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.