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Sarasota Short Sale Condos For Sale

Sarasota Short Sale Condos In Sarasota, Fl.

Sarasota short sale condos are fairly popular here in Sarasota and the surrounding area. They occur when the seller of the condo attempts to sell for less than the amount due to their lender. The seller hopes that the bank will accept a lower payoff than the mortgage balance versus the alternative of a bank possibly having to initiate a costly foreclosure in the event the seller stops paying the mortgage altogether.

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Current Short Sale Condos For Sale in Sarasota FL.

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Short Sale Condos

Learn more about short sales.

Pros

Possibility to get a value-priced property

Considerations

Time consuming process. It may take months to get a response to an offer

Shopping

There is plenty of shopping in Sarasota including UTC Mall, wholesale clubs, and Ellenton Outlet Mall

Beach

Sarasota offers some of the most beautiful beaches in the country

Lifestyle

Sarasota has been rated a top 10 small city in the USA

Downtown

More possibilities to acquire downtown short sales, but mostly condos rather than single homes

Additional Sarasota Short Sale Condos Information

View all the short sale condos for sale that hit the market! If you have any questions or would like to see any properties, please call us. It is important to view these as soon as possible because they typically sell pretty fast. Many receive multiple offers, so buyers will usually need to act quickly.

Sarasota Short Sale Foreclosure Frequently Asked Questions

Sarasota Short Sale Real Estate

What is a Short Sale?

In a short sale, the lender agrees to settle the debt owed on the property for less than the full amount. “Settled” means that the lender is writing off the debt (which is why you get a 1099 after a short sale for the amount of debt forgiven) and that they are not going to go after you for the money they lost by filing a deficiency judgment in the future.

How long does it take to purchase a Sarasota short sale home?

The process of settling a home going through a short sale can be very lengthy, averaging 2-6 months.

Does the lender have to accept a full list price offer received by Seller?

No! The Seller set the list price, however the lender decides if they are willing to accept that list price. It is possible that the lender will counter back on a full price offer above the list price.

Will the lender forgive the mortgage excess debt owed by the seller?

Not necessarily. It is entirely possible that the lender will require the seller to sign a promissory note at closing indicating that the seller must repay any outstanding amount due over a set period of time.

*Accuracy of info provided is not guaranteed. All info must be verified before making a purchase decision.