Sarasota real estate agent Mike Payne provides FREE podcasts for your eduTainment – please leave your comments, questions and/or suggestions below!
- Sarasota Realtor Mike Payne helps buyers and sellers (especially distressed sellers) in and around Sarasota, Florida.
Enjoy this short podcast….
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Sarasota Foreclosure Prevention – Help Please!
Description: Sarasota foreclosures – In and around Sarasota, Florida, foreclosures have become a higher percent of sales and inventory. In another staged preventative foreclosure action, Bank of America, recently joined by other big banks, openly has agreed to principal reductions.
What is “principal reduction,” you ask?
How are principal reductions “fair” or to be implemented?
What repercussion (both good & bad) will principal reductions have?
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Non-distressed sellers find it difficult to compete with distressed properties.
Compete, you ask? Why should there be competition with distressed properties?
Wouldn’t a buyer prefer a non-distressed property, free from all the short sale and “reo” (aka “real estate owned”) chaos?
Great questions.
Sarasota foreclosures pull down prices of non-distressed properties….
Here’s the issue befalling many sellers of non-distressed properties: distressed properties are dominating sales. Valuation experts, who do NOT want to include distressed properties in valuations, now must include distressed properties.
Enough “normal” sales are not occurring to serve as comps, even when valuation experts go outside their usual 1-2 mile (or neighborhood) comfort zone.
Sarasota foreclosures continue pulling down prices, even for non-distressed property owners who stand by as (any) remaining equity slips away.
Please scroll down this page to leave me a comment, ask a question and/or make a suggestion about principal reductions or property valuations. If you have a different outlook than I, I look forward to hearing from you. Thank you!
Sarasota foreclosures and short sales require real estate agents who possess and offer more than the know-how to work a short sale. In fact, how to work a short sale might not be what the homeowner in trouble needs or wants.
