Tampa Foreclosures,Tampa Bank Owned Homes, Tampa REO - What' the Difference
Posted Apr 20, 2008 @ 12:53 pm, Viewed by 555 Visitors, Read 619 Times.You hear this all the time in the news now, Foreclosures, Short Sales, REO, Repossessed, Bank Owned, etc...what the heck is the difference between all of these. Well let me try to separate this all out for you. If you are looking for these properties, look no further, check us out at Tampa Bank Owned for FREE access to all residential and commercial properties available for sale.
1. Tampa Foreclosures - This is a home that has or is going through the foreclosure process, in other words, the lender is trying to get the property back due to lack of payment per the mortgage agreement.
2. Tampa Short Sale - This is where the bank has authorized the current owner of the property to sell the property for less than what is owed the bank.
3. Tampa Repossessed and Tampa Bank Owned Homes- This is where the property has been taken back by the bank and the bank is now the owner of the property. At this point, the bank will try to sell the property rather than carry it for any given period of time.
There are alot of deals out there right now in the our Real Estate Market. We have been writing offers about as fast as we can print the paper to write it on. Unfortunately, the banks can't work as fast as we do and therefore people need to understand that there is a level of wait time involved with these properties. If you have the money, and have the time, there are some great deals to be had, just be patient.
Tampa Real Estate | Tampa Foreclosures | Tampa Real Estate Blog
Team Masse services the Tampa Bay Real Estate market and the following areas: Tampa, Apollo Beach, Riverview, Ruskin, Brandon, Lithia, Valrico, Gibsonton, South Tampa, and Channelside District. Contact us at 813-546-5222 for more assistance.
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Social Bookmarking2 Responses to “Tampa Foreclosures,Tampa Bank Owned Homes, Tampa REO - What' the Difference”
I know what you mean. I remember having this one property listed that was a short sale, we hd already spoken to the bank about it, we were authorized to deal with it from the owner, we got an offer that was within $5000 of what was owed and they told me they could not deal with it for 6-8 weeks. They had 2 people working these and they were dealing with them on a first come first serve basis even though I had an offer in hand, they didn't care. Needlss to say, that one didn't work, the buyers moved on, but we left the offer in to see how long it was going to take and we have still not heard back and it has been approaching 3 months now. Now the property is listed well below the offer price and the bank will just have to deal with it!
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Robert Masse is a full time Realtor® /Team Leader of Team Masse Real Estate, and newly appointed Technical Director for Keller Williams Realty in Hillsborough County Florida, for more than 600 agents. My team specializes in Viral Marketing and Selling Tampa Real Estate in any market. Read More
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Hi Robert, I have noticed a few buyers in Nashville, TN becoming frustrated with the banks inability to react quickly to offers and they have actually moved on to another traditional owner/occupier listing. You would think that the banks would have plenty of time to gear up these departments and maybe even create some jobs to help deal with the growing foreclosure market. The quicker they can move these properties the better for all concerned, banks and buyers