Tampa Short Sales vs Tampa Foreclosures - When the Banks don't Cooperate...Offer them More!

Boy, I must just love writing about this...or should I say complain about this.  I have read the reports and blogs indicating that the banks are getting short sale friendly...I guess I just don't see it.  It must be some bank like "Freds Bank" that is getting friendly because the big boys don't seem to be reacting that way.  So property in the Tampa Short Sale process are likely to yield the bank more money than if they transition into the Tampa Foreclosures category.  But hey, what do I know, I am just a stupid Realtor, who just so happens to understand basic accounting.  So let's do the math for a second here...A short sale property will probably cause the lender to loose maybe up to $40,000-$60,000 depending on the amount owed on the home, and the asking price at the time of contract (this is just an example).  So now lets look at what happens if that same house falls into foreclosures - $40,000-$60,000 processing fees, then most likely will not sell at auction, then re-list with agent for 6% total of market price, and a lower price to move the property, now we are somewhere in the vicinity of $125,000-$150,000.  Hummmm, this seems like a tough decision for me.  Well, for the banks, it still is.

So we have taken a different approach to help matters, we recommend our buyers to offer higher than asking price.  This will at least get the bank to move the offer to the top of the list and get it looked at quicker and hopefully answered faster.  We are tired of writing offers that go nowhere, so hopefully this will work....only time will tell, we're running out of pens!

• Rate this Post!

  Select Your Rating:

  • 5 Stars (Excellent!)
  • 4 Stars
  • 3 Stars
  • 2 Stars
  • 1 Stars (Poor)

• Share this Post

  Share With A Friend:

  Your Name Your Email

  Friend's Name Friend's Email

  Optional Message

  Send

• Print
• Social Bookmarking

  Add to Bookmarks: