All About Buying A Tampa Short Sale, REO, or Foreclosure Home

It's well known that you can find great deals on Tampa area Short Sales, REO, Bank Owned and Foreclosure homes.  However, keep in mind that when you are considering such a home that there are many homes on the market that are not distress sales that are priced similarly, which need little to no work and can close quickly.  If you are considering buying a distress sale home, it is important reason to hire a Realtor who knows the process for buying a distress sale and can navigate you through it smoothly.  Typically, to buy a distress sale, the process can take up to 1 to 6 months depending on the current number of distress sales the bank or mortgage company is currently handling.  Some banks can get a sale processed faster than others.

1.  Hire an Agent with Distress Sale Experience

We have handled many short sale, REO and bank owned transactions and can navigate you through the process.

2.  Submit Documentation & Purchase Offer to Lender

With short sales, often multiple buyers can submit offers on the same property, thus tying up those buyers for months on end.  If you make an offer on a short sale, you don't have a contract until the lender accepts it - which can take anywhere from 3 weeks to 3 months.

3.  Give the Lender a Deadline

Once the lender accepts (or they may counteroffer!), you generally will have a chance to conduct inspections if your Realtor wrote this into the offer.  However, with some bank owned properties, the bank uses their own contracts and addendums and sells the property "as-is" - meaning without inspections.  If this is the case, you need to make sure you have a Realtor who can help you understand the contracts from the bank and make sure your interests are protected.Check out these Bank Owned and Short Sale properties below!

Check out these Tampa Homes below - they are all either Short Sales, REO, Bank Owned or Foreclosures!  You can also register for our Tampa Foreclosures Email List - get FREE lists of Distress Sales as soon as they hit the market!