reo: Short Sales Revisited - 09/24/08 07:17 AM
In response to another Realtor's request for assistance with short sales, I wrote the following note.  I thought it might be helpful to anyone just starting short sale work.
1.  The 1099 issue is a whole study in itself.  Generally, if the owner is living in the house and has the homestead exemption, there will not be a 1099.  Again, in general, an investor will get a 1099 for the bank's ENTIRE loss, including fees, atornies, etc.  There are many, many exceptions and I suggest you get a copy of the current Federal rule, which has been posted by several people … (0 comments)

reo: 302 NW 2nd Place, Cape Coral, Florida 33993 - 08/12/08 11:09 AM
$145,000 for a NEW 2347 sq ft home, Never Lived In !!!
Boomer Alert !!!!!   Buy this home before you shovel another snowed-in driveway!
This 3 bedroom, 2 bath home sits in a quiet neighborhood just West of Santa Barbara Parkway and just North of Pine Island Road.  Garage Door Openers, Multiple Keys, Warranty books, etc. are all in Realtor's possession.   COME ON DOWN !!!
See the builder's description at
More detailed information at    http://www.JimGibson.BIZ    (Cape Coral Area Listings)
Jim Gibson, Florida Realtor, MBA, E-Procell 239-823-3469email  Jim@JimGibson.BIZ


reo: Buckingham Model Homes for Sale followup 3/2 with Den - 07/20/08 02:00 PM
We have a followup to yesterdays listing announcement for these fine Buckingham Model homes in Cape Coral and Lehigh Acres Florida.  These are the remaining homes and are subject to prior sale.  All of the homes are NEVER LIVED-IN, 1785 sq ft with no pool unless otherwise noted.  No appliances unless otherwise noted.  Go to our previous BLOG for floorplans and interior pictures from the model home.  Three full bedrooms plus a large den and two full bathrooms.  Split floorplan, Florida Style.
These are bank-owned, ready to go.  The foreclosure process is complete.
430 NW 1st Avenue, Cape Coral Florida  $135,000
3313  … (1 comments)

reo: Newly Listed REOs in Cape Coral and Lehigh Acres - $135,000 never lived in - 07/18/08 02:20 PM
My agency just listed a bunch of REOs (bank-owned properties) in Lehigh Acres and Cape Coral, Florida.  This is just a sampling of one model, the Buckingham. Prices vary somewhat, but most are at $135,000.  Most homes are NEW, never lived-in.  I will not give an address because we have eight of them all me for addresses of whatever is left.  These homes were given back to the bank by Deed-In-Lieu of Foreclosure (DIL), so there is none of the "Short Sale Stall" or "The Asset Manager is on Vacation" stuff.  Once the bank owns the property, they suddenly take an interest … (0 comments)

reo: 3317 23rd Street SW, Lehigh Acres, Florida REO - 05/19/08 11:59 AM
We have just listed a REO (bank-owned post-foreclosure).  Ready to sell, no delays. 
NEW, NEVER-LIVED-IN !!!  On a nice East-West Street that connects to the major exits of I-75.
$117,200 for 1400 sq ft of living area and 1969 sq ft total area.

No way you can build a 1956 sq ft home from scratch in Lee County.  The lot, impact fees, permits and site preparation would blow the project out of the water, even in this present diminished market.  Yes, labor is now a little cheaper, but materials are not much different from 2005/2006.  Impact fees are impact fees, and not … (1 comments)

reo: 2208 NE 10th Avenue, Cape Coral, Florida - 05/17/08 04:37 AM
$135,000.  For Sale....  Bank-Owned (REO)  .... MUST SELL NOW!
Never-Lived In Home in Cape Coral, Florida.  Went through Foreclosure and is now in a Must Sell mode with the bank that owns the home.  Take Advantage of the bank's situation and Make An Offer!  Due to the urgency of the Sale, all offers must be for Cash or must be accompanied by Pre-Approval Letters issued by a bank.  Call us now for assistance on this matter!

