Active Contingent Short Sale
This means the sellers have accepted an offer on a short sale property, but success may still depend on passing a home inspection or getting financing. It may still be possible to tour these properties and submit a backup offer in case the current one falls through.
Bank Owned (REO)
A property becomes a full-fledged foreclosure — sometimes referred to as a Real Estate Owned (REO) property — when it is repossessed by the foreclosing lender. The lender can take possession either through a deed-in-lieu-of foreclosure agreement with the owner during the pre-foreclosure period or through a winning bid at the public foreclosure auction. Foreclosing lenders are often motivated to sell these properties quickly because they are non-performing assets for their bottom line. Of the three stages of foreclosure, REOs are most likely to also be listed for sale with a real estate agent on the MLS, but not all REOs are listed yet — meaning buyers may have to contact the lender or servicer directly to make an offer.
A thorough investigation of a home by a licensed inspector to discover any issues or repairs that need to be made before buying the home.
An additional offer on a home for sale where the sellers already accepted an offer.
Foreclosure is a process that transfers the right of home ownership from the homeowner to the bank or lender. A home goes into the foreclosure process when the owner stops making his mortgage payments.
When deciding on the perfect waterfront home, keep in mind that there are many different types of canals, including saltwater canals, freshwater canals, preserves, intersecting canals, and some that offer Gulf Access via the river.
If you are a boater, a Cape Coral gulf access may be important to you. If so, keep in mind that some properties are a quick 5 minutes trip to the river that leads to the Gulf of Mexico, while others may take an hour or more to arrive. The closer or further down river you are located, the quicker you will be on the open waters and out of the 5 mph "No Wake" speed restrictions.
Direct/Sailboat access home
No bridges, locks or lifts to worry about. This is the least restrictive type.
If you own a sailboat you will need to check out the waterway more thoroughly. Just because a listing is direct access does not mean that it is suitable for a sailboat. There are only a few areas that truly have sailboat access, including proper water depth, and obstruction free. For a sailboat, you will want to be on DEEP DIRECT ACCESS canal.
Many freshwater canals lead to a lake or even a chain of freshwater lakes. If you would rather steer clear of the ocean, choosing property on freshwater may be ideal for you. Although most do lead to beautiful lakes, there are a few canals that don't really go anywhere that is suitable for a large boat. If your interests lie in bass fishing or canoeing, these winding canals still offer an excellent way to experience waterfront property at a lower overall price.
Canals also come in different widths, which provide a variety of water views. Canals range from 80' to 200' in width. Some of the most beautiful properties offer an intersecting view. The wider the canal, the better the view, so the wider canals are generally priced higher, as are the intersecting canals.
There are also many marina and boat ramp facilities if you own a boat on a trailer.
Special Assessments are one-time charges to property owners when their property (including vacant property) is serviced for potable (drinking) water, sewer or irrigation water. Once any of these services are available, hookup to water and sewer lines is mandatory for all developed properties. Irrigation line hookup is optional.
Items Needed To Make An Offer
1- A pre-approval letter from a financial institution or mortgage lender for the amount of your purchase (for offers that will be financed). It should be dated from within the last 30 days.
2- Proof of funds letter or statement if you are making a cash offer (Example - Bank statement). You can cross out or omit your account number. It must have your name and date on it.
3- Be prepared to give a deposit on home if offer is accepted. An amount of $1000 would be about the minimum to satisfy sellers but more can be given.