Anna Maria Island Foreclosures
Anna Maria Island Foreclosures – We often get asked about foreclosures for sale on Anna Maria Island. The truth is, they are few and far between. Currently, there are no active foreclosures for sale. We get questions from buyers because they saw a foreclosure on a site like Zillow. Zillow can be very misleading to consumers. Recently a buyer client sent me a listing he was interested in. I couldn’t find it in the Multiple Listing Service and I know the house and the owners personally. It’s a small island, after all. The owners had bought the house more than 3 years ago and paid cash, when it was a foreclosure. Zillow was still showing it as a foreclosure. I listed and sold foreclosures for Bank of America during the real estate crash back in 2008 or 2009. I can’t remember the year, it seems like a lifetime ago. We didn’t price them much differently than traditional resale homes. We are seeing the same thing today. Home buyers will call and ask us about foreclosures and we will send them out the same as any other property when it comes on the market. There really isn’t a noticeable difference in price. The bank’s asset managers work closely with an agent who does a broker price opinion and we often see it lines up with homes of similar condition that are on the market as traditional resales.
We see fewer Anna Maria Island foreclosures because more home buyers pay cash for homes on the island as compared to Manatee County as a whole. For example, for the first 1/2 of 2017, 48 1/2% of all home buyers on Anna Maria Island paid cash for their homes and 51 1/2% did some kind of financing. In Manatee County, which includes Bradenton, the northern 1/2 of Longboat Key, Cortez, Parrish, Palmetto, Ellenton and Lakewood Ranch, we see that 39% of buyers paid cash and 61% did financing.
When we look back at the history of cash sales versus financed sales in the same time frame 10 years ago between January and June 2007 on Anna Maria Island only 32% were cash buyers and 68% were financing. In contrast, Manatee County as a whole, 10 years ago only 20% of home buyers paid cash for their homes and 80% had financing. These numbers show us that more people are paying cash for their homes than in previous years, therefore we will see a reduction in Anna Maria Island foreclosures and in the Manatee County real estate market.
How to Buy a Foreclosure
The process for buying a foreclosure isn’t much different than buying a home through the traditional resale market. There is still a contract to submit, usually it’s done through an online system that your agent will access and upload your offer along with proof of funds or your pre-approval letter. There may be a “buyer premium” where the buyer pays an extra 5% or 6% at closing if it’s done through certain auction sites. Banks are strictly about the numbers and the bottom line. Keep the offer simple and clean with as few contingencies as possible. The buyer may have to pay to turn on the utilities for a 1 day inspection. Sometimes the bank will not allow the water to be turned on. In that case, an inspector can do an air pressure test to see if the pipes leak. There will never be a sellers disclosure on a bank owned property, also known as a foreclosure. It is truly a buyer beware process and inspections are usually allowed. There is also usually time to cancel the contract and get your deposit refunded. Just be sure that you and/or your agent understand the process of buying a foreclosure.
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Of all the homes on the market in Manatee County, only about 1.2% are foreclosures today. So there won’t be many, but we are happy to send them as they become available.
Anna Maria Island Foreclosures information provided by Anna Maria Island Realtors Jen and Mark Bowman, Keller Williams on the Water in Holmes Beach, Florida. Please call 941-840-0117 for more information.
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