The Lake Sarasota Community Blog

An update on recent home sales in Lake Sarasota from Sandy Allen: We didn't get a chance to talk about what's going on in LS with real estate so I thought I would email it too you in case you wanted it for the blog. There are currently 16 homes for sale in Lake Sarasota from $75,000 to $195,000. Of those, 11 are short sales. The average cost per square foot under air is $93.02. There are 13 homes pending sale (have contracts on them to buy). Twelve of those are short sales. Twenty-four homes have sold in the past 3 months. Two were REOs and 9 were short sales. Those sales ranged from $55,000 to $159,900 and averaged $81.08 per square foot under air. If you would like to find out an average of what your home would sell for in todays market, take your homes air conditioned space and multiply it by the average. If you're not sure how many square feet you have, you can look it up at http://www.sarasotaproperty. net .-- Just in case anyone is interested:) Sandy ...

At the last meeting of LSCG, Sandy Allen spoke about how low-priced homes in Lake Sarasota are being snapped up, but banks refuse to work with families who live in them. In line with that, here's a story from NPR about Wells Fargo foreclosing on homeowners , then selling their home to "an investor" for 1/5 of their mortgage, who flipped it two weeks later.

This offers useful tips on short sales: Dear Homeowner, For each short sale, there will be required paperwork that must be obtained from the Seller. We need to obtain this information as soon as possible. This will make your transaction run a lot smoother. See below the list of required short sale documents: o Listing Agreement with price included and comps to justify listing price. o Purchase Offer/Contract o Buyers Pre-Qualification Letter o Authorization to release information ~ This document gives permission to the agent to speak on the sellers behalf and to obtain information. o Financial form ~ List of itemized assets and liabilities. o Two year’s most recent tax returns. o Two months most recent paycheck stubs. o Two months most recent bank statements. o Hardship Letter explaining why the borrower fell behind/ can not afford to sell/ which documents may be missing from the package o Completed Hud1 or Seller’s Net Sheet ~ (Utilize your favorite title company o provide preliminary...