Tampa Foreclosures : Tampa Foreclosure : Tampa REO : Tampa Short Sale
Tampa Bank Owned Homes
Team Masse has the most Comprehensive Up to Date database of Tampa Foreclosures, Tampa Short Sales, Tampa Auctions, and Tampa REO (bank repossession or Tampa Bank Owned Homes) properties
Available Anywhere Online (over 4000 properties)!
This is the ENTIRE LIST of Properties Available for SALE in Tampa Bay and Surroundings Areas!
Our Database, unlike others, is updated Daily with the most current Information on Tampa Foreclosures, Auctions and Bank Owned Proprerties. No Trial Periods, No Waiting. FREE ACCESS INSTANTLY!
Updated Daily! Prices Start as low as $10,000(this is not a typo)
We have compiled all Tampa Foreclosures, Tampa Commercial Foreclosures, and Tampa Commercial Bank Owned Properties!
Note: Unlike other websites that offer similar services, all properties, residential or Commercial properties listed in these databases are actively for sale!
Tampa Foreclosures, Tampa Bank Owned Homes , Tampa REO, Tampa Short Sale - What Does it Mean?
Buying Tampa Bank Owned Homes / Properties
There is a lot of interest in buying bank owned properties these days. Often the information offered is for sale, with the promise that you can make lots of money with little effort once you know “the secret formula”. The fact is that there are no secrets, and to make any type of money requires effort.
What is a Tampa REO?
REO stands for “Real Estate Owned”. These are properties that have gone through foreclosure and are now owned by the bank or mortgage company. This is not the same as a property up for foreclosure auction. When buying a property during a Tampa Foreclosures sale, you must pay at least the loan balance plus any interest and other fees accumulated during the foreclosure process. You must also be prepared to pay with cash in hand. An REO is a much “cleaner” and attractive transaction. The REO property did not find a buyer during the Tampa Foreclosures auction. The bank now owns it. The bank will see to the removal of tax liens, evict occupants if needed and generally prepare for the issuance of a title insurance policy to the buyer at closing. Do be aware that REO’s may be exempt from normal disclosure requirements.
What is a Tampa Short Sale?
A Tampa Short Sale is when the current owner of the house has fallen behind on his/her payments and is not able to work out a repayment plan with the lender. They then in turn ask for permission to basically "Sell" the home for less than what they owe on it. The offers are approved by the Seller and then sent to the Lien holder for approval. The Lien Holder must approve the price before anything will happen. Typically, the Bank or Mortgage Company will not want to put the house into foreclosure due to the fact that it typically costs them anywhere from $30,000 - $65,000 to do so. So if there is a chance that they can recoup some of their loan, they will favor a short sale over owning the property.
Is it a bargain?
It’s commonly assumed that any Tampa REO must be a bargain and an opportunity for easy money. This simply isn’t true. You have to be very careful about buying a Tampa REO if your intent is to make money off of it. While it is true that the bank is typically anxious to sell it quickly, they are also strongly motivated to get as much as they can for it. When considering the value of an REO, you need to look closely at comparable sales in the neighborhood and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale. The bargains with money making potential exist, and many people do very well buying Tampa Foreclosures. This is why you need to have a knowledgeable Tampa Real Estate Agent who knows the process and can represent you well during the process. Typically, to buy an REO, the process can take up to 3 months depending on the backlog of current properties at the Bank or Mortgage Company.
Ready to make an offer?
Most banks have an REO department that will work with you when buying an REO property from them. Typically the REO department will use a listing agent to get their properties listed on the local MLS. Before making your offer, you’ll want to contact either the listing agent or Tampa REO department at the bank and find out as much as you can about what they know about the condition of the property and what their process is for receiving offers. Since banks almost always sell REO properties “as is”, you’ll want to be sure and include an inspection contingency in your offer that gives you time to check for hidden damage and terminate the offer. As with any offer on real estate, you’ll make your offer more attractive if you can include documentation of your ability to pay, such as a pre-approval letter from a lender.
Team Masse has a staff of knowledgeable agents ready to assist you with your Tampa Foreclosures purchase process. When you are ready to proceed, you will want the very best and most knowledgeable, ready at your side. Our service is free to the Buyers for any Tampa Foreclosures, Tampa Short Sale, Tampa Bank Owned transaction, as well at any Tampa Auction Home
So to get started to see what type of deals are available for you, click one of the buttons below.
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