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| You, our clients, have asked for information on Great Deal opportunities in the Sarasota Bay area. To view what is currently available on the Mid-Florida Regional MLS, click one of the links below and then use the navigation arrows at the top left of the linked page to view current bank owned, foreclosure and short sale properties for that category. This list is updated regularly by Team Vitale. Call us at 866-242-9506 for further information on any of these listings. If you don't see what you are looking for, call us. If it is out there, we can find it for you!  UP TO $200,000 SARASOTA AREA BANK OWNED HOMES, VILLAS AND CONDOS UP TO $500,000 SARASOTA AREA BANK OWNED HOMES, VILLAS AND CONDOS UP TO $1 MILLION SARASOTA AREA BANK OWNED HOMES, VILLAS AND CONDOS OVER $1 MILLION SARASOTA AREA BANK OWNED HOMES, VILLAS AND CONDOS UP TO $200,000 MANATEE AREA BANK OWNED HOMES, VILLAS, AND CONDOS UP TO $500,000 MANATEE AREA BANK OWNED HOMES, VILLAS, AND CONDOS UP TO $1 MILLION MANATEE AREA BANK OWNED HOMES, VILLAS, AND CONDOS OVER $1 MILLION MANATEE AREA BANK OWNED HOMES, VILLAS AND CONDOS SHORT SALE - A sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. In such an instance, the lender has the right to approve or disapprove a proposed sale. A short sale typically is executed to prevent a home foreclosure. FORECLOSURE - A legal and professional proceeding in which a mortgage lender obtains a court ordered termination of a mortgagor's equitable right of redemption as a result of the borrower defaulting in payment of a promissory note or mortgage, secured by a lien on the property. When the process is complete, the property is now "bank owned" and the lender is free to sell the property and keep the proceeds to pay off its mortgage and legal costs. Note: If the promissory note was made with a recourse clause, and the sale does not bring enough to pay the existing balance of principal and fees, the mortgagee can file a claim of deficiency judgement. BANK OWNED - The owner of record is now the Bank or Lender and they have the right to sell the property at whatever price they negotiate with a ready and willing buyer. 12/23/11 |