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3 THINGS TO CONSIDER WHEN BUYING A FORECLOSURE

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.

Investigate Liens

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.

3 STEPS TO BUYING YOUR NEXT HOME

sarasota home buying advice

If you have been thinking about purchasing real estate in Sarasota, you likely don’t even know where to begin. With the number of homes available on the market as well as the competitive environment that comprises this market, the home buying process can be daunting and even down right frustrating. Wouldn’t it be nice if there was some way to simplify the Sarasota real estatesearch? Well, there is. Follow these 3 steps for making your next home purchase, and you’ll be well on your way to owning a beautiful home in Sarasota.

1. Decide What You Are Actually Looking for in a New Home Before Starting the House Hunt

While it can be fun to “shop around” and see what jumps out at you, this type of home buying is actually more harmful than helpful. Shopping for a new home is not quite the same as searching for a new pair of shoes. You really need to have a firm grasp of what you want in your new home to avoid frustration and to eliminate the need to walk through all of the homes for sale in Sarasota.

You may be at one of many different points in homeownership – looking for your first home, making a move to a more desirable area, or even investing in Sarasota real estate. In any case, you need to create a list of your “wants versus needs” for your new home. List some basic priorities that are musts or just wishes before you set foot on your first home tour. Remember, the most important considerations you need to make as a buyer include the desired neighborhood or location, approximate square footage, number of bedrooms and bathrooms, garage and/or parking requirements, desired interior and exterior amenities, and yard size.

You’ll want to separate your list into what are “must haves” and items that are “wants or wishes.” For example, you “must have” a three-bedroom home, but you “want” hardwood flooring throughout. Keep in mind there is no such thing as a perfect home.

2. Secure a Mortgage Pre-Approval Before Starting the Home Search

One of the key factors that could set you apart from other buyers in the market for real estate in Sarasota is a steadfast pre-approval. This one step helps you know how much you can afford and also lets sellers know that you are serious about purchasing. Be sure to get a solid pre-approval from a reputable mortgage lender before looking at homes for sale in Sarasota to avoid a lot of headache and heartache.

3. Locate a Sarasota Real Estate Agent to Represent YOU

It can be difficult to deal with another member of the house-hunting party especially in the early stages; however, a real estate agent is focused on helping you find what you are looking for and will represent your interests when you are purchasing a new home. While you may think you’ll save money without an agent, this simply isn’t true. You’ll likely end up paying more out of pocket expenses as well as mortgage expenses in the long run. Find a Sarasota real estate agent today to help you make the most of your home buying experience.

If you are interested in purchasing a home in Sarasota, follow these simple steps and simplify the process.

3 REASONS TO BUY SARASOTA REAL ESTATE NOW

 

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If you already live in Sarasota, you know what it has to offer. If you are considering a move to the beautiful Gulf coast of Florida, the residents will tell you, come on in the water’s fine. Whether you find yourself at the Bay, the beach or inland angling for a large mouth Bass on one of the many lakes that pepper the state of Florida, there is always something new to do tomorrow.

So, whether you are retiring to our area or would like to purchase a home in this beautiful area, as you move up from your Rental or current home an agent can help you find a homes for sale that suit you and your lifestyle.

More Inventory For Sale

The number of homes on the market gives you more properties from which to choose as well as more stable pricing.

  • Retirement Villages
  • Condominiums
  • Villas
  • Single family Homes
  • Estate Homes
  • Waterfront
  • Planned communities
  • Foreclosures

No matter which area of the county you choose, the shopping, excellent restaurants and amenities near your home that are easily accessible no matter where you choose to buy.

Low Mortgage Rates

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Mortgage rates are still hovering in the low 4% range for 30 year fixed rate mortgages. This trend will not last forever. Freddie Mac is predicting that home loans will reach the 5% mark by the end of 2015. This will add a substantial amount to your mortgage if you wait until then to purchase a home. Buying now will give you a low interest rate for the life of your loan that can be cheaper than renting a comparable home.

Cheaper than Renting

Renting a home has become more expensive than ever, in the last few years. To the point that purchasing a home has become the most financially sound alternative. It has always been better to own, however, with the market still adjusting from the number of foreclosures; the price of rental properties has skyrocketed and the availability has become thin, making finding a rental a difficult proposition. If you are currently renting, talk to a bank loan officer and then see a licensed real estate agent who can help you find a home.

If you can afford to buy your home now, it will cost you less over the years and will help build equity in your future.

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