Many people in Sarasota, Florida consider buying a foreclosed home. This can be a great way to purchase Florida real estate at more affordable prices. With one in every 1,416 homes foreclosed in Sarasota County this year, there are plenty of foreclosed homes to choose from, especially in the the North Port area where foreclosure rates are triple the county average. However, there are a few things you need to consider when you are buying a foreclosure in Sarasota.
How Was the Home Maintained?
Many homeowners who are facing foreclosure do not maintain their homes well. Part of this is due to financial stress; if they can’t afford their mortgage payment then they probably cannot afford a new roof. Other times, the owners know that they are losing their home and don’t want to invest in a property they won’t own in the near future. Because there may be a great deal of deferred maintenance on a foreclosed home, you should have a thorough home inspection before buying.
Some foreclosed homes–although not all or even most–have not been maintained and have been ticketed by their municipality. These municipalities will then put a lien on the home’s title. Business contractors, homeowner’s associations, utility companies, and other businesses may also put a lien on the property for unpaid debts. These liens will need to be resolved before the title can be transferred to your name. A title officer will be able to tell you whether a home has liens on the title and what to do about these.
Find Information on the History of the Home
Banks and mortgage companies are often not required to give the same disclosure that a private seller would give. This is because they have not lived in the home and do not know details about its condition or history. You will need to find this information yourself. You may be able to find previous disclosure statements or acquire information by asking neighbors.
Foreclosed homes in Sarasota can be a great deal for home buyers if you thoroughly investigate the situation and know what you are purchasing. A minimal amount of investigation will ensure that you buy the home of your dreams with no unwanted surprises in the future.