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Tampa Foreclosures are Everywhere

Published by Lance Mohr | Filed under Foreclosures

Like many other cities around the country, Tampa foreclosures have been on the rise in most Tampa communities.  There have been foreclosures on Tampa luxury homes as well as on homes that are valued at much less.  In short, the residential market on a whole has taken a beating when it comes to dropping home values and increased inventory due to foreclosures in the Tampa area.

While it helps to know that it may have more to do with the national economy than the local one, it still become too hard to watch home values drop in the city where you reside (particularly if you are a homeowner yourself).  But what do you do with lemons; you already know…you make lemonade!  And that’s what any industry must do when it faces hard times – including the real estate industry – it must take the sour in the situation and make it sweet.

So the sour in the situation might be all those homeowners who purchased Tampa real estate thinking they were going to settle down, raise a family, and host parties for their grandchildren at the same home for decades.  Instead these families ended up leaving like bandits in the night because their dream home had turned into a nightmare that they were no longer able to afford.  And all of this abandonment, this walking away, in many ways did more damage to those who were left behind – the homeowners who stayed.  These were the people who may not have seen their credit score drop, but this wasn’t the case when it came to their equity. 

But for the buyer who is looking to purchase real estate in the Tampa area, the situation is nothing less than sweet.  Maybe you’ve never thought of purchasing real estate in Land O Lakes or New Tampa because these areas where out of your budget.  With the availability of Tampa foreclosures the possibility exists for you to purchase a home in an area that you wouldn’t otherwise be able to afford.  No area is immune to foreclosed homes; that means that even communities like Tampa Palms, Sunset Park, or Tree Tops could have foreclosed homes for sale at a deep discount. 

Although it may not feel good to think about the people who lost the home prior to your finding it, the reality is that if you find a good real estate deal you should go ahead and take advantage of it.  Tampa foreclosures have the potential to get you a lot of home for a fraction of the price.  It just makes good business sense to get something on sale if you can (versus paying full price). 

Be prepared though, many homes that have gone into foreclosure are missing things that wouldn’t be on a more traditional home purchase.  So if you end up walking into a home where the kitchen and a few bathrooms have been gutted, just remember, this is par for the course.  Odds are the money you saved on the purchase price will more than make up for any extra costs you incur to get the home back into livable condition.  Should you happen to be in the mood to go bargain shopping for housing, you may want to start with Tampa foreclosures.
February 6th, 2010