Tampa foreclosures are popular with investors and many of the best deals on processed foreclosures may be quickly purchased. The average homebuyer can find substantial discounts on Tampa short sales, which are becoming more prevalent. It’s important to understand the differences in these discounted home-buying opportunities and you may want to consult a local real estate agent, before entering these unique home-buying situations.
The general belief is that both Tampa foreclosures and short sales are the exactly the same. Although they are both dealing with properties the owners can no longer afford, repossessions and short sales are names for different stages in the lenders process. With a short sale the bank has negotiated the sale prior to foreclosure in an effort to sell the property before any court proceedings have been started as a way to save additional costs; whereas a foreclosure is when the bank has used legal proceedings to take the property away from the defaulted homeowner. In a foreclosure preceding the property then ends up as Real Estate Owned or REO which means it is the property of the bank or lender.
A lot of amateur investors have found Tampa foreclosures make up the majority of current home sales in recent years. However, many homebuyers are not equipped to deal with the surprises, delays or property issues that may come along. This is why it is wise to seek expert advice if you are considering purchasing a short sale despite the savings they offer.
There are advantages to purchasing a Tampa bank owned home, because short sales take much longer to complete. Bank-owned homes can close within 30 days on the average, but short sale negotiations can drag on for months, since there is a backlog of these transactions to be reviewed by lenders.
According to statistics recently published, 35% of the current home sales are seen as distressed sales, and 29% were from short sales and only 6% were sales from bank owned properties. Although it can take extra time to purchase a foreclosure home in comparison to a conventional home purchase, there are many foreclosure properties still on the market today.
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As a homebuyer, it is possible to find discounts when searching in the Tampa Bay area, even in conventional purchases. While there remain many homes for sale below their market value, the foreclosure market appears to still be booming in the Tampa area. Although the short sales are reducing the number of new foreclosures on the market, it is possible to find great discounts, some of which are on homes in need of substantial repair. Sometimes these situations, although a bit chancier, can help a homebuyer to save a considerable amount of money, depending of course of your tolerance level.
You may be asking yourself, “Just how long does it take to purchase short sales?” and the answer can vary. The average may be 60 to 90 days, but some banks are quicker and some banks are slower, than this average. There really isn’t any real improvement in how the banks are handling the glut of foreclosed or short sale properties, even though half of the homes on the market may be distressed short sale or foreclosure situations.
The Tampa housing market seems to be taking a positive turn, as less distressed sellers are listing their properties and there are fewer lender owned properties being offered. As the banks catch-up on the backlog of files the turnaround time is decreasing for a lot of the discounted home buying opportunities. However, patience is still necessary if you wish to take advantage of these discounted opportunities.
Lance Mohr is a real estate agent that has been in the business for over 14 years. If you have any questions or are looking for an hard working Realtor give me a call. For details on Tampa real estate or Tampa new homes please visit our website at www.Tampa2Enjoy.com.