subject: Sarasota Foreclosures Are Not Guaranteed Deals! [print this page] Daily, you are bombarded with conflicting news reports on the housing market. One side screams the sky is falling on the real estate market. The other side comprised of all my commission hungry colleagues believes every day is a great day to buy or sell a house.
Do you want to buy or sell a house?
Or do you need to buy or sell a house?
Want to buy or sell differs from need to buy or sell. Buyers and sellers not forced to buy or sell can back away if they dont get what they want.
On the other hand, sellers forced to sell will need to sell short (if they owe more than their house is worth). In that case, they receive no guarantees.
1. Do they suffer documented hardship?
2. How many mortgages and with which banks?
3. Will they be able to walk away with no deficiency hanging over their heads?
Clearly, the sky is NOT falling on the real estate market. You dont need to rush into your house, lock the doors & hide under the bed. However, you have to realize that real estate agents NEED you to believe today is a great day to buy a house they (and I) are 100% commission based. You dont buy; we dont eat!
With this said, where does this leave you?
You need to be informed; you need to know which questions to ask as you process the answers to your questions. You need to discover the secrets savvy home buyers utilize to grab great deals in todays turbulent Sarasota real estate market.
Now, let me ask you a question: How important is it to you to get the best possible price on the house you like? Chances are, you want the best deal you can, especially if property values (still) are soft. You do NOT want to grab the keys to your new home, only to owe more than the house is worth before you get a chance to enjoy your house-warming party.
Before you think of buying a house in or around Sarasota, (especially today) you need to answer a couple questions:
1. What's the local economy like?
2. Are businesses solid?
3. Are people moving in or out of town?
4. Are prices stabilizing or trending down?
5. Are houses selling?
6. How much value are properties losing each month, if applicable?
7. How many rentals and renters in neighborhoods you like, especially if you plan to live in the house youre buying?
8. How many other properties are for sale in the neighborhoods you like?
9. What is the condition of house (or houses) you like?
10. How stable does the neighborhood appear to be?
11. What type of work appears to define the people living in the neighborhood? (I realize this question is more difficult to answer, but you must try).
Even if you plan to live in the house for 5-7 years as the market recovers in that time, you want to buy smart. You want the best (read: lowest) price you can getas you should.
Whether buying or selling, its more important today than ever before to be informedto know your optionsand to know the neighborhood stress level where youre considering buying.
Sarasota real estate agent Mike Payne and his team specialize in helping homeowners avoid foreclosure. They also help buyers and sellers get the best deal possible with many Sarasota foreclosures. For more Sarasota homes for sale, check out Mikes website.
