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Foreclosure in Sarasota County : Real Estate Advice

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  • Local Info4
  • Home Buying71
  • Home Selling3
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Activity 93
Ursula Adams, Home Buyer in Hickory, NC
Yesterday at 6:58am
Ursula Adams asked:
We are the owners of this home. It was listed for sale by an agent but it now sale pending. We are requesting that you please remove this from your website immediately. Thank you
Ursula…
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Dhunter, Home Buyer in Venice, FL
Mon Feb 29, 2016
Dhunter answered:
Ken Barrett, Home Buyer in Venice, FL
Sat Feb 20, 2016
Ken Barrett asked:
email is MY HOME IS NOT IN FORECLOSEURE
I got mail at Kenwood concerning my property at LOS RIOS NOT 5798 KENWOOD DR NP 34287
PLEASE CORRECT OR I WILL SUE !!!!!!!!
my email is kbarrett12@yahoo.com
0 votes 0 Answers Share Flag
Ken Barrett, Home Buyer in Venice, FL
Sat Feb 20, 2016
Ken Barrett asked:
email is MY HOME IS NOT IN FORECLOSEURE
I got mail at Kenwood concerning my property at LOS RIOS NOT 5798 KENWOOD DR NP 34287
PLEASE CORRECT OR I WILL SUE !!!!!!!!
my email is kbarrett12@yahoo.com
0 votes 0 Answers Share Flag
Lynn T Paoli…, Home Buyer in Nokomis, FL
Sun Sep 13, 2015
Lynn T Paolillo asked:
Mark Cowan, Real Estate Pro in Oklahoma City, OK
Wed Aug 19, 2015
Mark Cowan answered:
Patella, Contact that County Court House and tell them what you want to do. They will direct you to the proper authorities to assist you.
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Diane Christ…, Real Estate Pro in Sarasota, FL
Thu Apr 16, 2015
Diane Christner answered:
Hi Deborah,

If a home is in foreclosure the owners generally owe more money to the lien holders than the sale of the property will cover, so they would therefore have to bring cash to closing to cover the deficit. If the owners do not have the extra cash (most don't), then they have to complete what is known as a short sale.

In a short sale the various lien holders of the property (and there are often more than one - ie 2nd mortgage, equity line on the home, HOA fees, mechanics liens, utility liens, code violations, etc) agree to take less than what is currently owed as settlement of the owner's lien debts. Therefore all lien holders must agree to the short sale and approve the purchase price or you cannot buy the property as a short sale.

The banks will require, as part of the short sale process, an independent BPO (broker price opinion) be completed to calculate a fair market value for the property. The banks will be looking for a purchase price at or close to the BPO determined amount. Making a cash offer in itself will not necessarily sway a lien holder to accept a lower price than determined by the BPO. Banks are well aware that prices are ranging upwards in the Sarasota area so have little incentive to accept a lowball offer.

Before making any offers in writing, have your agent run a CMA on the property to give you a better idea as to what the lien holders will be looking for in a purchase price. If you do not have an agent, I suggest finding one that is experienced in dealing with short sales to assist you through the process. You do realize that short sales can take 2 - 6 months or more to complete?

If you'd like more information regarding short sales and specifically those in the Sarasota area, please let me know.

Regards,

Diane Christner, Realtor, GRI, CNE, SFR (short sale & foreclosure resource certified by NAR)
Bright Realty
Sarasota, FL

www.DianeChristner.com
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Tammy Hayes, Real Estate Pro in Port Charlotte, FL
Fri Apr 10, 2015
Tammy Hayes answered:
Many of the homes posted through Realty Trac are not even for sale. You can search my web site for listings or I would be happy to set you up on an automatic system if you could send your search criteria.

Tammy Hayes, REALTOR
RE/MAX Palm Realty
tammyhayesre@gmail.com
http://www.tammyhayes.remaxagent.com/
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Lynn Brock, Real Estate Pro in Sarasota, FL
Thu Nov 6, 2014
Lynn Brock answered:
In terms of financial obligations on properties, the government's intrest takes precidence even more so then financial instituions, even those holding mortgages. Taxes must be satisfied during a foreclosure. You should obtain the title commitments for the real estate property. Depending on the foreclosure process, back taxes may be satisfied by either the bank that foreclosed or the properties next owner. If you buy the property at an auction you automatically inherit the taxes of the property. If the property isn't sold at auction, back taxes must be paid by the bank, which holds the property before it can be relisted for sale.

I hope this helps you out. :-)
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Diane Christ…, Real Estate Pro in Sarasota, FL
Mon Jul 28, 2014
Diane Christner answered:
Hi Cringel,

There are several ways to purchase a foreclosure property - thru the sales offered at the clerk of court website, foreclosure auctions or thru your real estate agent and the local MLS, where many REO properties end up being listed.

