Naples FL Blog

Bank Owned Properties and Family
May 14th, 2009 7:01 PM

In my last blog entry I mentioned that I was starting to help my brother Patrick find a home in Naples.  Here is a photo of my brother Patrick and I getting ready to enjoy dinner.  Funny, I seem to have a number of photos where Patrick & I are holding a menu.

My brother Patrick and I enjoy dinner at the Ridgeway Pub.  Photo by Don Wilber!

Patrick lives and works in Southern Illinois.  He wanted to find a home here in Naples while the prices are good.  Patrick specifically had me looking for bank owned single family homes under $75,000.00 in Naples.  Does something like that exist?  Yes, it does but...........99.9% (Okay I am exaggerating.) are all out in Golden Gate Estates.

Every time a new bank owned home would come on the market, I would drive 45 minutes one way to view the home for Patrick.  Sometimes my husband Don would join me.  The majority of homes we looked at either were:

  • without an air handler and or compressor
  • without any appliances
  • without any light fixtures
  • in deplorable condition

The few homes that were in OK condition and hadn't had the air handler and compressor stolen were immediately over run with offers.  Patrick needed to obtain a mortgage and most of the offers coming in were cash offers.

After one particularly disappointing day, I had a heart to heart talk with Patrick.  The bottom line of this discussion was that the monthly cost to take care of a single family home could turn out to be close to a monthly condo fee.  I asked Pat if I could send him some condo listings that would have monthly fees in his price range and Pat reluctantly said yes.

The next morning, I e-mail Pat some condo listings that I thought could work for him.  About an hour after I sent the listings to him, I received a phone call from Patrick saying, "Hey! Lynn! That one condo is only about 10 minutes from you and Don!"  The excitement in his voice was very evident.  All of the places we had looked for Pat were at least 45 minutes from Don and I. 

I went out to the unit and took digital photos of the place and the complex and sent them to Patrick.  The next day he put an offer in on the condo, which was eventually accepted.  The home inspection had a few minor things to be repaired.  We are now waiting for loan approval.

Many times you will hear people in my industry say, "Buyers are liars."  Buyers are not liars.  Realtors® just have to listen closely to their Buyers.  While my brother told me he wanted a house, Patrick had expressed his concern over monthly costs many times.  He also thought that he would never be able to be close to us.  Purchasing a condo gave Patrick an afforable alternative to a single family home and place him closer to family.

FYI - Another reason Patrick was so thrilled about the location of the condo was because it was close to Cooker's.  For those of you who have never been to Cooker's, they made the best Chicago Italian beef sandwiches in Naples.   Unfortunately Cooker's recently went out of business.  When I e-mailed Patrick that information, I received a phone call from him screaming, "Noooooooooooooooooooooo!"

Hopefully all will go well for Patrick and he will eventually be able to live here full time.  I would love to have my whole family in Naples one day.

Should you be thinking of selling your home in Naples and would like a candid assessment of what it would take to sell your home in today's market, I would be happy to provide you with a free market evaluation.  Feel free to give me a call at 239-594-2780 or e-mail me at

Looking for a home in Naples?  Search here, once at the search page, you can search by development, save your search and new listing updates will be e-mailed to you.

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About the author:

Lynn Wilber is a Real Estate Professional who lives in Naples.  Her 31 years of real estate experience and her area expertise have been valuable resources for Naples Sellers and Buyers.  For more information, please contact Lynn Wilber or call 239-594-2780.

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Posted by Lynn H. Wilber on May 14th, 2009 7:01 PMPost a Comment

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