This home comes complete with new appliances which will be delivered upon closing.  The Cape Coral home was completed in 2006, never lived-in.  Offered … (5 comments)

reo: 4109 NE 15th Avenue, Cape Coral, Florida 33909 - 05/15/08 01:18 PM
$135,000. for this Never-Lived-In Builder Product Home, Bank-Owned Property (REO).
Cape Coral, Florida home...we have a similar Lehigh Acres home listed at this time.
Great Open Floor Plan, Vaulted Ceilings, Den
1808 sq ft under air ($75), 2591 total sq ft ($52)

This Cape coral Home is large and well laid-out.  Three bedrooms plus a den.
All New Appliances will be installed in the Cape coral Home or Lehigh Acres Home upon sale.
We have other Bank-Owned Homes, Never-Lived-In !  Call Now !
Jim Gibson, Realtor, MBA, E-PROcell      (239) 823-3469email   Jim@JimGibson.BIZweb      http://www.JimGibson.BIZ

reo: 334 NW 17th Terrace, Cape Coral, FL 33993 - 05/13/08 12:20 PM
Pre-Foreclosure Short sale.  FOUR Bedrooms, THREE baths, POOL home
$210,000. for 2800 square feet under air..... That's just $75/sq ft for a premium home!
Let's go after this home NOW before the bank gets it!We are in contact with the bank and we believe that they will accept an offer at this level.
This home has tile floors except for carpeted bedrooms.
Deluxe ceiling fans....Automatic Lawn Sprinklers....Huge ool Lanai.
Pool Bath Shower.
This a fine Cape Coral Home in a nice neighborhood with newly paved streets.
Located just off Diplomat Parkway, it has easy … (4 comments)

reo: 3053 NW 3rd Avenue, Cape coral, Florida 33993 - 05/12/08 02:39 AM
Bank-Owned Property.  NEW, Never-Lived In, REO.
$115,000.  works out to just $81./sq ft of living space
This home has an optional Rear Screened lanai and 450 sq ft garage !!

Note that the total (living area plus garage plus covered lanai) square footage of this home as reported by the Lee County  FloridaProperty Appraiser is 2128 sq ft.

We have other foreclosed homes (REOs) which were built by the same builder.  Investors failed to honor their contracts, so these NEVER-LIVED-IN Homes are available for low, low prices.  We also have a few bank-owned homes available in Lehigh … (2 comments)

reo: 2924 NE 5th Place, Cape Coral, Florida - 05/10/08 02:09 AM
Ashford design by our largest local builder.     $116,000.  AS-IS.
This home is a bank repo, now owned by the bank.  This is NOT a Short Sale.  Quick Answers!!
Previously sold for $259,200 !!!

This bank-owned home is in the NorthEastern section of Cape Coral, near the Del prado Boulevard main N-S corridor.  Shopping, Schools, Restaurants and Services are nearby.
Contact Me now before this home gets away!
Jim Gibson, Realtor, MBA, E-PROSellstate Advantage Realtycell:      (239) 823-3469email:  Jim@JimGibson.BIZweb:    http://www.JimGibson.BIZ

reo: Bank-Owned Home For sale (REO) Cape Coral Florida 2818 NW 24th Avenue - 05/08/08 07:57 AM
We have a new listing of a bank-owned home in Cape Coral, Florida. 
Priced at:          $152,000.  ($85/sq ft under air;  $65/sq ft total)
Located at:       2818 NW 24th Avenue, Cape coral, Florida
This home is a Buckingham Model by First Homes.  It has a den and has 1785 square feet under air conditioning.  Total square footage, including the garage and entry is 2340.
 You cannot build a quality home this cheaply!  Take advantage of the bank's inventory issues!
Pictures from the builder's Model.
We have another Buckingham  in Cape Coral which will come on the MLS shortly.
We also have one bank-owned Buckingham in Lehigh Acres, … (0 comments)

reo: Cape Coral Florida Golf Course Homes - 05/03/08 06:02 AM
As we begin the long recovery in real estate sales and prices, many real estate investors are coming back to test the waters.  The primary motivation seems to be that they can buy inexpensive homes now, rent them at a small negative cash flow for three years and then turn the investment over for a nice total return.
Where I have questioned this practice is whether buying the low-end homes will give the best total return.  It seems to me that buying mid-range homes on a golf course or on waterfront lots would seem to give more acceleration on price looking down … (3 comments)

