rmasse10's Blog: Tampa Bank Owned Homes

Foreclosures, Short Sales, REO's, Bank Owned...we have heard all of these terms and yet very few actually know what is meant by them.  Let me see if I can clear things up, for those of you that already know, just sit back and relax for now.

Bank Owned - A property that is owned by the Bank.  Since banks are not allowed to enter into Real Estate, they must hire a Real Estate professional to market and sell the property for them thru the MLS or whatever means they choose.  Time frame to close this kind of deal is 30-45 days typically, but could go longer due to current economic situations.

REO - Same as Bank owned just with a fancy Acronym attached (Real Estate Owned)

Short Sale - Kind of an interesting term since it is not short at all.  This is a…

Tampa Foreclosures, REO's Bank Owned, and Short Sales have been the buzz and continue to be the buzz in the Tampa Real Estate Market.  It appears the many Bank Owned Properties have disappeared from the market due to their fire sale prices although there are still some that remain.  Seems like the first wave of Foreclosures to Bank Owned has hit and passed with the secondary waves about the hit.  This means that the next wave of properties should be priced to Market and the banks should be in the swing of things, as they seemed somewhat ignorant prior.

Team Masse continues to dominate the market, adding an additional 3 Buyers Agents, and 2 more Administrative Assistants to handle the new load from Agents and Market conditions.

I think the most…

It is kind of interesting to hear the term Short Sale as most people have no idea what that really means.  Most people think it is a sale that will happen quickly...guess again.  A short sale is a term that implies that the Owner of the property is short on funds for repaying the loan.  In our board, the Seller and Buyer must sign the contract first and then submit it to the bank for third party approval.  This may take a very long time as the bank has to decide how much money they are willing to lose.

On the other hand, a Tampa Bank Owned Home or Tampa REO are homes that have gone thru the foreclosure process, the bank has reclaimed the property, it did not sell at auction and the bank has absorbed the loss.  A sales price is set and you have no third…