rmasse10's Blog: Tampa Short Sale

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…