reo: Lee County Florida Real Estate today - 05/02/08 02:35 AM
The Lee County Real Estate Market is improving for some folks and getting worse for others.
According to an article in the Business & Money section of the News-Press this morning, "Foreclosures hit new high".  Foreclosure "actions" filed in Lee County in April spiked up sharply to a new high of 2160.  By "actions filed", one would assume "Lis Pendens", meaning that the mortgage holder has initiated the first legal step of filing notice to the homeowner and the rest of the world that they are beginning the process of taking the home.  for each of the homeowners, there is still a long … (1 comments)

reo: Glut of Homes Shrinking in SW Florida - 04/30/08 03:10 AM
The headline in today's business section jumps out to say that the Glut of (vacant) Homes in Lee and Collier Counties (Florida) is SHRINKING.  Now I just wish that the headline was on page one of the main section, like all of the negative reporting has been, but I'll take what we can get!
Yesterday I was working up a listing price for a luxury home in central Cape Coral.  We had tried unsuccessfully to sell the home a year or so ago and had very little interest from anybody, regardless of price.  The owner rented it out at a negative … (0 comments)

reo: Clients with Short Sale or Foreclosure Real Estate - 04/20/08 06:50 AM
As a Realtor, I am often asked to "advise" a potential client on Short Sale or Foreclosure situations.  since I am not an Attorney, I demure from giving advice, but I will refer people to attornies who are specialists in their field.  I repeat, SPECIALISTS, because I find that even attornies do not necessarily have all of the information necessary to properly counsel people in this situation.
Some things that I have noticed in other BLOGS...1.  One Realtor warned of DIRE CONSEQUENCES to Short Sale or Foreclosure situations, predicting that any action resulting in loss to the bank would probably result in … (2 comments)

reo: Cape coral Real Estate Market -Conflicting Messages - 04/19/08 12:27 AM
Reading the local papaer this morning, I saw two conflicting messages:
First of all, a liquidation sale in a gated community resulted in a total sellout of 116 homes in just two weeks.  Seventy percent were sold to homesteaders.  So much for the idea that there are no buyers out there.  This, after the recent Countrywide auction that attracted hordes of qualified buyers, even though Countrywide seems to be a little challenged when it comes to conducting an auction.  Then there is the mesage that actual closed sales has hit a peak recently not seen for about 18 months.  Every title company … (0 comments)

reo: Reinvention is chicken soup for the soul !!! - 04/17/08 11:23 AM
To the lady in Poughkipsee who reinvented herself from the airline industry into real estate.  Hoorah for you!  That's a great story. 
 As a "reinvented" veteran of the travel industry, I can relate to your story.  Over twenty previous years in the hi-tech industry (with five different companies), my biggest customer was always Big Blue and Poughkipsee was my monthly.  Stayed many nights at The Inn at the Falls after I figured out that the two motels out on the highway were invented to torture people before their visit with the gods.
so I morphed into the travel industry and it was fun for … (1 comments)

reo: Cape Coral Real Estate - over-priced? - 04/16/08 03:03 PM
I was setting up an itinerary for homes this evening.  Buyers are a nice young couple from the East Coast, anxious to make a go of it in Cape coral.  They have a definite price point in mind, so we are searching for the best value we can find at that price.  Not unusual for persons moving into the area, but different from bottom-feeding methods when you just want the rock-bottom price for a given square footage.  Buyers also stated that they do not want to play the short sale game.
What I found in my search is that prices ranged from … (2 comments)

reo: My Broker Got onboard with Lee County Florida REOs ! - 04/15/08 11:22 AM
What a happy day!  My Broker made our first deal with REOs and we came up with an even dozen listings in the first shot.  We can advertise these listings as individuals and of course we can sell them.
This is an important step....I can see now that very few individuals are going to win a lot of REOs in the Cape Coral Real Estate Market as we go forward.  Having noticed the same names showing up on (most of) the listings for the last year, I have done a little informal survey to find out how they are doing it.  Come … (4 comments)


Cape Coral Florida Golf Course and Waterfront Homes

Cape Coral, FL

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