Sarasota Foreclosures

Foreclosures in Sarasota

By | August 13, 2013

Foreclosure SignForeclosures:  A silver lining in the  real estate meltdown. Although the purchasing process can be a bit of a grind, in the end you may find a fantastic deal!

Buying a foreclosed home is a little different than a  typical real estate transaction.  If you think this would be of interest to you, I would recommend the first step be to contact a real estate professional specializing in foreclosed homes to educate and guide you through the process.

The Sarasota foreclosure market has several promising properties to suit your budget and lifestyle. We have beach front, downtown, luxury homes as well as “fixer uppers”.  Many of the homes are well-maintained, however some do require repairs and/or renovation.

To review several foreclosed properties currently available CLICK HERE

For a FREE list of foreclosed homes in the Sarasota marketplace email or call me.

 

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Sarasota Foreclosures May Just Increase

By | March 12, 2013

Foreclosure-SignRealtyTrac Inc. just released the top fifteen best markets to buy a foreclosure this year and Sarasota placed #15! They are pointing to a new study that predicts a growing supply of deeply-discounted bank repossessions. This study adds weight that it is expected that another wave of defaults will hit the housing market this year, adding to inventory and also slowing price appreciation. RealtyTrac also reported that it takes an average of 157 days to sell a bank-owned property in the area with an average price of just over $127,000, representing about a 38% discount over the area’s traditional sales.

Three other Florida markets placed in the top 15 including Palm Bay at #5, Daytona Beach-#7, and Pensacola-#10. Cleveland, OH topped the list at number 1 as the best market to buy a default property this year. The Sarasota market is surely switching over to a Seller’s market. Thanks to Josh Salman with The Sarasota Herald Tribune for supplying the research.

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Flipping Foreclosures Becomes New Game

By | April 19, 2011

More investors are finding a sweet spot in flipping foreclosures, but it’s not the same type of house flipping seen during the real estate boom.

During the housing boom, investors would take advantage of skyrocketing real estate prices and loose lending regulations by buying a property, remodeling, and then selling it for profit.

Today’s flippers are buying at ultra-low prices mostly in cash deals and are doing mostly only minor repairs, such as repainting, replacing appliances, and sprucing up the landscaping. Their profits aren’t as large when they sell, but they may sell more properties in a year, says Penny Boling, the broker-in-charge of Century 21 Boling and Associates in Myrtle Beach.

The ‘Street Sweepers’
Keith Gamble has made foreclosure flipping a full-time job. He purchases properties at a monthly foreclosure sale and usually has about four properties at any given time.

“Some people’s bad fortune is other people’s opportunity,” Gamble says. “I know that sounds callous — I know people doing what I’m doing at the courthouse each month are there to take advantage of that opportunity, but I also feel we provide a backstop to the market.”

The flippers are often taking the neighborhood’s blight and helping to fix up the homes that had been badly trashed from the previous owner. Boling says the investors’ abilities to also pay cash will help the market get through the abundant foreclosures that are plaguing sales.

“They’re kind of like the street sweepers,” Boling says of the property flippers. “They’re part of the cleanup committee of this marketplace.”

Source: “Foreclosures Offer New Twist on Old Game: Flipping Houses,” RISMedia (April 4, 2011)

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Fannie Offers Closing Cost Help for REOs

By | April 15, 2011

Fannie Mae is trying to lure more buyers to its foreclosure properties by offering to cover 3.5 percent in closing costs for home owners who close by June 30 on its HomePath properties.

Fannie’s HomePath program provides low down payment financing on REO property sales and has no requirements for mortgage insurance or appraisals.

During the fourth quarter of last year, Fannie offered closing cost assistance and was able to recoup 55 percent of unpaid principal balance on defaulted mortgages through the sales.

Source: “To Move REO, Fannie Offers Deals to Consumers,” National Mortgage News (April 12, 2011)

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