More and more we are seeing buyers making offers on foreclosure properties. Typically, these properties are sold “as is”, but what does that really mean? It doesn’t have to be a take it or leave it scenario, but it’s important to have someone on your side that knows how to navigate these situations. Most importantly, you AND your Realtor need to understand the fine print!

Typically, when you come to a “verbal” agreement on a foreclosure property the bank will issue their own version of the contract with an extensive amount of legal jargon, time frames and limitations. In between all of this are some things that you need to understand:

  1. What is your time frame for completing and reporting on inspections?
  2. Is it from verbal agreement or executed contract?
  3. Is that in calendar or business days?
  4. What is the process for negotiating repairs? 

  • Note – just because it’s being sold “as is” doesn’t mean that there will be nothing that the bank will resolve. It’s not guaranteed, but sometimes worth a try if there is extensive damage or an underlying issue.

The Jim Soda Group has recently contracted and closed some foreclosure properties and in most situations found ourselves in a position where we had to order and execute inspections prior to a fully executed contract. Save yourself some anguish and decide up front if this is a risk you’re willing to take, knowing that the deal could fall through after you’ve put the money in to inspections.

If you’re currently looking at foreclosure properties and need the assistance of a Real Estate Professional, we’re here to help. You can reach us at 941-809-7759 or  info@jimsoda.com .

 

To Search Homes for Sale in Lakewood Ranch, Sarasota or Bradenton, FL visit Jim Soda’s Web-site.

 

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Sarasota, FL –Prudential Corporation and Prudential Palms Realty recently announced Jim Soda and the Jim Soda Group as the TOP Prudential Real Estate producers in Sarasota and Manatee County at a recent ceremony at the Asolo Theater. This year Jim Soda and his team were awarded with the prestigious Chairman’s Circle Platinum honor which is earned exclusively by rating in the top two percent of all Prudential Realtors® Nationwide. Helen Sosso Owner/Broker of Prudential Palms Realty recently presented the award.  Jim Soda was the only agent achieving this level of sales in the greater Sarasota –Bradenton-Lakewood Ranch area for 2008.

 

Prudential Real Estate Awards are presented annually and recognize outstanding listing and sales achievements by Prudential Real Estate Sales Associates. Jim Soda personally thanked team members Donna Soda, Toni and Randy Huartson, Kelly Zoller and Judy Dumas. 

 

Jim began his career in 2002 as Rookie of the Year and since then has held the Chairman’s Circle Honors and Legend Award as well.  “My team goes to work everyday” expressed Jim, “we work hard to achieve these results.”  You can contact Jim or members of his team at www.jimsoda.com or at 941-809-7759.