Foreclosures, Short Sale or Bank Owned Home

Exclusive Casey Key, Siesta Key, & Bird Key Foreclosures

The Herron Group has helped many second home buyers, relocation buyers, and foreign nationals realize their dream of owning a waterfront home. Right now, there is a golden opportunity to purchase Florida beach front homes. The luxury home market has never had this many opportunities. Thanks to the recent string of foreclosures in Florida, many high-end luxury properties on the market are priced at historic lows. Many experts believe that these distressed properties are undervalued!

Many of our clients are taking advantage of the market now that there are foreclosures in areas like Siesta Key, as well as short sales in places like Casey Key, and even Bird Key. When we tell people who are looking to relocate that they can also get a great deal on a distressed property, they quickly realize that now is the time to consider their long-term options when it comes to purchasing luxury real estate and beachfront property.

Short Sales on Siesta Key, Bird Key, & Casey Key

When it comes to short sales, there are many people who take a look at the quality and long-term viability of Sarasota and see that many properties are extremely undervalued. Indeed because of the general amount of foreclosures and shortsales in areas around Lido Key, Bird Key, Casey Key, and even the world famous Siesta Key beach, there is no shortage of opportunities. For instance, if a single home sells for less than market value, the prices of the surrounding listings are sometimes adjusted to reflect the lower priced comparable.

Currently, we are showing luxury homes and beachfront properties on a daily basis. If you look at the recent headlines, the market is starting to re-adjust and homes ARE being snatched up. This is not wishful thinking. Many of the fastest properties that sell are those very same shortsales and foreclosures that had to be unloaded by the major banks. Once these exclusive properties are sold, the rest of the market will come back to normal and the days of extremely low offers on beachfront and luxury homes will be coming to an end.

Sarasota FL Foreclosures & Shortsales

These facts beg the question, “Is Now the Time to Buy A Casey Key, Longboat Key, or Siesta Key Home?”

Absolutely! Just because prices went down in the area does not mean that the quality of the construction, the amenities, the lovely weather, and people have gone elsewhere. In fact, it’s those very things that will bring the market and overall home values throughout Sarasota up again in the future.

Of course, in order to make an informed decision, you need to work with experienced Real Estate Agents who know the area, understand your needs and, above all else, will find you the perfect home, at the perfect price. At The Herron Group, we are short sale experts and foreclosure specialists. In addition, we have years of experience in the luxury home market that other firms just can’t match. When you combine those two factors, you can rest assured that working with The Herron Group is the best way to buy a new home that your family can enjoy for generations.

What is a Short Sale?

We get so many questions about short sales that we wanted to provide a clear definition of the short sale process. Simply put, a short sale transpires when the proceeds of real estate transaction are not enough to pay off the remaining mortgage balance on the home. Before the bank agrees to accept a short sale, the seller must be going through a financial hardship. The bank will take the seller’s hardship into consideration so long as the seller can provide supporting documentation that they are, in fact, going through a financial hardship that is out of their control. Weeks can pass while both the buyer and seller have to wait for the bank’s decision. While this time can be very stressful for the homeowner, it’s important for the new buyer to remain patient. Your real estate professional will be able to guide you through this process as smoothly as possible. However, if you need to buy a home right away, it’s not recommended that you consider purchasing a short sale.

The Foreclosure Process

A foreclosure takes place when a bank repossesses a property from a homeowner who has defaulted on their mortgage. The failure to meet the terms of the promissory note allows the bank to legally take possession of the home. After a judge rules in favor of the bank, the bank can then sell the property. Any proceeds from the sale of the property will be kept by the bank and used to pay off the remaining mortgage balance as well as any legal costs that have been incurred. Most of the time, foreclosures can be purchased at auctions. However, the auction process can be pretty intimidating. The auction process can also be quite tedious since a bank may still reject a winning bid if they feel the bid is insufficient. Seeking advice from a foreclosure expert is highly recommended.

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Remax Alliance Group

The Herron Group
REMAX Alliance Group
2000 Webber Street
Sarasota, FL 34239
941.308.6714

Each Office Independently Owned and Operated.

LuxuryHomes.com Affiliate Member

In The News

Casey Key & Manasota Key Real Estate Listings Newsletter, August 2014
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