Cape Coral is a vibrant city in Lee County, Florida. Under Florida law, lenders in Lee County can file a lawsuit with the circuit court to foreclose on properties with a mortgage in default. Those interested in purchasing Cape Coral foreclosures can find the properties on sale through the Lee County Clerk of Court. Buyers should then follow the instructions of the court to register for and participate in auctions to purchase foreclosed homes in Cape Coral, Florida.
Visit the website that conducts online Cape Coral foreclosure auctions. The Lee County Clerk of Court contracts with the Realauction website to sell Lee County and Cape Coral foreclosures. When the court issues a foreclosure order, the property is given a foreclosure sale date. Visit the website at lee.realforeclose.com.
When you get there, the first thing you want to do is find Cape Coral foreclosure listings. Click on “Auction Calendar” and the individual dates on the calendar page to find foreclosure notices. Read those notices to see the judgment amount, which basically means the amount due on the property. Some of the Cape Coral foreclosed homes and land also have an assessed value. This is a rough estimate of the property’s fair market value.
The reason a foreclosure’s fair market value is important is because you want to bid lower than that amount to get a good real estate deal through a Cape Coral foreclosure.
You should also visit each property you think you may want to buy just to make sure there are no red flags, such as recent damage, that would affect the property’s value. In some cases, you may need to speak to a Cape Coral-area real estate agent or other professional to help you estimate the fair market value of the foreclosed property.
Back on the main page, click “Register.” These online Cape Coral foreclosure auctions require you to make a deposit before you can bid. According to the Cape Coral clerk of court, you need to deposit five percent of whatever amount you expect to bid on a foreclosed home in Cape Coral. Follow the instructions to make your deposit. Alternatively, you could also drop by the Lee County Clerk of Court’s office and get instructions for depositing there.
Bid online for the properties you want to buy. You will be informed immediately if you win an auction and will receive some instructions for paying the balance of your bid.
There is a strict time limit of 4 p.m. the next day to pay the remaining amount of your foreclosure bid. Keep the clerk ‘s number handy just in case you have problems or concerns. You may call the clerk’s office at 239-533-5000.
Complete the payment on your Cape Coral foreclosure. You now need to get a property deed. Take the deed you get and file it in the Lee County recording office for real property records. Filing is necessary to protect your property rights in the Cape Coral foreclosed properties that you purchase at auction.
Lee County Clerk of Court Foreclosures Page