Foreclosed Homes in Tampa
If you’re looking at foreclosed homes in Tampa you’ve found an expert in this area. I’ve been working with REO’s (Real Estate Owned) since 1999 and have helped hundreds of home buyer get into corporate and bank owned properties. I can save you and lot of time, money and frustration and most importantly – get into the home you want. Plus, my services are FREE to you as a home buyer.
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Over the past several years, one of the trends we’ve seen is not only a rise in the number of sales of foreclosed homes in Tampa, FL, but also the number of buyers who are interested in them. It’s no real wonder why; on the face of it, buying a foreclosed home — also sometimes called a bank-owned or real estate owned (REO) property — has all the trappings of a great deal. You’ve got banks looking to get out of the real estate business and back into the lending business, or in the case of short sales, you’ve got (ostensibly) those banks working hand-in-hand with homeowners looking to get out from under their loan. Meanwhile, motivated seller = great deals, right?
It’s not so much that these foreclosed homes in Tampa are too good to be true; it’s more that things are never as simple as they seem, once you get into the details. For example, it’s not always a simple matter to determine whether the deal is actually all that good; there are several things a careful buyer should think about when looking at homes for sale in Tampa, but particularly those in the foreclosed market.
First, remember that these properties often have a lot of problems, strictly from the physical end of things; often, the previous owners were under a lot of stress for the last few months (or years) they were living there, so things like regular maintenance or even cleanliness might’ve gone by the wayside. Worse still, as is often the case with homes that have been abandoned by their owners (or tenants, if the homes were for rent), there’s the possibility of vandalism, and things having “gone missing” — such as appliances, fixtures, and even copper pipes and wiring. There’s nothing better than a thorough inspection in these cases, and estimates on the cost of fixing what’s wrong should be worked into any analysis of how good the deal is.
Next, consider that while many of these foreclosures took place at isolated homes in Tampa, where the home was the only one on the block that was foreclosed upon, in some cases there were neighborhoods where multiple foreclosure proceedings had the effect of driving down comparable home sales throughout the area. In many cases these effects were temporary, and prices usually rebound with time, but it’s still worth considering.
Also, remember if a homeowner’s payments to the bank were behind, there might well have been other crucial bills not being paid. If the water or gas have been shut off, there are usually fees associated with getting them turned back on — and if there are other liens in place on the property that might affect future services, it’s hugely important to know about them in advance of an offer.
Last but by no means least, take the time to make certain you’re working with a real estate agent who’s got time under their belt when it comes to working with short sales and foreclosed homes in Tampa. There are a lot of hurdles and hoops to jump through, but with patience and good advice, there are still great deals to be had. Call me at 813-317-4009, or send me an email, and let’s find something special together. I am very experienced when dealing with REO’s – foreclosed properties.