For bidding on the clerk of court auctions, you will be required to preregister, bidders are required to show proof of financial ability to purchase and meet the other bidding requirements. Before attempting to bid on foreclosure properties online, I strongly suggest you become familiar with the process and the pitfalls of purchasing properties at these kinds of sales as they can end up becoming a very costly mistake if you don't know what you're doing. For example, the winning bidder for the property also assumes liability for things such as code enforcement liens. Before buying a property at a court sale, find and hire a competent real estate attorney to do a title and lien search on the property before you bid on it. You also typically don't have an opportunity to do inspections or have access to the property before bidding, so what you get may not be what you expect. These homes typically set for a period of time without utilities or maintenance and are frequent targets of vandalism by previous owners or others who strip the homes of appliances, toilets, copper wiring, AC units - pretty much anything that isn't nailed down and sometimes things that were.

When banks have already foreclosed on the properties and placed them for sale, they are typically called bank owned or REOs. REOS are usually listed thru a designated real estate agent and the MLS, so you can go thru your agent to make bids on these listings. Buying REOs still provides for some risk to the buyer. While you will probably write your offer on a standard purchase contract form, the banks almost always counter back with their own addendums that change a good portion of the contract terms. They typically do not allow any changes to their counteroffers -- accept their terms or move on to another property. I always recommend to buyers that they should have a real estate attorney look over the bank's terms and make sure they understand those terms before signing. REOs are typically sold "as is." You can have inspections of the property but the bank will not make repairs. You will be required to provide proof of funds up front, when submitting your offer.

You as a buyer should not assume that title to the REO property will be "clean" once the property has passed through foreclosure. While it is true that a foreclosure sale will wipe out subordinate liens and the bulk of any problems caused by former owners of the property, it may not extinguish liens of ad valorem taxes or problems that may have been missed when the previous owner bought the property. Banks typically transfer the properties to buyers through a special warranty deed, which limits their liability. They will give you an insurable title but not necessarily a marketable title - there is a difference. It's in your best interest to have your own real estate attorney review the title work before closing.

Condition of the property is often an issue with REOs as with the auction properties I mentioned above. Lack of utilities (AC) and maintenance do eventually take a toll on FL homes. Some banks have asset management companies come in and "freshen" up the properties, usually with paint and floor coverings and appliances. Other's don't. When buying an REO you will get the opportunity to do inspections during the specified time period to determine if you want to go forward with the purchase or cancel.

For condos, before submitting any offers, you will want to find out if there are any back due condo maintenance fees, late fees, interest and/or legal fees. These sometimes can up significantly, especially if the condo association has tacked on legal fees. I've seen these fees add up to as much as $24,0000. Sometimes the buyer is responsible for paying these fees, in addition to the purchase price.

There's no rule of thumb on what the bank's bottom line is on price. Just as with any other real-estate purchase, you have to look at the recent sales prices of comparable properties, or "comps." You should look at the comps based on current market conditions and write a competitive offer based on that.

If you'd like more information on buying REO properties, please feel free to contact me as I have helped a number of buyers purchase REO condos over the past few years. Plus, I have obtained the SFR (Short Sale & Foreclosure Resource) certification by NAR so I can provide my customers will better information and assistance on distress property purchases.

Regards,

Diane Christner, GRI, SFR, CNE
Bright Realty
Sarasota, FL
www.DianeChristner.com
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Diane Christ…, Real Estate Pro in Sarasota, FL
Mon Jun 30, 2014
Diane Christner answered:
There have been significant changes to the federal law as of 2009 that are of benefit to tenants of homes in foreclosure. Before May of 2009, most renters lost their leases upon foreclosure. The rule in most states was that if the mortgage was recorded before the lease was signed, a foreclosure wiped out the lease.

These rules changed on May 20, 2009 with the "Protecting Tenants at Foreclosure Act of 2009." This legislation provided that leases would survive a foreclosure -- meaning the tenant could stay at least until the end of the lease, and that month-to-month tenants would be entitled to 90 days notice before having to move out.

An exception was made for the buyer who intends to live on the property (owner occupy). This buyer may terminate a lease by giving the tenant 90 days notice.

Whether you have a lease or not, the owner of the property cannot just kick you out. I would suggest you look up the foreclosure with the Clerk of Court to find out is now the owner of the property and send them a letter by certified mail notifying them of your tenancy.

I hope things work out for you.

