Tampa Foreclosures & Short Sales
A big part of my business mission — saving my clients time, money and frustration — is accomplished through education. There’s no such thing as knowing too much about the ins-and-outs of the real estate industry and specifically Tampa foreclosures. So I like to share my knowledge every chance I get. If you are thinking of buying one or more foreclosures in Tampa please keep in mind that my services are FREE to you as a buyer.
NOTE: Unlike other sources, we provide you only updated information on foreclosures in Tampa bay. These are homes which are currently available for sale.
View all the Tampa foreclosures for sale below:
Today I want to talk a bit about the Tampa foreclosure process, what people think they mean when they say they’re interested in investing in “foreclosures” and what they really mean — and how you can know whether you’re the type of investor who can benefit from looking at Tampa foreclosures as part of your investment portfolio.
In Florida, the foreclosure process begins as soon as a homeowner falls far enough behind in their mortgage payments that the bank (or whoever holds the note on the property) decides to file an action in court. If the lawsuit is successful, the judge sets a date for the property to be sold at auction, with the proceeds headed to the bank in an effort to settle the outstanding debt.
But there are often many opportunities for investors to buy the property, not just after the process is complete but also during the foreclosure process. This is why, when people tell me they’re interested in buying Tampa “foreclosures,” I have to ask them what they mean — do they want to look at properties that are already on the auction block? Or do they want to look at properties that might be available sooner, with fewer buyers lining up to bid the price up?
Most sales that occur during that earlier period, before the auction, are known in the industry as “short sales” — “short” because usually the amount the property is being sold for falls short of satisfying the original debt incurred by the borrower. In a short sale, the bank (or other note holder) has agreed to take less money to settle the debt in an effort to not be stuck with the property — and a non-performing loan — any longer than necessary. Short sales solve a lot of problems for the banks, and for the troubled homeowner, too. The homeowner has an opportunity to get out from under their “underwater” loan, and in such a way that avoids a full default and much the credit score damage that entails.
What’s more, buying a short sale in Tampa during the foreclosure process presents a pretty good investment opportunity for buyers as well — as long as a buyer has the help of an agent who has experience dealing with the banks’ processes. Most lenders have short sale systems in place internally, but negotiating those systems can be tricky.
Whatever your interest in Tampa foreclosures — particularly short sale opportunities — I’ve got the experience to become your trusted advisor in the Tampa area, and I make the effort to stay current in this ever-changing marketplace. For more information or to take a look at what’s out there, please give me a call at 813-317-4009, or drop me a note via e-mail. I look forward to hearing from you.
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