Naples Foreclosures and Repossessions of REO Real Estate
Naples Florida has always been known for its high-end luxury Naples Real Estate.
Now buyers can find great buys on Naples foreclosures that are bank owned real estate located on this site. Lee and Collier County have high numbers of repossessions due to the large amount of investors and speculators.
The first and most important step in looking for Naples Foreclosures is to select a real estate agency like ours, Lee Collier Realty to represent you during the entire process. Remember we work in your best interest but get paid by the lender. You will be glad that you have us on your side.
It is also very important to know the entire foreclosure process:
How Naples Florida Foreclosures Work
Warning Letter - When the owner falls behind the lender will send a pre-foreclosure notice requesting payment.
Is it Possible to Work Out an Agreement - If the Owner can not make the required payments then the owner and lender may try to work out an agreement. Options include stretching out payments or reducing the interest rate among others options.
Foreclosure Lawsuit - If an agreement cannot be reached then the lender files a foreclosure lawsuit against the property.
Auction Sale of the Property - Once the lawsuit judgment is ordered by the Circuit Judge in favor of the lender, it then goes to public auction and then they put the property on the Auction Block or sell it.
Buying Bank or Lender Owned Property - If the property fails to sell for the Lenders reserve price at Auction,, then they then list the Naples foreclosure with a real estate agent or sell the property directly themselves. This is one of the best times to buy a home or condo because it has gone through the foreclosure process and the bank can sell it at an agreed price.
We hope that this short summary helps you to better understand the complex foreclosure process of Naples real estate foreclosures and makes you aware that having us on your side can save you thousands of dollars.
You will also be able to search for Naples Homes and Naples Condos listed on the MLS by selecting those buttons which are not foreclosures.