Florida Foreclosure & Short Sale Q&A for the North Port,Port Charlotte,Venice area

As more buyers move into the Forida foreclosure and Short Sale market they have many questions about how they work in Florida.
Question: "What about liens and encumberances?
Answer: In Florida when the buyer comes to the table to close, all liens mortgages and encumbrances are paid by the bank. The buyer starts clean with a property free and clear of encumbrances.
question: Can I finance a foreclosure purchase or do I need to pay cash?
Answer: Most if not all bank owned properties require that a pre approval letter be submitted with the offer. You can finance through whoever you like but be prepared to send a pre qualification letter when your Realtor presents the offer. If you are paying cash then you will need to submit a "Proof of Funds" letter with the offer.
Question: Are all foreclosure and Short Sales sold "As Is"?
Answer: Most if not all are sold "As Is". This does not mean "Buyer Beware" it simply is done this way since the bank has never lived in the property so they cannot warrant the condition of the property. As with all purchases buyer should have all applicable inspections done by licensed inspectors. In most if not all cases you have a 5-10 day inspection period in which to perform the inspections. If you are not happy with the results you can opt out of the purchase without penalty.
Question: How do I find foreclosures and up to date accurate information on them?
Answer: The Banks best way to market and sell the property is to list them with local Real Estate brokers who know how to market and sell these properties. You will find that using a local Realtor is free to the buyer and is the best way to get current information and data on foreclosures since Realtors have access to the Multipe Listing Service where most if not all of these properties are listed.
In closing I cant stress the importance of having a licensed buyers agent work for you not the bank to represent your interests and negotiate the best deal for you with the bank.
Tune in next week for more Q&A as well as information on foreclosures and Short Sales.