For homebuyers looking for discounted home prices, Tampa bank owned homes can provide quicker closings than short sales. In fact, it’s possible to close Tampa REO’s within 30 days, assuming an agreement can be reached, with the lender. It’s helpful to use a Realtor experienced in foreclosures and short sales, since negotiating deals with lenders may require a few additional steps.
If you have just started searching through Tampa bank owned homes, you may find there are not as many as you might have thought. Recent statistics indicate that REO’s comprise 21% of homes sold, with 48% of recent Tampa home sales being distressed properties. The other 27% is comprised of short sales..
Most of the banks and lenders in the Tampa area are negotiating short sales a lot faster than you may think as this limits the number of foreclosed properties like those that have been filling up the real estate market in the past few years. An added benefit for the banks is that a short sale might also help to increase the average home prices in the market.
With the downturn in the property market in the past few years there are a lot more real estate owned properties available in the Tampa area to consider than in better financial times. While this includes a lot of family dwellings that are for sale 40% – 55% below the market price there are also amazing deals on high-end real estate owned homes worth multiples of millions of dollars.
Many banks have become more aggressive with negotiating on properties that have already gone through the court proceedings. It’s important for homebuyers to recognize the difference in foreclosures and short sales. While they are essentially the same in many ways, a foreclosure refers to the legal process used by the bank to obtain title, while short sales are a pre-foreclosure home, with a bank willing to accept a lower price than what is owed on the home.
Either way the savings that can be found are usually substantial across the entire price range of homes, which encourages a lot of investors to quickly purchase some of the available homes to use as rental properties along with a lot of homeowners who are looking for an affordable deal.
The reason you may want to use a Realtor is to help you complete your transaction, quickly. While short sales are plentiful in the Tampa MLS, they can take 60 to 90 days to make it to the closing, and possibly longer. Bank-owned properties can be quickly closed and you can own your REO property in 30 days. It may help to find a Realtor, who is familiar with the additional requirements to complete these transactions.
Any real estate transaction is a big decision and usually involves a large investment on the part of the homebuyer. The same transaction can also be a minefield of paperwork and other requirements that most buyers are not aware of. This is where the advice and local knowledge of your Realtor can be worth its weight in gold despite fact there is no cost to you.
Just because you find a bank-owned home doesn’t mean it is already discounted below a price you might find a non-foreclosed home listed at. Remember-the lender is still looking for the best offer, in order to recoup their losses. This is a case where a knowledgeable real estate professional can help you sort through the distressed properties, in the Tampa area. It’s possible that more than 5% of the listings are owned by the banks, but negotiating the best deal on your dream home is the most important consideration, regardless.
About: Lance Mohr is a Realtor in Tampa, FL with more than 14 years of experience. If you have any questions or are looking for an honest, hard working Realtor give me a call. For more information on Symphony Isles homes for sale or Westshore Yacht Club homes for sale please visit our website at Tampa2Enjoy.com.