Real Estate

Cape Coral Foreclosure Information

Cape Coral has the dubious distinction of being a leader in Florida and is also among the top national in foreclosure filings. This area was an important target for investors during the real estate boom. Companies like First Homes Builders of Florida, which was acquired by national builder K. Hovnanian, attracted inexperienced and low-capital investors to build entry-level homes on vacant lots throughout Cape Coral. Many of these investors have turned away from investing in specialty homes. Since thousands of these investors have literally left, the market has been inundated with foreclosures.

To address more than 30,000 pending foreclosures in Cape Coral and neighboring communities, the Lee County Court System created a “Rocket Docket” to address this backlog. With the potential for remote investors to simply walk away, the spatial docket has allowed judges to hear and resolve routine foreclosure cases in an expeditious manner. As these foreclosure cases are processed, most end up going back to the lender and are commonly referred to as real estate property (REO).

Since lending institutions are not in the business of owning or managing property portfolios, most REOs go to market quickly. Foreclosed properties are often listed at discounted prices to sell the property quickly. Cape Coral has attracted a growing number of investors who have been aggressively pursuing cheap foreclosure listings. Many foreclosure listings are receiving a substantial number of offers, often in excess of the asking price. Most investors offer cash, which makes it difficult for first-time buyers to compete, as their offers typically include a financial contingency.

Cape Coral foreclosure opportunities are available in all segments of the housing stock. Currently, many investors are favoring single-family homes that are not located in a gated community with a homeowners association. These single-family homes, which are the most common type of housing in the Cape, are available throughout the city. Other investors are focusing on gulf access foreclosures in the belief that beachfront properties have a higher ceiling when the market recovers.

One of the keys to finding a good Cape Coral foreclosure deal is having access to the new foreclosure listings as soon as they hit the market. You do not need to pay for this type of information, as it is available on the Internet at no charge.

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