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FSBO Homes for Sale and Condo Units on Offer at Fort Myers

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By : John Cutts    99 or more times read
Homebuyers looking for regular houses, FSBO homes for sale and other types of foreclosed residential properties can look in on the Fort Myers, Florida market. For those interested in condominium properties, November would be a great time to visit the city as there is a scheduled auction of over 100 pieces of these units.

The number of foreclosed homes in Fort Myers, FL is probably one of the highest in the state, with Florida among the top five states with the highest foreclosure rates. More properties will be coming into the market in November 2010, with 125 units of the Oasis condominium set to be auctioned off by Related Realty.

Like most of the foreclosed homes for sale in Florida, the condo property was hit by the housing market crash, with the owners of the condominium acquiring the property through a foreclosure auction. The property was constructed in 2005 by the Miami-based Related Group. The project's first two buildings were completed in 2008, but at that time, the crisis has already encroached on the area's property market.

As the number of bank foreclosures and FSBO homes for sale escalates, most of the buyers for the condo property became increasingly reluctant or simply unable to complete the purchase transactions. Eventually, financing institution Bank of America foreclosed on the property. In August, the bank decided to assign its over $150 million note to New York-based Related Realty Group.

Related recently revealed its plans to auction the units, with a big number of the people who buy foreclosure houses for sale and those who are looking for other types of residential properties showing a lot of interest in the announced auction plan. According to Related Realty, 40 units will be made available through an "absolute" sale. This means that whoever makes the highest bid, no matter how low it is, will take home the units.

In addition, Related has sent letters to those people who initially backed out of their purchase contracts for some of the units. The firm has reportedly offered as much as 60% discounts to these previous buyers. The sale is being seen as a good opportunity for property buyers, particularly those who are seeking discounted properties like FSBO homes for sale and bank foreclosed dwellings.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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