Want Tampa Real Estate – But Have Bad Credit?

Now has never been a better time to own a home in the gorgeous city of Tampa, especially as this sunny city is flooded with dirt-cheap foreclosures!  However, if you’re holding back on buying house in Tampa because you have bad credit – and won’t get approved for a mortgage – no need to worry.  Just follow these tips and you’ll be settled into the Florida lifestyle in no time!

1. Have more available cash.  If you put down a large down payment, you’ll be much more likely to be approved for a mortgage, even if you have poor credit.
2. Show your payment history.  Request letters of creditworthiness from vendors who won’t show up on your credit report.
3. Correct any mistakes that might appear on your credit report.  Believe it or not, simple mistakes can seriously drag down your overall score.
4. Avoid sub-prime lenders at all costs!

Tampa Foreclosures: Consumer Advocate Takes Aim at Mortgage Fraud

The U.S government is increasingly focused on targeting fraudulent businesses that prey on homeowners struggling to meet their mortgages in an unstable economy where tightened budgets are becoming the norm rather than the exception. We wanted to highlight briefly on at least one individual who is active in efforts to minimize foreclosures in Tampa, FL and fraudulent business practices in the state.

T2E’s veteran staff supports the efforts of Jacksonville Legal Aid attorney April Charney, who has lectured on foreclosure fraud across the country and given significant support to plaintiffs in stemming the tide of fraudulent mortgage activity within her jurisdiction. This is in addition to her ongoing caseload of between 70 and 100 foreclosure cases.

In an interview with Mike Stuckey from MSNBC, Charney details lenders and mortgage buyers whose irresponsible or incomplete practices leave homeowners facing foreclosure despite timely payments and favorable credit histories. She hopes to infuse the legal system with the legislative power to enforce better standards that limit consumers’ exposure to the greed and substandard business ethics slowly being drawn out of the nation’s banking industry.

Our real estate professionals have impeccable standards and years of reputable experience to apply to our daily practice with clients. We stand ready to exceed the expectations of our customers by providing quality service that speaks for itself in helping you find Tampa foreclosures.

Tampa Foreclosures: Things to Know Before You Buy

Tampa foreclosuresare widely available and the Tampa2Enjoy (T2E) professionals are here to help you as potential sellers or buyers of such homes get the information you need fast to respond quickly and intelligently to offers.

Let’s quickly discuss a few of the details regarding foreclosures to fill in some gaps you may not be aware of. Most offers on bank-owned homes and properties fail because buyers don’t do their homework to research the property and develop the best possible offer for the lender.

Many people search for foreclosures in Tampa and bank owned homes for sale by searching through classified ads or responding to listings online or through real estate agents, not knowing the details of the real estate business to make an accurate assessment of available properties. You can waste a lot of time with this approach, running down leads that quickly turn into dead ends.

The process of a Tampa Bay bank-owned home begins with a lis pendens, a legal notice that informs the government and the public that there is a pending lawsuit on that property. Once a bank files a lis pendens with the county seat, a foreclosure becomes public record for anyone who wants to review the information on site at the courthouse and attempt a sale.

Real-estate owned (REO) homes and short sales require a different approach to home buying, far removed from an individual homeowner or agency sale. In most cases, the bank-owned home requires an assessment called a broker’s price opinion (BPO) from agents hired by the bank to assess the home’s current market value. Negotiations proceed solely from this determination, and counter-offers to a set price require a formal listing of reasons why the bank should take anything less that its determined value.

This is where the support of a qualified real estate professional like T2E is invaluable. Knowing the terminology and procedures for foreclosures before you buy keeps you one step ahead of the competition, greatly increasing your odds for success. Let our expert advice lead you in the right direction.

Tampa Foreclosures: Key Foreclosure Terms

Our local real estate markets are dominated by foreclosed properties, so we thought we’d take this opportunity to discuss a few key terms and their definitions to educate our clients on details that will help them to talk to agents, lenders, property assessors, and other principals involved with the sale of Tampa Bay foreclosures.

What is meant by the term lis pendens?

This is a lender’s formal notice of forbearance to the county court of their intention to file a lawsuit on a property in which a mortgage is currently in default status. Once listed, other parties can inquire as to the details of the lis pendens in advance of an anticipated sale at auction. The homeowner is also notified of the lender’s intent to foreclose on their property, allowing them a period of time to settle their debts and re-establish their unconditional claim on their home and/or property.

What is a short sale?

Once property has been served by a lender’s legal notice, the homeowner has the option of selling their home and using the proceeds of the sale to pay down their defaulted mortgage loan. This is called a short sale, or sometimes a pre-foreclosure sale. Regardless of the sale price, sellers are at least guaranteed that these monies can be applied to the amount they owe on their property.

What does Fair Market Value mean?

In real estate terms, Fair Market Value is an estimate of a home or property’s worth as compared to similar properties in the same neighborhood under normal circumstances. These circumstances are dynamic, and often include the current state of local housing markets, as well as the condition, age, and specific location of the home. Houses and property are usually appraised or given a Comparative Market Analysis (CMA) anytime property is set to change hands, be it through divorce, eminent domain, foreclosure, or other legal transfer.