Sarasota Short Sale Homes For Sale

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Sarasota Short Sale Community Guide

Sarasota Short Sale Homes features discounted listings requiring lender approval, appealing to buyers seeking value opportunities.

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Sarasota Short Sale Single homes In Sarasota, Fl.

Sarasota short sale homes for sale come up occasionally, when a seller owes more than the home will fetch and the lender agrees to accept less than the payoff to avoid a costly foreclosure. Approval on price comes from the lender, not just the seller, so closings run longer than a standard sale, often 60 to 120 days.

When they do surface, short sales can offer below-market pricing, but expect an as-is purchase and a timeline you don’t control. Patience matters more than speed with this category.

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Short Sale Homes For Sale in Sarasota FL.

Insight For Sarasota Short Sale

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Insights

Sarasota Short Sale

Pros

Possibility to get a value-priced property

Considerations

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

Shopping

Shopping galore in Sarasota downtown area and UTC Mall

Beach

Only very rarely do short sales near the beach come on the market, but not many, as these properties are easier to sell if priced well

Lifestyle

Sarasota is rated as a top small city in the country

Downtown Sarasota

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

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Additional Sarasota Short Sale Homes Information

View all the short sale homes for sale that hit the market! If you have any questions or would like to see any, please call us. It is important to view these as soon as possible because they sell fast, and for us to perform a market analysis to establish a pricing strategy. As said before, many receive multiple offer, so you will usually need to act quickly.

Sarasota Short Sales Frequently Asked Questions

Sarasota Short Sales 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.