It is with regret that the property in Naples Florida suffers the same issues that all American regions face when it comes to not being able to continue the payments on the property. Whether this is from a marital breakup, bankruptcy or lost employment, this same story occurs all over the country and in recent years this has been more relevant than in previous time. Other golf course properties are also inlcuded in this issue.
Naples is no different, and just a look at any local real estates listings will show a range of foreclosed and bank owned properties. In the latter part of 2018, there are about 281 Naples properties that are under foreclosure on the Trulia website alone. Unfortunately, that would mean that there are a lot of families under stress with the foreclosure already haven been leveled. I also wonder how close many others in the district are to foreclosing on their homes?
When I drill down from the total number of properties that are either bank-owned or under foreclosure for condos alone, I can see 67 different condos listed. The size of these Naples condos that have been foreclosed range from the smaller sized condo of 750 square feet in Green valley through to condos listed as having above 2,200 square feet. Some are in higher density housing areas, and there are a few that are beach access properties.
From this, it appears that no matter your walk in life, things can and do go wrong and that happy family home from a year ago could now be back on the hands of the bank while you are enjoying the insides of your mid-sized Toyota trying to make it through this challenging time.
While generally a wealthy area, the above demonstrates that no area is exempt from foreclosure. Hollywood has its foreclosures as does Washington and Anne Arbour. When it comes to the inability to repay the banks, there is only one recourse for the banks, and that is to take the property back and attempt to sell it to make up any losses that may have been incurred since the bank first invested itself with the initial bank loan made for purchase.
If the ex-owner is still unable to pay any outstanding repayments, interest and any other on costs such as having to change the locks on you and any internal or external work required to move the property back onto the market. Someone has to pay, and unless the bank can make up the shortfall with a new sale, that person is going to continue to be you.
However on the other side of the fence are the property speculators. Those who can see an excellent opportunity if they can approach the bank of a foreclosed property and make a low ball offer to purchase it. If the low proposal clears all outstanding debts owed the bank, they may say yes. Due to the number of current foreclosed condos, there are now some good deals to be had if you are willing to have an agent negotiate and if you can wait a little longer for all legal process to be completed.