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Old 05-01-2011, 04:24 AM
 
125 posts, read 197,123 times
Reputation: 48

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Yikes, we got another contract on our house in Maryland yesterday with no contingency....will be moving to Sarasota in June

I was looking for big complex type rental but have settled on Southgate Elementary school district. I'm looking for 3 bed 2 bath up to $1500/mo. Bermuda on Osprey keeps popping up, anyone have experience of this place?

Thanks for any help as always,
Claire
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Old 05-01-2011, 11:26 AM
 
Location: Sarasota/ Bradenton - University Pkwy area
4,612 posts, read 7,527,424 times
Reputation: 6026
Bermuda on Osprey was coverted from apartments to condos during the recent real estate boom period. Because so many of those buyers were putting no money down and buying at the peak of the market, when the "bust" came, a majority walked away from their loans or quit paying & are in foreclosure.

As of January of 2010, 35 of the 46 units were in foreclosure, which means the owners were also probably not paying their monthly maintenance fees.

Before renting there, I would contact the management company and find out how many units are currently in foreclosure and if the complex is keeping up on maintenance as they may still have budget issues.

You should also find out before signing a lease if the owner of the unit is in foreclosure. Thanks to recent changes in the laws, if the bank does foreclose the new owner has to give you at least 90 days notice to leave after the foreclosure sale.

You can check the unit owner's name on the Sarasota clerk of court web site at SARASOTA : Clerk of Circuit Court & County Comptroller
Click on "Online Services" and then "Official Records" and type in the owners name in the search box. If they are in foreclosure, you will find a Lis Pendens filing.

Considering you can go up to $1500 per month, have you considered renting a home instead?
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Old 05-01-2011, 01:23 PM
 
125 posts, read 197,123 times
Reputation: 48
Thanks for your help. It sounds like we need to look into that situation first...
We would consider anything really, house, condo, apt but really want a pool, community or otherwise. I have emailed a rental agent (Jennette) and have seen a house on Craigslist.
We will be making a brief visit without kids but then next visit will be the move.
I'd appreciate any info, referrals, whatever at this point.
Thank you,
Claire
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