Palmers Crk 5 Hi ResLuxury Foreclosure listed by the Jim Soda Group in Lakewood Ranch Country Club – Custom Pruett with over 5000 square feet was only listed by Jim Soda and his team for 45 days before an offer was received, accepted and closed!

Let us help you sell your home in the Lakewood Ranch Country Club and surrounding area! Contact us at or 941/809.7759. You can also find us at We look forward to working with you!!


 In today’s world of short sales and foreclosures there are more and more vacant homes that do not receive the TLC that homes require. While managing funds up front when purchasing a home is important, spend the money when it comes to home inspections! Make sure that your Realtor is providing you with a proven list of inspectors for:
                           1.    General Home Inspections from floor to roof
                           2.    Mold Inspections – this is especially important when a home hasn’t been lived in, A/C not run, etc …
                           3.    Termite Inspections

Also, if any of the utilities have been shut off in the home, have your Realtor ask to have them turned back on for the inspections. It’s worth a try and will eliminate any disappointing surprises!  Having all of these inspections done will run you anywhere from $650 – $850, but could pay off ten-fold in the years to come. The Jim Soda Group sold a home that had been vacant for about a year and had a small amount of water damage in the kitchen; as a precaution we had a mold inspection done and came to find that the mold count in the A/C handler was at a very high level! Had there not been anything visible, there would have been no red flag! We recommend a mold inspection for all of our clients; it’s still always your choice though.

Please don’t hesitate to contact the Jim Soda Group with any questions you have regarding purchasing a short sale of Foreclosure home! 

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Call us at 941-809-7759

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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 .


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


If you are looking for a foreclosure home in Lakewood Ranch please contact me. Even though Lakewood Ranch Real Estate has not seen as many foreclosures as other communities in Florida and around the country they still exist and represent an opportunity to purchase at a bargain price. Prices range from $99,000.00 in Lakewood Ranch’s Summerfield Village to over a million in the Lakewood Ranch Country Club. Drop me an e-mail or give me a call and I can get you an easy to read list of REO (bank owned/foreclosures) for you to consider.  Take a look and you may see your dream home at an unbelieveable price in beautiful Lakewood Ranch.

The Senate last night approved a revised version of the Emergency Economic Stabilization Act of 2008 in a 74 to 25 vote, clearing the way for full consideration by the U.S. House of Representatives. The House voted down an earlier version of the plan on Monday.

The revised plan, which is designed to shore up the nation’s financial markets, includes a temporary one-year increase in Federal Deposit Insurance Corp. (FDIC) caps for bank and credit union accounts. The cap increases are critical because they increase the funding backstop the public relies upon should their banks fail. The plan also includes extensions on several business tax breaks and adjustments to the alternative minimum tax (AMT) for individual taxpayers. These, as well as the FDIC cap changes, are amendments lawmakers believe will help bolster a smooth approval by the House.

Once approved, the financial rescue plan would allow the government to buy residential and commercial mortgage-related assets, including mortgage-backed securities and loans, in an effort to ease current credit constrictions impacting businesses across all sectors, including the housing market. Provisions to help struggling homeowners avoid foreclosure; increased oversight of the plan; and a limit on compensation for executives of the troubled financial firms that receive assistance; also are included in the revised plan.

Now is the time to call or e-mail your representative and urge them to vote “Yea” for their upcoming vote in the House of Representatives. This act is important to our nation’s economic stability. Again…stay tuned.

People who bought when home prices were high may find themselves “upside down” in the current real estate market – they owe more than they can get for their home. Because of this, short sales have been on the rise. 

The term “short sale” means the lender will accept less than the balance owed on the mortgage. For example, if the unpaid balance is $200,000 and the property sells for $180,000, the lender will accept $180,000 as payment in full. 

For a seller who has fallen on hard times and can no longer keep up with mortgage payments, a short sale may be a good alternative to bankruptcy or foreclosure. For the buyer, a short sale may be an opportunity to get a good deal on a home. For the lender, a short sale may save many of the costs associated with a foreclosure, plus the lender doesn’t have to take ownership of the property. 

Sellers need not be in default of their loans to be considered for a short sale. If your unpaid mortgage balance is less than the market value of the home, and you meet other criteria including hardship, the lender may consider a short sale request. 

Short sales are difficult and there are many considerations. Anyone contemplating buying or selling property under these conditions should consult with an attorney and accountant about the ramifications and tax consequences. Sellers should be aware that a short sale may affect their credit rating. They can ask the lender not to report adverse credit to the credit reporting agencies, but the lender is under no obligation to do so. 

Furthermore, many factors can derail the process along the way. And there’s nothing short about short sales; a backlog of requests means it could take months to get an answer from a lender. 

This is one area where you definitely need an experienced Realtor. The Jim Soda Group has been very successful in assisting buyers and sellers through the short sale process. We can refer you to attorneys and accountants and help you determine whether a short sale is right for you. We will walk you through the process, make sure you complete all the required paperwork, and protect your interests. We will follow up in a timely manner to help expedite the process.

With a little patience on everyone’s part, a short sale could be a successful experience and viable solution.

Have you heard of a new type of mortgage insurance called mortgage payment insurance, or MPI? MPI covers cash-flow risk as well as collateral risk, as opposed to traditional mortgage insurance (TMI), which covers only collateral risk.

Cash-flow risk is the risk of an interruption in the scheduled payments from the borrower to the investor or bank. Collateral risk is the risk that proceeds from foreclosure sale will not be sufficient to pay off the loan balance and reimburse the investor for foreclosure expenses.

Under MPI, the insurer would guarantee timely receipt of the payments, so that the investor continues to get the payments after the borrower defaults. If the default is not corrected, the payments continue until the foreclosure process is completed, at which point the investor is reimbursed under the collateral-risk insurance part of the policy.

The incredible thing about MPI is that it will cost the insurer little more than the cost of TMI, and in many cases it would cost less. The assumption is that the risky loan goes into default followed by foreclosure and calculated the loss to the insurer with a TMI policy. Then using the same default/foreclosure scenario to calculate the loss on an MPI policy with the interest rate reduced to 6 percent. Since the insurer assumes all the default risk with MPI, the rate-risk premium should disappear.

Insurance companies find that the insurer’s losses were actually lower with MPI than with TMI. While the insurer made payment advances, the advances simply prepaid the amount due at foreclosure dollar for dollar. And because of the lower interest rate with MPI, the loan balance and the unpaid interest due were lower, reducing the loss. The insurer did lose the interest it could have earned on the payment advances, but this was much smaller than the reduction in the amount due.

By keeping mortgages in good standing until they are paid off, MPI would help block the erosion of investor confidence that stems from increasing numbers of nonperforming loans. This has been a central feature of the current real estate crisis. If you have any questions please contact Jim Soda or any associate of the Jim Soda Group for further explanation.