Tampa Foreclosures and Bank Owned Properties - Check Your Ego at the Door!

There has been a lot of hype lately about Foreclosures, Bank Owned Property, and Short Sales, although Short Sales seems to be a term just used in the South East of the Country.  Anyway, I think buyers are confused about the types of deals available.  Most buyers, and even some agents, that we have come into contact with, think that they can negotiate the closing dates and every other stipulation of the contract.  What needs to be understood is that the Bank or Lender is the final say in this transaction and they really don't care what you write in the contract.  Even though the buyer may make a decent offer, don't expect the lender to react as fast as you demand.  Giving them 24 hours to respond is the same as saying that you are not interested in the property.  The banks are scrambling to keep up with the demand for processing all of these homes and even though they would love to deal with you quickly, they just do not have the resources to do so.

Secondly, the Lenders have no emotion when it comes to these properties.  They are not your typical seller.  They really don't care about your situation.  The lenders know what they can sell the homes for and that is as low as they will go, it is about economics at this point.

Thirdly, and the most important in buying a Tampa Foreclosures property, have your funding in place.  I can't tell you how many times I had a buyer want to buy a foreclosure home or REO and they haven't even spoken to a bank about a loan.  That is just plain foolish, and a waste of the Lenders time as they will not consider any offer you make as serious nor will they respond to your requests.

So if you are interested in Tampa Foreclosures, and would like a Team of Agents familiar with the process, visit us on-line at Tampa Real Estate and contact us for a no obligation consultation.

• Tampa Foreclosures

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