| These days the Sarasota real estate market is | | | | and lenders (even the actual lender that held the note |
| definitely a buyer's market. However, prospective | | | | that was foreclosed on). In most cases, you will find |
| home buyers still want to get the best deal they can | | | | that the lender that foreclosed will bid the amount that |
| and therefore often wonder how they can purchase a | | | | is due from the mortgage plus any interest, penalties, |
| Sarasota real estate foreclosure. | | | | and fees that have accrued. Then, if there is any |
| When Sarasota homes are foreclosed on due to | | | | equity left in the home, the other bidders will bid until |
| non-payment, the properties are put up on auction at a | | | | there is a winner. At this point there is either no equity |
| Sarasota real estate foreclosure sale. When there are | | | | left in the property or there were no other bids and |
| no bidders the property is then placed into the lender's | | | | then the lender keeps the property. |
| inventory. This inventory is listed in the REO (Real | | | | Don't lose faith... |
| Estate Owned) property market. | | | | There have been times when a lender has placed an |
| Truth be known, when purchasing a Sarasota real | | | | REO home onto the market without looking at it or |
| estate foreclosure, you will NOT generally end up with | | | | doing anything to it. If the home has damage and it has |
| the best deal if it is from an REO listing. Obtaining an | | | | not been properly repaired and put up for sale, you |
| REO list is not difficult, and if properties are easy to | | | | may find a deal. However, the general case is that |
| find then you will certainly have a lot of | | | | most prospective buyers will NOT look at these |
| competition...especially if there is an investor involved | | | | homes because they fail to see the potential so they |
| that specializes in Sarasota real estate foreclosures | | | | get left for the investors. Therefore, more lenders are |
| for a living. | | | | now making repairs before putting the homes on the |
| The main problem is that homes that are on REO lists | | | | market because they have realized that they can get |
| are well known for NOT having any available equity, | | | | a higher price. Investors usually don't want the repaired |
| due to this they are NOT generally sold below market | | | | properties because there is no room for them to make |
| value. | | | | a profit. This is good news for someone looking to buy |
| Here's why... | | | | a home because then you do not have to compete |
| Once a home has been foreclosed on it will be | | | | with an investor, you do not have to make repairs to |
| auctioned off. The bidders in the auction will include | | | | the home, and you may be able to get a good deal on |
| investors, those looking to buy a home for themselves, | | | | the home from the lender. |