Regards,

Diane Christner, Realtor, GRI, SFR
Realty Executives Solutions
www.DianeChristner.com
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Randy and Vi…, Real Estate Pro in Punta Gorda, FL
Tue Jun 10, 2014
Randy and Vicki Biehl answered:
Today just like a few years ago there is no set % for a sale price vs listing price on bank owned or any other property. And there is no guarantee that the selling price will be lower than the list price when it comes to todays REO Bank owned homes, there are time that they list the property very low so they can start a bidding war and the property actually sells for more than list price. ... more
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Tammy Hayes, Real Estate Pro in Port Charlotte, FL
Thu May 29, 2014
Tammy Hayes answered:
Yes Holiday Park is a 55+ community. Many of the mobile home parks in North Port are 55+. You can search my web site for homes at: http://www.tammyhayes.remaxagent.com/. If you could provide your price range, I can send you some listings to review. If you want to look at lot rent mobile home parks you can go to www.mhvillage.com.

Tammy Hayes, Realtor
Re/Max Palm Realty
tammyhayesre@gmail.com
941-276-6185
... more
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Ronald Gerdes, Real Estate Pro in Sarasota, FL
Wed Nov 20, 2013
Ronald Gerdes answered:
Whether you're buying your first home or your fifth, the experience can be exciting, confusing, overwhelming and wonderful - all at once! Buying a Fannie Mae-owned home isn't much different. You want to make sure it's the right home for you, that it's affordable, that you work with a real estate professional you trust, and that you get financing you need.

Auction sales are for investors. If a HomePath property does not sell through traditional marketing efforts, Fannie Mae may remove the home from retail inventory and sell via auction. They utilize multiple auction platforms (ballroom, onsite, online) so they can reach the largest, most targeted audience possible.

The events are conducted by third-party auction companies and held at various times and locations through out the country.
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Whitney Hall, Real Estate Pro in Fort Myers, FL
Tue Jul 30, 2013
Whitney Hall answered:
Hi Amanda, I have extensive experience as I used to run the foreclosure department for a large bank. Would be happy to give you some free advice. If you would like to call me I would be happy to speak with you.

239-471-9829
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Terry McCarl…, Real Estate Pro in Cape Coral, FL
Mon Jul 29, 2013
Terry McCarley answered:
Jeff gave you good advice - it depends on where you are at in the foreclosure process. A short sale is a much better option if it is not too late. I specialize in short sales and will be more than happy to explain the process to you if you are not familiar with it. You can email me at leecountyrealtor@earthlink.net or give me a call at 239-707-4575 ... more
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Tammy Hayes, Real Estate Pro in Port Charlotte, FL
Fri Feb 22, 2013
Tammy Hayes answered:
This condo is not listed for sale. It is a pre-foreclosure. The owners have received a notice of Lis Pendens which is public record. This is posted by RealtyTrac. When searching on Trulia for homes you want to look up in the right corner above the price. If the home is for sale it will say the words For Sale. They have several listing types on Trulia such as Pre-Foreclosure/Lis Pendens, For Sale, For Rent, Public Record, etc. When an owner has received a notice of Lis Pendens they could catch up on payments or they could let it to go foreclosure. It could take years for it to actually be listed for sale.

I would be happy to send you listings of interest if you could send me your search criteria. Or you can search the MLS on my web site at http://www.tammyhayes.remax-florida.com/. If I can answer any questions or help in any way, let me know.

Tammy Hayes, Realtor
RE/MAX Palm Realty
tammyhayesre@gmail.com
941-276-6185
... more
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Adele Millan, Real Estate Pro in Punta Gorda, FL
Thu Nov 1, 2012
Adele Millan answered:
Dear Judith,

I'll be happy to send you a Foreclosure list and a Short Sale list of properties in North Port close to Warm Mineral Springs. Please contact me by phone or e-mail.

Best regards.

Adele Millan
RE/MAX Anchor Realty
Cell: 941-815-4075
E-mail: adelemillan@gmail.com
... more
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Lynn Brock, Real Estate Pro in Sarasota, FL
Wed Oct 31, 2012
Lynn Brock answered:
Icemans_kingdom, there are over 400 units in this complex. Unless more specific info is available tracking this unit down would be difficult.

There is a non distressed condo, in the same complex for sale price at $41,000. It is typical of the units with 639 sqft under air. The condo monthly fee is $300 and includes water, sewer, trash and basic cable. This is a deal and you can close quickly.

Pets are allowed. One dog or two cats. Not both, one or the other.

Why chase a unit that is obscure when you can buy one tomorrow and move in quickly?

Best regards,

Lynn Brock
Brock Realty, Inc
941.313.1234
www.brockrealty-inc.com

If you'd like to search the MLS like an agent in real time, you can visit our website and sign up for a free Listing Book account. You will be able to change the search criteria to suit yourself and received morning reports regarding new listings, price changes and recent pendings.
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