Home Buying in 90037>Question Details

Megan, Home Buyer in New York, NY

Buing a house in Sarasota/Bradenton Florida, shortsale or foreclosure/What is more benefitial for me in term of price? Where to find those deals?

Asked by Megan, New York, NY Thu Mar 25, 2010

I would like to purchase a house one family on short sale or foreclosure in Sarasota/Bradenton florida, I will not borrow from bank , I have time up to 9 months, house price up to $170K, need advice from reputable agents....

Help the community by answering this question:


Megan a short sale can take 3-6 months and is not guaranteed the bank will accept it, if you want a quick transaction with less stress than look for a house already foreclosed, it will have been cleaned, readied for sale, deed cleared and be able to close quickly. Get a buyers agent expereinced in foreclosures to guide you, you will get a better deal. good luck with your search
Web Reference: http://www.ScottSellsNH.com
1 vote Thank Flag Link Thu Mar 25, 2010
In order to give you good advice, please answer the following questions.

1) How sharp a bargain are you looking to make? Are you looking for a home XX% below market?
2) If the property needs repairs, is that money coming out of your $170K?
2) Is this an investment or your personal residence?
3) When you say "foreclosure" do you mean "REO" or you want to buy on the court house steps or you want to purchase from a distressed seller pre-foreclosure?
0 votes Thank Flag Link Tue Mar 30, 2010
Hello Megan,

I have an associate I can refer you to in Sarasota Florida. Just let me know. They are well versed in short sales and will really take care of your needs.


Monique Carrabba
The Carrabba Group
Keller Williams Holllywood Hills
(323) 899-2900
0 votes Thank Flag Link Thu Mar 25, 2010

We are located in the Sarasota area and have several excellent resources for "short sale" advocates. There are deals available but it's a matter of being ready and willing to move on them quickly.

It is essential to have a letter for proof of funds and a deposit ready for the perfect property. There are ways of checking on the credibility of a short sale. The following infomation is vital to identifying a high percentage opportunity.

Has the necessary paperwork been filed with the lender?

Has a letter of hardship been presented?

Are there multiple loans or liens on the property?

Has a loss mitigator been appointed to the case?

Has the bank ordered an appraisal of the property?

Does the bank appear willing to work with the owner?

Is the property in foreclosure?

Sarasota attorney, Anne Weintraub of SMRL is an excellent resource (one of the best in the area) and is highly recommended. She participates on regular television segments on the topic of short sales and foreclosures and is recognized as an expert. Anne can be contacted by telephone:800-969-5000.

Feel fee to contact us for more specific property information.

Best regards,

The Eckler Team
Michael Saunders & Company
0 votes Thank Flag Link Thu Mar 25, 2010
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