Transcript:
Hey, what’s up everybody. It’s Jeff Cody with NextBridge Home Solutions. I’m just leaving a property, and want to talk about this one a little bit. It was super interesting, located in Fort Myers, down Island Park Road, if you know where that’s at. It’s a really interesting condo community, they have some great amenities, great neighbors, and people love living there. I saw this one because it was a foreclosure and we buy foreclosures. We buy homes that need a ton of work, and we’re buying all over Southwest Florida. So this one in particular, like I said, was a two bedroom condo. It had flooded, probably a couple of years ago. There was a big flood that came through during Hurricane Irma, I believe. They had ripped out all the drywall. They’d ripped out all the appliances, all the flooring. This thing is basically gutted, and it’s been sitting there vacant. And I don’t know if it was from four years ago, from that big flood, or if it was something more recent.
But long story short, this foreclosure is actually on the MLS. But it’s totally gutted. And so, the challenge with that, it’s really difficult because you have to replace everything. You can’t leave the dry wall, you can’t leave the flooring and all that. So it’s a really difficult and it costs a lot of money. So I think what happened here is they started doing the work to renovate and rehab after the flood, and they just couldn’t get through all of it.
So now what happens is they get foreclosed on, and the bank, or whoever holds the note. At this time, I think it was a private individual foreclosed on the house. And, somebody’s got to come and buy that, and fix it up, and make it usable again. So the problem with that situation is the bank is not going to lend on a property like that, a home that is uninhabitable. So you need somebody that has the funds to be able to come in and buy the property with cash. No bank is going to loan money on a house like that. And it’s going to take a ton of money. It’s probably going to take $50,000 for this 1,000 square foot, two bedroom condo, to fix. So yeah, it’s really challenging in a situation.
So I would just say if you or somebody you know is in a situation, where you have a property that’s in a really bad disrepair. We’ve seen hoarder houses where they’re just loaded with junk. Those sorts of properties, even in a hot market, like we’re in, this is summer of 2021, even in a hot market like that, a lot of times you’re not going to have buyers be able to get a loan on the property if it’s in too bad of disrepair, or it’s going to take so much time and effort and money to get it back up and running in a manner that you could list it on the MLS. A lot of people just can’t do that. And so, that’s where investors like myself, who are cash home buyers, come in and we can buy your house with cash. We’re buying houses with cash in Florida, primarily Southwest Florida. So Lee County, Collier County, Charlotte County, because we can come in, pay cash for the home, we can fix it up.
We can either then rent it, or we might just try and resell it. But the good thing for an owner or somebody that has maybe inherited this property, is that they don’t have to worry about that. We can come in, we can close really quickly, two weeks, sometimes even a little bit more, but we can really work on your timeline. And you just take what you need. If there are things in the house, take what you need, and leave the rest. We’ll remove all the junk. We’ll do all the repairs. You don’t have to worry about fixing all the flood damage or other types of damage that there might be. So, if you’re in that situation, you need some help with a property that’s really in a bad state right now, or you just need to sell quickly, even in a hot market like we’re in today, it’s going to take a minimum closing time, probably 30 days, depending on the bank.
I’ve heard some stories now where people aren’t able to get the loans just because the appraisal value is not there. So again, you might list it, you might think you have a sale, and then it falls through. Whereas if we come in and make you an offer, and we can come to an agreement, we’re going to close quickly in a matter of a couple of weeks. So again, if you need assistance with a house and you’re in Southwest Florida, we’re buying homes all the time, regardless of what state they’re in. So if they need a lot of repairs, that’s a perfect property for us. So again, if you need any help, let us know. You can go to http://www.IBuyHomesInSWFL.com. I buy homes in Southwest Florida.com. You can also call me (239) 244-2474. Again, it’s Jeff with NextBridge Home Solutions. Talk to you soon.