In the wake of one of the worst financial crisis that our country has faced, we have seen a large spike in the number of short sales and foreclosed homes. In a foreclosure, the owner of a property stopped making payments on the mortgage that was owed. The lien holder, an entity that loaned the money for the property, will then take possession of the property, usually occurring through a legal process. Once the lender has taken possession, they then have the ability to sell the property to the public as a Real Estate Owned property, or REO.
We'd be happy to provide more information about foreclosures and short sales in Sarasota. Please contact us for more information about your next real estate purchase.