Buying Foreclosures or Short Sales « Tampa Bay Foreclosure & Short Sales

Shadow Inventory Investment Opportunities

In addition, since the governmental modification programs and refinance programs didn’t avail themselves to homeowners who were either too wealthy or owned too much on their homes; a very large percentage of the shadow inventory homes are luxury class. Many of these homeowners have given up and have vacated their homes.

Those Who Wait Will Pay Thousands More This Spring

Waiting a few extra days or weeks to purchase a home this spring could cost buyers thousands of extra dollars as the office of Housing and Urban Development (HUD) implements several changes for loans guaranteed by the Federal Housing Authority (FHA).

Coming just weeks before the April 30 deadline for the Home Buyer Tax Credit and [...]

Short Sale Eligibility

The process needs to be initiated in the pre-foreclosure phase which begins with the first mortgage payment default. The foreclosure timeline in your state starts the clock against how long you have to list the home, find the buyer, and get the sale approved by the lender.

Good News about Short Sales

New rules from the U.S. Treasury could figure prominently in Central Florida’s housing market, where about one in every five existing-home purchases involves a short sale.
Key Points of the New Rules: Emerges between now and April; Only banks that owe the federal government TARP bailout funds must comply; New federal guidelines give lenders a 10-day [...]

Closing Dates on Short Sales

When making an offer on a short sale, your Realtor should establish a starting point and an ending point on a contract. You should never have a open ended contract EVER! If you only want to wait a certain amount of time or are not sure you want to commit to a longer timeframe, make [...]

Foreclosure vs. Short Sale

Always keep in mind that a Short Sale Attempt DOES NOT STOP THE FORECLOSURE PROCESS. The foreclosure process is handled by the attorneys hired by the bank and has a definitive starting point called the Lis Pendens and a definitive ending point with a Bank Auction at the Courthouse steps. 90% of all properties that [...]

Inspections of Bank Owned/REO Properties & Short Sales

Bank Owned purchases are very similar to Commercial property purchases in which you have a certain amount of time to do your inspections and you may back out of the contract with in that timeframe. Usually, 10-15 days at most. Short Sales are a little different…..there are two schools of thought. One states that you [...]

Receiving a Short Sale Offer

Short Sales are not “Steal Sales” – A seller still has rights to the property and may counter any offer that comes in. It is recommended that a buyer give thier highest and best offer to a seller as there may be multiple offers coming in if the property is priced slightly below market. It [...]

How do you do a Short Sale?

The foreclosing lender would like to see that every effort has been made to become current on the mortgage or sell the property on the open market. They want to see that it is listed with a dis-interested 3rd party Real Estate Agent at market value to ensure you are trying to get the highest [...]

Many people ask us What is a Short Sale?

A short sale is when the seller of a property is going into default and is upside down on their mortgage. The property is worth less than the mortgage amount and the seller does not have the financial wherewithal to honor their debt obligation to the lender.

Tampa Bay Foreclosure & Short Sales

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