Search for Homes
Allow Lois and Bill Sydlowski to be your Tampa Bay Realtors, call today at 813-323-4443 or 813-393-9385.
The terms are mentioned regularly in national news, and Tampa real estate has plenty examples of both Home Foreclosures and Home Short Sales. Foreclosures and short sales can present golden opportunities for educated investors who understand them thoroughly. Those who neglect to research the processes that surround these properties may not make educated decisions. As always, education is the best policy before making a purchasing decision. Read below as we examine some of the truisms surrounding such real estate deals.
When a bank or third party lender decides to settle for less than the original loan amount, the resulting transaction is a short sale. This type of sale is often undertaken to avoid foreclosure, and it adversely affects the seller’s credit rating. A buyer who is reasonably certain that the home is sound may choose to purchase it at a price that is below the market value. Typically, a bank will not pay for any repairs determined by your Home Inspection, making this an “as-is” Tampa real estate purchase. Just know that very few short sale homes will close in the typical 30 day closing. They will generally take upwards of 60-90 days. You need an experienced short sale agent if you expect to close at all because there are a lot more details and deadlines that have to be followed. An agent with experience in short sales will not only expedite your transaction but more importantly will protect your interests. Your Realtor will check to see who on record owns the property, whether the seller has been given Foreclosure notice already, and what monies are owed to the bank/lender.
Pre-foreclosure home listings involve the time span between the mortgage lender’s notice to those who have borrowed money that they are now in default. These Tampa home for sale listings give a good insight into potential future foreclosure situations.
You will literally travel to the courtroom to compete for a foreclosed property. The owner has stopped making mortgage payments of at least two payments and the lender has given notice that unless the payments are brought up to date, it will sell the property to the highest bidder. Buyers see profit in buying foreclosures because they can often buy the property for the amount owed on the mortgage and having instant equity. Keep in mind that unlike Short Sales, most home Foreclosure properties are not available for inspections prior to purchase. Here are some things to consider before you rush to purchase Tampa home for sale foreclosure property:
Who Is Living at the Property? If there are people still living in the property, whether renters or owners, you will have to evict them. You most likely will have to hire an attorney. Many times tenants will retaliate if they are being sued.
Condition of Foreclosed Homes. Because these homes are purchased “as is”, there is no guarantee as to the condition. And when sellers know they are being foreclosed upon, many times they no longer take care of the home or strip the home of appliances, hardware, fixtures etc.
Call Lois and Bill Szydlowski
your Real Estate Experts
for your Tampa Home For Sale
813-323-4443 / 813-393-9385