Heated pools, ocean views and media rooms are not what most people would expect to find in a foreclosed property, but more high-end homes – priced at more than a million dollars – have been falling into the hands of banks this year. Read more here...

Foreclosed properties exist throughout the Naples area, but most foreclosures are concentrated in workforce communities (such as Golden Gate City and Golden Gate Estates). Foreclosures in Naples' desirable second home communities appear sporadically, and if priced at foreclosed values, sell very quickly and can turn out to be a really good buy.

Worthwhile foreclosures in Naples Florida sell quickly, many just days from when they are first listed. Buyers interested in a foreclosed property need to be either a cash buyer with proof of funds, or have a pre-approval letter from a lender. No offer will be considered without this. Interested buyers need to act fast, as worthwhile foreclosed properties disappear. Many foreclosed properties end up in a multiple offer situation.

For the Naples area, banks do not accept low ball offers on foreclosures. They price the home aggressively, and if it does not sell, they will periodically reduce the price until it sells. Often a bank will price the home very low, accumulate multiple offers, and then give the buyers notice that it is a multiple offer situation and ask them to resubmit their final and best offer. Approximately 60% of foreclosed listed properties, sell at or above the listed price. Those that sell for less, were not appropriately priced to start.

The number of available foreclosed properties for sale has been decreasing. There are more foreclosed properties under purchase agreement, then there are listed for sale.