Sarasota homes for sale in pre-foreclosure will not be “stolen” from banks, so don’t waste your time.
Sarasota homes for sale must be "evaluated" carefully before getting the "steal of a deal."
Buyers, please listen carefully….
Whatever you’re hearing about banks giving away houses in and around Sarasota for pennies, it is NOT true.
Who’s feeding you this BS?
Is someone telling you banks are short selling for pennies on the dollar? If so, you need to ask that person, “On which year’s house prices are you basing your statement?”
Chances are, they’re basing their statements on 2006 house prices.
If so, forget it. Those prices never were real, and they sure as hell are not real today. It’s ridiculous for you to look at a house listed for $300,000 that was worth $500,000 in 2006.
Instead, you need to ask yourself or your realtor about the real VALUE of that property TODAY!
If a property has dropped from $500,000 to $300,000, you should be concerned about other properties in that neighborhood.
Click Read More below now for the questions you SHOULD be asking yourself or your realtor BEFORE you sign to buy.
STEAL OF A DEAL FLOPS WITH BARELY A THUD….
You should be asking the following questions:
- How many other properties are for sale in the neighborhood?
- What is their condition?
- How stable does the neighborhood appear to be? This is a challenging question to answer, but you must try. What type of work appears to define the people living in the neighborhood? Are their jobs stable or will the neighborhood suffer more distress?
- How many renters live in the neighborhood?
These are just a few questions you must ask yourself (or your realtor) before making an offer on a “steal of a property.”
Forget the $500,000 2006 list or sales price. Those days are l-o-n-g gone. If any realtor is spewing such nonsense, you might want to question the realtor’s understanding of current market conditions.
From Trulia, it’s reported a total of 22 percent of houses on the market as of December 1 have lowered prices at least once, down from 25.6 percent in November, marking the lowest share since Trulia started tracking reductions in April.
In real numbers, home sellers slashed $24.7 billion from asking prices for houses listed as of Dec. 1 nationwide, down 12 percent from $28.1 billion the prior month. The luxury market continues to pay a high price in the housing bust. Homes listed at $2 million or higher have slashed prices by an average of 14 percent from the original asking amount. These houses represent less than two percent of all current listings on Trulia, but are responsible for 26 percent of the $24.7 billion in home price reductions.
- By all means, you (as a buyer) should be concerned about further value drops, regardless of how long you plan to keep the property. I’ve heard from buyers lament about property they bought in 2008 at “bargain” prices, or so they were told. Today, those bargain prices are $50,000 MORE than today’s value. Already, they’re underwater because they did NOT do their due diligence.
- Look carefully at the subject property’s condition. Have your realtor conduct a BPO (broker price opinion), factoring in aggressive repair quotes solicited from licensed contractors before submitting an offer (and to validate your offer if it’s lower than list).
- Look carefully at the neighborhood. That is, how many renters, how many vacant properties & what type of work appears to define the people who live in the neighborhood. This has everything to do with trying to anticipate (to the best of your ability) the chance for LOSS of value AFTER your purchase that “steal of a deal.”
This is how savvy buyers “steal” properties foreclosure (short sales) from banks. Absolutely do NOT rely on the listing agent’s list price. The list agent may not have a clue how to price a distressed property and/or may not have a clue about the potential for further distress in a neighborhood.
Bottom Line: Banks are not giving away houses in or around Sarasota, regardless of what you’re hearing. The buyers who are “stealing” houses from banks are PROVING to banks their offers are good for the banks. Do you know how to “prove” your offer?
Sarasota homes for sale (indeed) are selling but at LOWER prices. If you believe the “experts” who predict continued market softness, you might be well advised to buy aggressively based on solid support of your lower-than-list offer. I’m certain you have a question or comment about my comments. By all means, I invite you to disagree with me, ask a question or make a comment. Scroll down a bit to the box and share whatever is on your mind. If you want me to help you buy or sell a property in or around Sarasota (or Orlando), call me.
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