Longboat Key Foreclosures & Short Sales
Below you will find all of the foreclosures, bank owned and short sale homes and condos for sale on Longboat Key. Please visit our Longboat Key real estate page to view more information about island off the coast of Sarasota, Florida. Go back to my Sarasota foreclosures page.
Distressed Sales on Longboat Key
Distressed Sales on Longboat Key
Foreclosures have always been available. If you are thinking of purchasing a foreclosure on Longboat Key, there are some factors that you should consider. Also take into consideration that purchasing a foreclosure may not only be complicated, but it may also be a costly mistake. The best way to avoid making a big mistake is following some recommended tips on how to buy Longboat Key foreclosures.
Do not limit yourself
Even though it is perfectly alright to search for property with the intent of purchasing a foreclosure, do not assume they are the only homes that you should check out. Even though there are some competitively priced foreclosures, there are similar traditional listings. Some people state that a foreclosure may have additional baggage such as liens and may need repairs. All you need to do is find out the total cost of the reprint the foreclosure to make it as good as new. Chances are the repair and total cost will always be lower than the cost of buying a home.
Search and find a professional real estate agent who is versed in the foreclosure market complexities. It will not matter whether you are looking for bank-owned properties, short sale or pre-foreclosure. You will need the guidance of an expert who is versed in purchasing and selling Longboat Key foreclosures.
Know your stuff
Knowing your stuff means you should determine the amount of money you can spend, the location you would want to live and the process of purchasing the foreclosure. To ensure you are qualified to purchase the property, you should secure early financing. Being pre-approved will provide you with greater bargaining power when the time to make an offer arrives.
It is common for people to buy a house because it looks good. They tend to forget that what is going on under the floor boards and inside the walls will determine the overall condition of the house. A survey conducted recently found that 72% of US homeowners avoided potential problems by having their home inspected before they bought them. Of these, 64% stated that they saved thousands of dollars by having the home inspected. It therefore makes sense to have a foreclosure inspected even if it looks like it is new. Follow the inspector around and take notes as this will assist you ensure all areas needing repair are covered.
Think about tomorrow
It is smart to approach a foreclosure transaction with a long term perspective because such homes have a tendency of declining further in value. You may be considering improving the property and selling it to make a quick profit. What happens if you can't? Will you be prepared for the long haul? How much will the property cost in half a decade to a decade? When you seriously consider such factors, you will be able to find great Longboat Key foreclosures to choose from.
All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independently verified.
Listing information is provided for consumer personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law.
Listing data comes from My Florida Regional MLS DBA Stellar MLS.
Listing information last updated on August 3rd, 2020 at 9:45pm EDT.