The Ellis Team has been selected to market a significant amount of properties in SW Florida. Many of these properties have never been lived and have been taken back by the bank from speculators who walked away from their investment when they failed to flip the home for a profit. A smaller amount have been rented out by the investors in hopes of obtaining some cash flow, and a still smaller amount were actually lived in by a homeowner who has been displaced.
While the foreclosure process is sad, it is also a healthy last step for this market’s recovery. Many listings in MLS were listed as short sales, however very few of those actually sold as multiple banks involved required multiple decision makers, and the acceptance process can be quite lengthy in many cases. When the answer did come back, the buyers sometimes balked as banks squabbled as to who should take the loss and for how much.
The foreclosure process cleanses all that and leaves just one motivated bank with a property to sell, and one decision maker who can act quickly as time is money. These properties tend to be excellent bargains to the end user.
Today the Ellis Team listed the first 42 of these properties, with more to follow. Obviously it does take time to process each listing. Interested buyers should call our office at 239-489-4042 and leave with us your buying criteria so that we can match up what you’re looking for with what we just listed or what may come available in the coming weeks. Today many of the homes have been located in Lehigh Acres, Cape Coral, and one in North Fort Myers. We do expect some in the Fort Myers area in the future.
The institutions involved range from credit unions to large national banks. We will be setting up a new webpage specifically for bank owned properties in the coming days.