Foreclosures in Cape Coral, Florida : Get ready before to buy !
Posted: under Real Estate.
Tags: cape coral foreclosures, cape coral offer, foreclosure offers, foreclosures documents, Real Estate foreclosures
Today I break two records since I have my Real Estate license, about 10 years ago now.
The first one is I made, so far, more offers than days in the month. We are Nov 18 and I made 19 offers so far.
The second one, and most important for me, the last offer passed the limit of the 10% higher than asking price. Last year, offers were about 2% to 5% below asking price for those foreclosures in Cape Coral. Last spring, they were about on the asking price. Since last summer, buyers had to go higher than asking price for any Cape Coral foreclosure. November and I had an offer at $301,000 for an asking price of $272,900
Now, what’s amazing is my client has been outbid! Someone offered an even higher price for a foreclosure. That’s a very good sign. We were in a buyer’s market and we are entering a very strong seller’s market.
Of course, everything is not lost. My clients are cash buyers and very motivated to buy. So tomorrow will be another offer for them. I’ll have to suggest to pass the 10% above asking bar though, but they know that already 
I often have newer buyers calling me about foreclosures in Cape Coral. When I explain that an offer at asking price or below is just not enough, some of them are a bit sceptical. Some believe I’m bluffing to get more commission, other will try another agent, just to hear what they want to hear. The remaining buyers will try several times below asking until frustration appears. Then, they will remember what I said and will try full asking price offers. Most of the time, if not every time, they will be outbid. Usually, the number of offers at asking price is lower than the previous offers at below asking price. They seems to understand faster. That’s when they hit the third level, and honestly, they can be frustrated as well.
- - If you are interested to enter the Cape Coral foreclosure jungle these days, be prepared.
- - If you need a loan, you are already in trouble but it’s not necessarily an impossible mission. Just get you loan paper works ready and handy. Your best chance will be to make an offer the very first day. However, you have 50% chance to be outbid by an all cash offer!
- - If you try asking price or below, 99% chance you’ll be outbid. Don’t waste your time and start above asking price right away.
- - If you are a cash buyer, make sure to have your solid proof of funds with you, in your pocket, ready to get it at anytime.
The prices of the foreclosures in Cape Coral, Florida, are increasing, little by little. The demand is there and starving for “good deals”. The best time to buy a foreclosure in Cape Coral was last year and winter-spring 2010. The market is rebounding and for those who didn’t catch the train will regret soon or later.
UPDATE:
Today is March 29, 2011 and I wanted to give some updates.
Last November, when I wrote this article, there were more than 1,000 foreclosures in Lee County. Today, there are only 389! That’s mean we are going forward the end of the foreclosure crisis. And, banks realize that they can get more money now for their properties. The good prices we saw in 2010 are not there in 2011. I hope you bought your foreclosures last year.
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Nov 19 2010
