Tampa Bay Foreclosures

You never really get something for nothing; the condition of the foreclosed property is often commensurate with the price tag.

Bottom line, there are plenty of properties from which to choose whether they are foreclosed, short sales, real estate owned (REO), or a traditional sale. Just take nothing for granted and buy nothing without an in-depth investigation.

Emotion is a key part in the home buying process, but if you approach (the foreclosure market especially) with the heart of a business person, you’ll sleep much better in that new home.

Buying Foreclosures in Stormy Weather

Like spinning tornados that picked up momentum and left profound damage in their wake, the present number of foreclosures was created by a perfect storm of three systems converging:

Tips for Buying Tampa Bay Foreclosures

DON’T BECOME A FORECLOSURE STATISTIC
Carefully calculate how much mortgage you can realistically afford. A great deal doesn’t justify blowing your budget. The odds are, you’re benefitting from a buyer who bought beyond their means…don’t wind up on the wrong end of the deal a few years from now.

Distressed Property Trends Monthly Market Activity Report from PRO

Along with the very active March market overall, distressed property sales and contracts also experienced a big jump. 43.5% of all unit sales involved some kind of distressed property. 68.4% of all contracts written were on distressed properties. The number(more…)