Servicing

Big banks sometimes pay 600% above value to retain Sarasota foreclosures

Lenders this year have at times bid up to 600% above a property’s real value at foreclosure auctions to retain a home, outbidding cash buyers and other investors, the Sarasota-Herald Tribune reported.

Josh Salman with the paper reported the following:

In the 12 months ending June 1, 4,865 foreclosures were auctioned in Sarasota and Manatee counties. Lenders outbid third-parties to keep 3,754, or 77%.

Banks paid $259.2 million for the properties, an increase of 34% from the amount they spent in the same 12-month period a year ago.

Most Popular Articles

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please