What Should You Know about Foreclosure Homes on Anna Maria Island

Credit for this photo goes to EquiFax

A foreclosure on a home is a when a homeowner failed to pay the mortgage. A foreclosure usually takes a while to fully complete and after 3-6 months of not receiving any payment the lender of the home records a public notice with the County Recorder’s Office stating that the homeowner has defaulted on his mortgage. After the homeowner receives the Notice of Default, the homeowner enters pre-foreclosure. During this time frame (which is usually 30-120 days depending on location) the homeowner can work out an agreement with the lender by performing a short sale or pay off the outstanding amount owned. If the amount is paid the foreclosure ends.

   If the deadline ends and the amount is still not paid the lender sets a date for the home to be sold at a foreclosure auction. The notice of the auction is then recorded with the County Recorder’s Office with notifications sent to the homeowner, posted on the property, and printed in the newspaper. If a third party does not purchase the property at the auction the lender takes ownership of the home and it becomes a bank-owned property or REO (real estate owned).

•           Be cautious of the current owner- if the owner still lives there you now have to worry about evicting the owner and they could possibly vandalize the home before leaving it.
•          Buy from a bank- look for a home owned by a bank or REO. The bank is usually required to pay off senior liens like back taxes and you can now inspect the home for damage.
•      Beat the crowds- after the home goes to foreclosure, but before it’s listed you could approach the lender directly and say that you are interested in it. If it’s a local or community bank and the home has been on listing for a while they may be more than happy to get rid of it.
•          Find a realtor that specializes in foreclosure homes in Holmes Beach, Bradenton Beach, or Anna Maria- they can help advise you in pricing, local zoning issues or state law constraints, as well as looking in to public records on if the property has any recorded liens; such as, unpaid taxes, repair/ maintenance bills, or homeowner association dues. Once you purchase the home you’re now responsible for those outstanding liens.

I'd be happy to help you start your search for a home for sale on Anna Maria Island. Call me at 941-545-8877 for all your real estate needs! Let's get you started living the Anna Maria Life!

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What is a final walk-through? What does it consist of and how long does it take?

Found the perfect home? Check! Made an offer on the home and the seller accepts it? Check! Inspections? Check! Loan being finalized and closing date set? Check! You’ve almost completed everything that you need in order to purchase your new home. However, there is one more step before owning your dream home- the final walk-through. A final walk-through is an inspection that is performed usually at least 24 hours before the sale on the house has closed. It’s to make sure that the property is in the condition that you had agreed to buy it in. It usually only takes around an hour to two hours to do the walk-though. Never pass up on the chance to do this! You don’t want to pass on the walk-through only to find that something had happened to the home since you had last looked at it.

Here are the things you need to know for your final walk-through:

•          It is not a home inspection. Hopefully you’ve already done that, if not, you need to.
•          Take your contract and any other document you may need to refer to when performing the walk-through.
•         It’s usually recommended to do the final walk-through with the seller present. You can ask them questions about the home, history, and even things they had wanted to do, but never got the time. It’s also a good time to make sure to get all keys to the house, storage, etc. Don’t forget to ask them for their address so you can forward their mail to them.
•          Make a checklist of things to check or do during the final walk-through. It will make it so much easier than trying to remember everything.

Here is what you should check:

•          Turn all light fixtures on and off.
•          Make sure any trash or debris has been cleared from the home.
•          Open & close all windows and doors.
•          Test out all appliances.
•          Flush the toilets to make sure they work properly.
•          Inspect the ceilings, walls, and floors for any possible damage.
•          Test the heating and cooling in the home.
•         Run the garbage disposal and exhaust fans to make sure they work.
•          Check that the garage door openers work correctly as well.

Spending at least a good 30 minutes to an hour is going to be a good investment. It will make sure that you can enjoy your home when you move in instead of making repairs or cleaning up any mess that was left behind.

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