When I started thinking about a title for this article I came up with quite a few. The METHOD of the Short Sale was 2nd choice. Although, we are finding there is NO Methodology in the Tampa Real Estate Market.
Putting in an offer on a Short Sale Home in the Tampa Bay Area?
Buying a short sale home is painful to many who can expect wait 45 days to 9 months to hear if the bank accepted their offer.
I can certainly without a doubt, say that there are no rules when it comes to what the banks will or will not do. Every bank is different about the way they handle things. Some are using mitigation companies to negotiate the offer, and some are not. Banks each have their way of handling paperwork and disclosures which makes our job as Realtors even more challenging.
What Realtors and Sellers are doing to get offers on short sales:
A price you see listed on any website is not necessarily the price you can buy that home for. If you’ve seen wording or disclaimers stating “listing price may not be sufficient to cover all closing costs…” that is when you know the home is listed as a short sale. Try telling people who are qualified to buy a home, that we don’t know if the price listed is a real sales price. Otherwise known as “bank approved short sale”.
I’ve seen some listed for an unbelievable prices. When I contact the listing agent, I have to ask if that price “has been approved by the bank”. Otherwise, the seller agrees to list the home for what ever they want.
What happens next??? Sellers are submitting multiple offers to the bank and the bank is then forced to either take one or foreclose on the home. Once the bank gets offers at the low ball price, it speeds up the short sale process.
How many properties are on the market in the metro Tampa Bay Area? (approximately 33,000.00 in the Pinellas, Pasco and Hillsborough Areas)
I’m finding there are several situations that would lead more people to buying a foreclosed home. First, they are probably getting a better deal after the bank owns the property. The bank will respond to most offers within 48 hours, 2 business days. You will also know if there are any other offers in the mix.
Most buyers I am working with are telling me that they want to stay away from short sales.
Rae Catanese, PA
Prudential Tropical Realty- Tampa, Fl 813 784 7744