The North Port Florida Distressed Real Estate Market is still a very Profitable Opportunity in the Winter of 2012.

The City of North Port, in Southwest Florida was one of the centers of the 2007/11 Real Estate Bust but it is recovering quickly. This beautiful zone near the Gulf of Mexico has only 150 distress properties available, down from over 700 a year ago. Good foreclosures get sold in less than a week and draw multiple offers. Buyers need to be ready to act quickly.

I want to help you set up a process to help you find the best deals, the ones that will "cash flow" as investments.  All the featured homes are foreclosures or short sales. Click on the pictures to see details.

The rental maket for single family homes is very good, especially for houses renting under $1,000/month. Rental rates are running about $0.60/sq ft per month for homes in good condition. 

Send me an e-mail at abroslat@ureach.com if you want me to do a custom search of foreclosed houses with daily updates.

The North Port land/lots market is also starting to recover. If you purchase well-located lots in North Port, your medium term returns could be very substantial. All the featured lots are in good locations. 

Buying a Foreclosure or Short Sale? Not every home for sale in North Port can be found on the Internet. Let my direct access to all the listings help you locate the best investments in the most efficient way possible.

There are almost 1,000 possibilities to buy bank-owned foreclosures(REO's) and short sales in every size, price range, and location in Sarasota County. Most distressed sales are taking place at prices well below current construction costs. The banks are setting very aggressive pricing for foreclosed houses so the turnover is very quick, the best deals sell in less than 10 days, get multiple bids, and often sell over list price. Do not assume that you have months to decide on a bank owned foreclosure ( REO ) or that there is no competition for these properties, inventories of bank owned properties dropped by 70 percent since 2010. If you have the patience, there is somewhat less buyer competition and better selection for short sales, but the best short sale deals get multiple offers in 2 or 3 days.

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• Foreclosed houses are usually in better condition than you would expect although sometimes the house needs cosmetic work and very occasionally the house is "trashed" .

Foreclosed property is usually bought with an "As Is" contract with the right to inspect. Inspection periods are usually around two weeks and a good inspector will charge $250 to $300. If the property doesn't pass your inspections, you can walk away from the deal without penalty.

• Short Sales usually have longer approval times (30 to 180 days+ ) but because most buyers don't want the wait or uncertainty of bank approvals, there is a lower level of buyer competition for these properties. There are at least three times as many "short sales" on the market as bank-owned foreclosures. Click on the link "Buying Short Sales" for more info.

To set up your own custom MLS search and get daily updates of new listings and sales, just click on the link on the left. Pick out where, what, and what price target you have and you will be sent all the bank-owned properties or short sales that meet your criterion with new listings and sales updated daily.

Selling an Underwater Property? If you are underwater in your mortgage, I'll help you arrange a "Short Sale". The key is setting an attractive price that will get offers. Banks normally won't work with you on short sales until you have an offer and until you are at least a couple months behind on your payments. If you have sufficient income to continue paying your mortgage or you have significant other exposed ( to Creditors ) assets, you may not be a good candidate for a short sale. In Florida, lenders can go after deficiencies from short sales and foreclosures for up to 20 years. Make sure you have competent legal advice before you start this process. Click on the link "Facing Foreclosure" to learn more about short sales. If you are really deep in the hole, you might consider bankruptcy, click on the link "Bankruptcy Resources" for more info.