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        <title>Marco Island Real Estate Blog</title>
        <link>http://www.buymarco.com/blog/marco-island-foreclosures/</link>
        <description>Your resource for Marco Island real estate news. This Marco Island blog is updated regularly with homes for sale, recently sold homes and condos, market conditions and other useful information.</description>
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    <guid>https://www.buymarco.com/blog/foreclosures-naples-fl.html</guid>
    <link>https://www.buymarco.com/blog/foreclosures-naples-fl.html</link>
        <author>dan@buymarco.com (Dan Boyle)</author>
        <title>Foreclosures - Naples, FL</title>
    <description> <![CDATA[ 



Foreclosures For Sale in Naples, FL


For the last few years now, the word &quot;foreclosure&quot; has been on the lips of half the buyers that contact us.  Now, the vast majority of those don't limit their home shopping to foreclosures.  In fact,  very few actually buy one but it certainly has been a well-worn topic.  These days, foreclosures have all but disappeared from Marco Island.  The Marco Island MLS currently shows only four foreclosures on Marco Island.  For any variety, you are going to have to look for foreclosures in Naples, FL.


Where have all the foreclosures gone?  Well, there were never that many to begin with - on Marco Island, that is.  Marco certainly took a hit when the market collapsed in 2006 and our foreclosure rate climbed significantly.  Compared to most other parts of Florida, though, it was never that bad.


If you are strictly in search of a foreclosure in 2014, you'll find yourself over in Naples.  You don't have to go that far from Marco Island to search for your diamond in the rough, though. South Naples will give you plenty to sift through.  


You Won't Buy a Foreclosure


Yeah, seriously. You won't.  We've seen it a thousand times.  People come to Florida grasping tightly to some anecdote they heard about someone buying a foreclosure for half of its true value. Don't get me wrong.  I'm pretty sure it has happened - like I'm pretty sure life exists somewhere else in the Universe.  I've just never seen it.  What I have seen is a bunch of junky houses with their guts ripped out selling for 95-105 of their true value.  Sure, I have a story or two of my own where one of our customers grabbed a great deal but they had to jump as soon as the bank listed the home and then pay over asking price to get it.  Even then, they might have realized a discount of 10 to true value.  I know what you're saying, &quot;10 is 10.&quot;  I would agree except I know the work that the buyer invested in staying on top of new foreclosure listings for a year. Add to that the fact that they were here and ready to move in the middle of our off-season.  They needed to get a 10 discount to break even on the work invested.  If you add up the total effort expended by all would-be foreclosure buyers and factor-in their gross savings, chasing foreclosures is a giant loser.


The Good News


The good news for buyers is that foreclosures have forced the prices of all properties lower.  If you shop around a little you'll see that foreclosures are rarely bargains.  Keep watching our blog for more good news.
 ]]> </description>
    <pubDate>Thu, 09 Jan 2014 13:04:00 -0500</pubDate>
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    <guid>https://www.buymarco.com/blog/foreclosures-arent-for-everyone.html</guid>
    <link>https://www.buymarco.com/blog/foreclosures-arent-for-everyone.html</link>
        <author>dan@buymarco.com (Dan Boyle)</author>
        <title>Foreclosures Aren't For Everyone</title>
    <description> <![CDATA[ 



While Marco Island has not had the high foreclosure rate that most of Florida has endured in recent years, we've certainly had our share.  Satisfaction among buyers of these homes runs the gamut from ecstatic to heartbroken.  There have been some great deals and a few nightmares, too.


Buying a Naples or Marco Island foreclosure is not for everyone.  Most of us are not experienced in evaluating the structural integrity and systems of well-maintained homes not to mention those of a neglected or damaged property.  The remedies and repairs necessary to foreclosures are almost always more complicated and more expensive then they appear to be.


If your foreclosure purchase doesn't work-out, there's no one to call.  The risk is all yours as the buyer of one of these homes so, beware  I've put together 5 things to consider before you even think about buying a foreclosure.  You may decide, after seeing a few foreclosures for yourself, that avoiding them altogether is the best bet.


1) Real estate investors have been aware of the home long before it hit your radar screen and they dismissed it. Investors are combing the market and aggressively pursuing distressed properties long before they become &quot;bank-owned.&quot;  Are you really smarter than a seasoned real estate investor? The home has already been  rejected by a professional who thought that it was too expensive, too damaged, in the wrong area, or a million other reason. You may have the experts knowledge very soon if you buy what they rejected but that education may cost you a pretty penny.


