What Banks Don’t Want You To Know About Short Sales

Published by Lance Mohr | Filed under Foreclosures

Short sales in Tampa are taking anywhere from 2 to 6 months, to get completed, depending on the lender. One problem with short sales is the bank is often the servicing entity. This means they are receiving a servicing fee, so the longer the transaction drags on, the more money they get. Usually, most people think the bank is the one who owns the real estate, so they want to hurry up and sell it, but the opposite is true, in many cases.

There are a few things to consider, when you think about what banks don’t want you to know about short sales in Tampa. They are often servicing the loan arrangement for a larger investor, such as HUD or Fannie Mae, so their funds have been guaranteed, already.

The other thing about short sales is the seller has to qualify for them, or “un-qualify”, as the case may be. Just as they qualified for a mortgage loan, they have to meet the qualifications to have their mortgage considered for a short sale arrangement. Some agreements require minimum net proceeds of the mortgage value, so you may not always get the best deal, or any deal-for that matter!

The most important factor in looking at Tampa short sales is to work with a real estate professional, in order to get you through all the obstacles. Time involved, too low of an offer or whether a seller needs to sign a promissory note for the unpaid balance are possible stumbling blocks, besides uncooperative second-mortgage or lien holders.

It’s important to deal with a professional agent experienced in short sales because they can help you save money and get the Tampa home you’re most interested in buying.

Save Money By Finding A Free List Of Tampa Foreclosures

Published by Lance Mohr | Filed under Foreclosures

If you’re looking for Tampa foreclosures, you can find them with a free list of distressed real estate in Tampa Bay. You’ll be able to see current repossessed properties, short sales, fixer-upper houses and foreclosed homes, which can offer great money-saving opportunities.

There are things to know, when buying a foreclosure. A Tampa Realtor can be helpful in getting you through the process. Short sales are similar to foreclosures, in that the bank is working out an agreement with the home buyer. Some sellers may not qualify for a short sale, so it’s important to understand the importance of the bank’s decisions, regardless of whether the property’s already being foreclosed on, or not.

You can save money by finding a free list of Tampa foreclosures, because whatever contracted offer a Realtor receives from a home buyer has to be presented to the bank. To increase your chances of your offer being accepted, a complete package is required, including a “BPO” or broker’s price opinion, which is similar to an appraisal.

Bigger banks take longer to get through the negotiating process, but the bank will look at the BPO or appraisal, to determine the value of the property, before accepting an offer. The banks aren’t the actual owners, but they are working on behalf of larger lending investors that hold the note, like HUD or Fannie Mae.

When you’re armed with a free list of foreclosures, it’s important to realize there may be minimum net proceeds required, to get your deal accepted. This means you should offer a fair price, even if it’s drastically reduced. You should use the services of a Tampa real estate professional, who has experience with negotiating Tampa foreclosures and short sales.

Get Instant Tampa MLS Access

Published by Lance Mohr | Filed under Home Buying Tips