LOOKING FOR A FORECLOSURE IN THE SARASOTA AREA? My site is updated daily with all the new distressed properties from the Sarasota/Manatee MLS.
PURCHASING A FORECLOSED HOME VS. A NORMAL HOME…Most buyers have heard the term foreclosure before, but don’t know exactly what it means. So what is a foreclosure?
There are a lot of homes in the Sarasota area that are BANKOWNED OR A FORECLOSURE. What does FORCLOSURE OR BANKOWNED mean?……When purchasing a home, usually the lender obtains an interest in the home in the form of a promissory note to secure the loan. The FORECLOSURE process begins when the owner has failed to comply with the agreement between the lender and borrower. A FORECLOSURE is a process in which a lender obtains a court order for termination of the borrower’s right to the home after they have defaulted on the loan. When the FORECLOSURE process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs.
Please keep in mind the time frame is different when it comes to a foreclosed property vs. a regular sale. With a regular sale certain things are completed in a specific time frame and you will be able to close and move in on a specific date. With a foreclosed property there are many question marks involved which affects when you will be closing and moving into your home.