If you are looking to get a great deal on a short sale or bank owned home in Tampa area you may want to bear in mind that REO or real estate owned foreclosure properties can close in as little as 30 days compared with the much longer time it takes to process a short sale property. Of course using an experienced real estate agent can be beneficial when it comes negotiating with the bank or lender.
Current statistics show that 27% of properties in the Tampa area are short sale homes, 48% are distressed properties and 21% of the properties being purchased are Real Estate Owned. This means that the current number of bank owned properties are a lot fewer than you might expect.
One thing to consider is that lenders are negotiating short sales at a quicker pace, and this will mean fewer foreclosure properties in the market. This can help to increase median sales prices, while limiting the number of Tampa bank owned homes that have flooded the market, over recent years.
Due to the housing market taking such a hard hit in recent years, there are still a lot of lender-owned homes available in Tampa. This has left an incredible selection REO homes, some worth several million dollars. However, there are plenty of affordable and beautiful homes available selling for 40-55% off the normal market value.
Many banks have become more aggressive with negotiating on properties that have already gone through the court proceedings. It's important for homebuyers to recognize the difference in foreclosures and short sales. While they are essentially the same in many ways, a foreclosure refers to the legal process used by the bank to obtain title, while short sales are a pre-foreclosure home, with a bank willing to accept a lower price than what is owed on the home.
Either way the savings that can be found are usually substantial across the entire price range of homes, which encourages a lot of investors to quickly purchase some of the available homes to use as rental properties along with a lot of homeowners who are looking for an affordable deal.
As with any real estate transaction a professional real estate agent is an invaluable ally to have. With a real estate owned property closing in as little as 30 days along with bank owned properties and short sales taking 60-90 days your Tampa Realtor can really help with the additional red tape and paperwork that you may face during your transaction.
Any real estate transaction is a big decision and usually involves a large investment on the part of the homebuyer. The same transaction can also be a minefield of paperwork and other requirements that most buyers are not aware of. This is where the advice and local knowledge of your Realtor can be worth its weight in gold despite fact there is no cost to you.
Just because you find a bank-owned home doesn't mean it is already discounted below a price you might find a non-foreclosed home listed at. Remember-the lender is still looking for the best offer, in order to recoup their losses. This is a case where a knowledgeable real estate professional can help you sort through the distressed properties, in the Tampa area. It's possible that more than 5% of the listings are owned by the banks, but negotiating the best deal on your dream home is the most important consideration, regardless.
Current statistics show that 27% of properties in the Tampa area are short sale homes, 48% are distressed properties and 21% of the properties being purchased are Real Estate Owned. This means that the current number of bank owned properties are a lot fewer than you might expect.
One thing to consider is that lenders are negotiating short sales at a quicker pace, and this will mean fewer foreclosure properties in the market. This can help to increase median sales prices, while limiting the number of Tampa bank owned homes that have flooded the market, over recent years.
Due to the housing market taking such a hard hit in recent years, there are still a lot of lender-owned homes available in Tampa. This has left an incredible selection REO homes, some worth several million dollars. However, there are plenty of affordable and beautiful homes available selling for 40-55% off the normal market value.
Many banks have become more aggressive with negotiating on properties that have already gone through the court proceedings. It's important for homebuyers to recognize the difference in foreclosures and short sales. While they are essentially the same in many ways, a foreclosure refers to the legal process used by the bank to obtain title, while short sales are a pre-foreclosure home, with a bank willing to accept a lower price than what is owed on the home.
Either way the savings that can be found are usually substantial across the entire price range of homes, which encourages a lot of investors to quickly purchase some of the available homes to use as rental properties along with a lot of homeowners who are looking for an affordable deal.
As with any real estate transaction a professional real estate agent is an invaluable ally to have. With a real estate owned property closing in as little as 30 days along with bank owned properties and short sales taking 60-90 days your Tampa Realtor can really help with the additional red tape and paperwork that you may face during your transaction.
Any real estate transaction is a big decision and usually involves a large investment on the part of the homebuyer. The same transaction can also be a minefield of paperwork and other requirements that most buyers are not aware of. This is where the advice and local knowledge of your Realtor can be worth its weight in gold despite fact there is no cost to you.
Just because you find a bank-owned home doesn't mean it is already discounted below a price you might find a non-foreclosed home listed at. Remember-the lender is still looking for the best offer, in order to recoup their losses. This is a case where a knowledgeable real estate professional can help you sort through the distressed properties, in the Tampa area. It's possible that more than 5% of the listings are owned by the banks, but negotiating the best deal on your dream home is the most important consideration, regardless.
