Sarasota, Florida Foreclosure update

Sarasota Foreclosures

Below are some statistics on the Sarasota/Bradenton foreclosure market. All data is from the Sarasota and Manatee counties. All of this information comes from the Sarasota MLS.

• 12,072 total properties for sale
• 234 bank owned properties
• 2,112 properties in short sale or pre-foreclosure

2009 Sales of Foreclosures and Short Sales

• 7,344 total properties sold
• 1,037 short sale or pre-foreclosure properties sold
• 1,935 bank owned properties sold
• Bank owned properties and short sales make up about 40% of the sales in the Sarasota and Manatee county area.

Foreclosure

A foreclosure is essentially a bank owned properties. This is a home or condo that has been taken back by the bank because of the owner stopped making the arranged mortgage/note payments. Through the foreclosure process the bank takes the property title back from the seller and takes possession. The bank will then try to dispose of the property.

Many people make the assumption that all bank owned properties and short sales are good deals. This is not always the case. I have run across many bank owned and short sale properties that are overpriced. Also, don't ignore great homes that have realistic sellers who are not in foreclosure. The above statistics show that 60% of the transactions in Sarasota, Florida are of properties that are not in foreclosure or bank owned.

Short Sale

A short sale essentially means that the property is worth less than what is owed on it and to successfully sell the property the lenders(s) must approve the sale. These can be very lengthy. I have a client who submitted an offer in January 2009 and as of today we still do not have an answer. If you are considering a purchase of a short sale be prepared to wait. Banks do not work quickly.

View my Sarasota foreclosure page to see thousands of foreclosures and short sales in the Sarasota, Florida area. 

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