Sarasota Congressman okay with Short Sale
0A downtown office building reportedly owned by Sarasota Congressman Vern Buchanan is offered as a short sale.
The building was the subject of a settled eviction lawsuit against a Prudential real estate franchisee. The Sarasota Herald Tribune reported last week that the eviction suit was settled and that there is a possible “serious” buyer of the building.
The building, located at 130 N. Tamiami Trail in downtown Sarasota, is a 3 story office building. It was bought in Feb. 2003 by an LLC of which Buchanan signed the mortgage as “managing member”.
A “short sale” is a situation where a property’s value has dropped below the amount owed on the property (plus liens and cost of sale). A “short sale” is an alternative to foreclosure or loan modification. It often saves the lender significant time and costs of a foreclosure and allows the owner to avoid the more serious credit implications of a foreclosure. Often the lender will agree to waive a deficiency judgement against the seller in a short sale, while agreeing to pay or settle all other liens associated with the property.
A short sale is still possible although Congressman Buchanan is one of the wealthiest members of Congress and the building has been contiuously rented for many years. For information on selling underwater real estate in South west Florida clik the link below.
Similar Posts:
- Interesting Foreclosure Stories
- Popular funding options for fledgling businesses
- Afraid of losing your home? New options for those facing foreclosure
- The Military Homeowner’s Assistance Program for Fort Meade Homeowners
- Don’t surrender your business to the courts – Get debt relief soon
No Comments Yet