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Hello! Thanks for visiting. This web site is designed to be your complete Sarasota Area , Cities of Sarasota( Including Siesta Key ), Longboat Key, Venice, North Port, Florida Distressed Property resource. The links will guide you to information that will help answer your questions concerning available Sarasota Area Foreclosures, Short Sales and Other Distressed Properties. This website is a useful tool but I invite you to call me for personal, one-on-one help with your investments in distressed property. If you have any questions, please don't hesitate to call or email me. For updated market info, please visit my blog at http://www.SarasotaCharlotteLand.com . |
- Buying a Foreclosure or Short Sale? There are over 1,500 possibilities to buy bank-owned foreclosures(REO's) and short sales in every size, price range, and location in Sarasota County. Most distressed sales are taking place at prices well below current construction costs. The banks are setting very aggressive pricing for foreclosed houses so the turnover is very quick, the best deals sell in less than 30 days, get multiple bids, and often sell over list price. Do not assume that you have months to decide on a bank owned foreclosure ( REO ) or that there is no competition for these properties, inventories of bank owned properties dropped by 70 percent in 2010. If you have the patience, there is less buyer competition and better selection for short sales.
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- Foreclosed houses are usually in better condition than you would expect although sometimes the house needs cosmetic work and very occasionally the house is "trashed" .
Foreclosed property is usually bought with an "As Is" contract with the right to inspect. Inspection periods are usually around two weeks and a good inspector will charge $250 to $400. If the property doesn't pass your inspections, you can walk away from the deal without penalty.
- Short Sales usually have longer approval times (30 to 180 days+ ) but because most buyers don't want the wait or uncertainty of bank approvals, there is a much lower level of buyer competition for these properties. There are at least three times as many "short sales" on the market as bank-owned foreclosures. Click on the link "Buying Short Sales" for more info.
Let me set up a specific seach for you. Tell me where, what, and what price target you have and I'll send you all the bank-owned properties or short sales that meet your criterion.
- Selling an Underwater Property? If you are underwater in your mortgage, I'll help you arrange a "Short Sale". The key is setting an attractive price that will get offers. Banks normally won't work with you on short sales until you have an offer and until you are at least a couple months behind on your payments. If you have sufficient income to continue paying your mortgage or you have significant other exposed ( to Creditors ) assets, you probably are not a good candidate for a short sale. In Florida, lenders can go after deficiencies from short sales and foreclosures for up to 20 years. Click on the link "Facing Foreclosure" to learn more about short sales. If you are really deep in the hole, you might consider bankruptcy, click on the link "Bankruptcy Resources" for more info.
Relocating to the Sarasota County Florida Area? If you are moving to my area, I can assist you in collecting the information you need, and make your transition as smooth as possible. Feel free to contact me for home finding assistance and area information.
I have built a reputation for client satisfaction, and I am devoted to making your home purchase or investment as profitable as possible.
Thank you for visiting my site. Please bookmark it, and visit it often. I look forward to hearing from you.Sincerely,
Arthur W Broslat, RealtorŪ |
