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What you should know about Short Sale and Foreclosures

What is a short sale?

When researching how to buy homes for sale in Tampa, Florida, you’ll see bank owned (foreclosures) and short sales listed in MLS. They may say “listing price may not be sufficient to cover all expenses” and you’ll know it’s a short sale.   Short sales are homes that the seller is hoping the lender (third party) will take less for the home than what they owe.  Regarding short sales, lenders or third party entities are taking anywhere from 30-90 days to either accept an offer or to actually close on a contract.  In some cases, we are noticing it takes up to 30-45 days just to confirm that an offer has been received by the lender, then additional time is need for that offer to be assigned to a “short sale manager”.  Some lenders take less time while others are taking a very long time.  I am finding that it is really on a case by case basis so it is helpful if buyers have flexibility with regards to their time frame needed to move into the home. 
A foreclosed home, also known as bank owned, should close much sooner as there is no third party involved.  In most cases, bank owned properties are better deals because they have already been on the market and didn’t sell.  Now banks want to get rid of them quickly, which results in lower listing prices and you get a response in 48hrs.
If you are investing the 200K price range, I would look in newer neighborhoods that will have larger homes.  If you are an investor these will be easier to rent because they are in better school districts. I’m seeing unbelievable deals in the high 190’s that are 3/4 bedrooms 2000 sq ft, some have pools. I’ve seen quite a few that are in good shape with low HOA fees in good central locations near the Tampa airport and major interstates.  Another option for those who are looking under the 80K price range are older neighborhoods close to downtown areas.   The supply is abundant in either case.
The rental market is good now and will get even better most likely. All the people who are getting kicked out need to go somewhere. Renters are having to leave homes where the owner’s are being foreclosed on. Some don’t even know it’s going to happen. We are seeing very sad situations, which would explain why the Tampa Bay Area is now #2 in the Nation for Foreclosures.
If you enjoyed this article; and are considering taking advantage of the Tampa Real Estate market or would like more information on REO, Bank Owned, Short Sales and Foreclosed Homes for sale please email [email protected]  Ph: 813 784 7744 ……….or pass on to a friend!
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Written by Rae Catanese, Realtor

Licensed Realtor since 2002, Tampa Bay’s own Rae Catanese regularly gives expert advice and insider tips about the Tampa Bay real estate market via her blog, The Tampa Real Estate Insider. If you are thinking of buying or selling a home in the Tampa, St. Petersburg or Clearwater areas-then this blog is for you. I typically post articles once a week. To make sure you don’t miss my newest posts, you can subscribe here! Have a real estate question? Email me here!

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  1. realtyrae

    Thanks! I’ve been working on the Blog for Tampa Bay Real Estate for 2.5 years. Since I’m a Real Estate agent it also helps me keep in touch with what’s going on in the housing market. I try and post as many news articles pertaining to Florida Market conditions; as well as, writing my own from my experiences with clients.

  2. Sanibelart

    This is really helpful information, and timely, especially at this time. I’m going to fav you on Technorati.

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