Greg Snow - Southwest Florida Real Estate Expert provides real estate services to Cape Coral, Fort Myers, Sanibel and Captiva Islands

Our southwest Florida marketplace just had a large foreclosure sale at Harborside this week-end(www.fmharborside.com) and many good deals were struck. Mostly for homes in Lee County, Florida's hardest affected cities of Cape Coral and Lehigh Acres. Our inventory is beginning to stabilize and  soon many of these "good deals" will be a memory.

 Let's say you missed the auction and action at Harborside. There will be two more this week in Miami, and West Palm Beach. If you are seriously looking for bargain real estate, the REO market is alive and kicking here. Success is working with a savy real estate agent, flexible in the terms offered, patience, and also getting used to being ignored. Unless you are a "cash" buyer, Asset mangers love the unambiquity cash bring to the equation. They may also shudder at thoughts of working with "whacked" out buyers and/or "whacked out " real estate agents for 30-60 days until closing.

Now, being "armed and dangerous" , you venture into Cape Coral or Lehigh Acres, looking for a three bedroom, 2 bath, 2 car gagrage with about 1400-1800 square feet under air. Your savy real estate agent pulled up only 594 current active listings (www.swflrealtors.com) between $30,000 and $70,000 in these two locations. You suggest that Cape Coral may be a better place to start, only because there are only 123 choices there.

If you have only a small down payment and maybe you are a first time home buyer, begin with the homes which have been on the market the longest. If you are pre-approved for a mortgage, or better yet have the King (cash), then the whole area is in play. If you can find a house in a fairly mature neighborhood with all utilites in place, and signs of neighbors exhibiting "pride of ownership", this should be a top candidate.

Now, the "fun begins". You and your agent prepare a written offer to purchase. The listing agent often will have certain information you need to fill out in order for the asset manager or loss mitagator to consider your offer. You fill in the blanks on the sales contract, the info sheet, the agency disclosure, other disclosures, write a check for escrow, and hurry up and wait. Sometimes not long. Sometimes days. Some times alot longer. To be continued.......