2) Foreclosure homes are sold &quot;as is&quot;. Usually, the home has just been sitting there deteriorating for a long time, sometimes several years. This neglect can do some serious damage to HVAC systems, water heaters, etc.  Oftentimes, the previous tenants were upset with losing the property and did some damage like removing fixtures and destroying plumbing. Banks just sell homes.  They don't maintain them and they don't fix them.


3) The house or condo may not be that great of a deal when it's all said and done. Just because a house is in foreclosure doesn't mean that it's selling at a huge discount to the market. Think about it: the bank wants to make back as much money as it can to offset their loss. Combine that with the fact that foreclosures get a lot of attention from buyers and great deals can get hard to find. If some repairs and rehab are going to be required, look out.  You are following the recipe for disaster.  Who hasn't had the costs of a project run higher than anticipated?  If this happens on your foreclosure deal, you could find yourself up-side-down very quickly.


4) You can find a great deal without buying a foreclosure. This is probably the simplest and best reason to forget about foreclosure properties altogether. In this market, you can usually find a great house, at an unbelievable price, and it'll be ready for you to live in immediately. Plus, the owners are usually more motivated to make the sale go through than a disinterested bank officer that is backlogged with foreclosures.


Foreclosures are tempting.  Some people have done well buy purchasing them.  If you think you have the special skills and knowledge to pull it off, go for it.  If you don't have the slills, stick with the tried and true.  All of SWFL is selling at bargain prices.  Finding a great deal is easy.
 ]]> </description>
    <pubDate>Thu, 16 Aug 2012 08:06:00 -0400</pubDate>
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    <guid>https://www.buymarco.com/blog/hot-water-direct-foreclosure-on-marco-425000.html</guid>
    <link>https://www.buymarco.com/blog/hot-water-direct-foreclosure-on-marco-425000.html</link>
        <author>dan@buymarco.com (Dan Boyle)</author>
        <title>Water-Direct Foreclosure on Marco Island - $425,000</title>
    <description> <![CDATA[ 
This one isn't gonna last, people.  If you're looking for a bargain on a water-direct home, this might be the one.  For those of you wondering what &quot;water-direct&quot; means, it is a property from which passage under a bridge is not required to reach the Gulf by boat.  Usually, they also have quicker Gulf access also. Check out this listing here.


Besides being water-direct, this home also has a big water view, oversized lot, and  open floor plan.  It has three bedrooms and three baths and 2193 square feet under air.  Total square footage is 3500.  The price-per-foot of this foreclosure is cheap when compared to recent sales.  It's only $194 per foot under air.  The last sale on Sunset was $303/ ft.


Our website has updated listings of all the foreclosures on Marco Island and surrounding areas.  If you see one here that you're interested in, feel free to contact The Boyle Team.  Remember, bank owned property is always under some degree of buying pressure so it pays to act quickly.
 ]]> </description>
    <pubDate>Fri, 10 Aug 2012 08:52:00 -0400</pubDate>
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    <guid>https://www.buymarco.com/blog/marco-island-foreclosure-update-july-2012.html</guid>
    <link>https://www.buymarco.com/blog/marco-island-foreclosure-update-july-2012.html</link>
        <author>dan@buymarco.com (Dan Boyle)</author>
        <title>Marco Island Foreclosure Update July 2012</title>
    <description> <![CDATA[ 



The inventory of foreclosures on Marco Island has been steadily shrinking over the last year.  It's great news for our market. While Marco Island had a relatively low foreclosure/total sales ratio, foreclosures still brought down the broader market.  With the foreclosure inventory drying up, prices will naturally rebound.  We've already seen this in condos and lots.  Prices have popped a little this summer.


What has been described as an &quot;over-correction&quot; seems to now be righting itself.  Just as the market spazzed-out from 2004 through 2007,  it overreacted in the other direction as well.  This has resulted in a huge buying spree that has continued into our off-season on Marco Island.  We are seeing value-buyers in droves grabbing up anything that appears to be priced low.  Even banks aren't pricing the foreclosures aggressively anymore because the market is showing strong signs of firming up.  For a little more info on market stats right now, check out our article on the mid-summer real estate market on Marco Island.


Our website, BuyMarco.com, is showing 27 foreclosures right now listed in the Marco Island MLS.  This is essentially normal.  We probably won't ever see this number very much smaller than this.  For buyers, the good news is prices are still super-low and if you're prepared to move fast, you can still grab a bargain.  On Marco Island itself, the foreclosures range from a lot for $49,000 up to a home with direct access for $399,000.  To see any Marco Island foreclosures in person, contact The Boyle Team anytime.
 ]]> </description>
    <pubDate>Fri, 27 Jul 2012 08:17:00 -0400</pubDate>
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