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Stephanie Lefew's Real Estate Blog

Tampa Bay Real Estate News

By Stephanie LeFew | Agent in Tampa, FL

Tampa Real Estate Market - Video Tours & Pictures of Tampa Short Sales

A home buyer can get a really good deal purchasing a pre-foreclosure home by shortsale.

*Tampa Short Sales with video tours and pictures can be seen here*

When you purchase a pre-foreclosure you should be able to get a really great deal!  A seller who is in foreclosure should be able to sell their house for a lot less than a normal home seller.  Why would the bank take less than what is owed? They don't want the house back, and the seller can't afford to keep up with their payments.  The minute the bank takes the house bank, they know it is going to hurt them "big time" financially. 

When you find a pre-foreclosure with your realtor and you make an offer, the bank looks at the offer that you make using a realtor, evaluates the value of the house according to recent sales in this market and should take a percentage of that value.  If your offer is close to that magic number, they should take your offer.  You could really purchase a home at a terrific price. 

The only thing you have to think about is this --- what is your time frame?  It may take as long as 2 weeks to 4 months or longer to hear back on your offer on the house.  Don't, I repeat, don't spend any money on home inspections or appraisals for your lender until your realtor has gotten written confirmation on the acceptance of the offer.  If the listing realtor only gets a verbal approval and lets your realtor know that, you may mistakenly take that as an "a ok" sign to do your inspections.  Make sure you have written approval from the bank before you spend any money. 

Perform your own customized home search by clicking here, if you would like.

Happy home hunting.  It's a great time to be a Buyer.

Stephanie LeFew
Tampa Home Buy Realty
Tampa Realtors Assisting Home Buyers - Buyer Services are FREE with Tampa Home Buy Realty - Buyer Incentives are also available
Tampa Real Estate at Reduced Prices - Tampa Shortsales and Pre-Foreclosures for Sale on the MLS
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