Many banks make their naples pre foreclosure lists available to the general public, trying to bypass the foreclosure process.

Before making an offer on property that's mentioned on naples pre foreclosure lists, do a full inspection of the property. Research the fair market value for the property given its current condition. A physical inspection will let you identify where there are Problems and the cost of correcting them. Weigh these findings against the asking price, current price and the present loan amount. If there's serious equity in the property without extensive repairs, it might be a worthwhile quality investment. Many times the property can be purchased for the defaulted loan amount. This will generally be well below the value of the property.

Another place to access naples pre foreclosure lists is in public court documents. These documents will give info on homes thirty to 180 days before foreclosure. A legal notice must be filed before a foreclosure can be finalized. These notices are available to the public. These notices contain the property address, loan amount and the name of the owner. This is enough info that you can contact the owner without delay. Many times, these owners are willing to negotiate a sale to avoid foreclosure.

sites containing naples pre foreclosure lists often offer this information for free. If they do not, most will offer a short time trial offer. This is a valuable way to access this info for free. Since these pre foreclosure lists change on a once a day basis, it may be worth the investment of joining a web site till you find a property that you would like to purchase .

While buying naples foreclosed property is a smart investment, buying a naples pre foreclosed property can be more moneymaking. Most owners are motivated sellers and ready to negotiate to avoid foreclosure. Finding naples pre foreclosure lists is step 1 toward this process.

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