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Cindy, Home Buyer in Tampa, FL

how do i buy a house shown in preforeclosure?

Asked by Cindy, Tampa, FL Sat Dec 27, 2008

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Just like you would buy a resale. Make an offer. But you are probably looking at preforeclosure for the bargain appeal. Bargain? Not really. The bargain lies in bank owned properties.
0 votes Thank Flag Link Sat Dec 27, 2008
Hi Cindy,

It's absolutely in your best interests to find a Realtor to work with to help you find a foreclosure, and it appears that this one isn't listed for sale on the MLS (it's quite possible that the owner doesn't want to sell). There are lots of others to choose from, however!

It doesn't cost you anything to have a professional represent you (seller pays commission) who will help you get pre-approved if you aren't paying cash, find your home, look out for your best interests, negotiate not only the price but the contract terms, navigate you through the murky short sale or foreclosure process (find someone with lots of foreclosure experience if you truly want a foreclosure), help you get the best financing, and guide you through the closing process.

I'd also like to add that many buyers understandably have the misconception that foreclosures are always the best "deal". The fact is that homeowners with homes that aren't in distress must drop their prices in order to complete with the foreclosures. 'Regular' homes can oftentimes be better bargains than foreclosures or short sales and don't have maintenance and repair issues from neglect. A good agent can help you determine which properties are the best investment.

If you'd like to speak to a professional with ample foreclosure experience, give us a call at 727-366-0324 or feel free to visit us at the link below to search the MLS just like a Realtor does. Best of luck to you!



Julia & Matt Fishel
Suncoast Partners @ Keller Williams Realty
0 votes Thank Flag Link Sat Dec 27, 2008
Hi Cindy,

Where did you see that the house is a preforeclosure?

Just because a home is in preforeclosure does not always mean it is for sale. If the home is listed in the MLS For Sale the process is a little easier. Sometimes the owner may not want to sell the property and you may need to wait until the property is foreclosed on. The banks have been allowing what is known as a Short Sale that enables the home owner to sell the home for less than they owe. This not the easiest process and could take up to 6 months. At the end of the 6 months the buyer may still get turned down. In my opinion you are better off looking at bank owned or new builder homes right now. Those seem to be the better deals.

Good luck with your search.

Jeff Gould
Tampa Bay House Finder Team
CENTURY 21 Beggins Enterprises
0 votes Thank Flag Link Sat Dec 27, 2008

There are many "foreclosure" opportunities in the Tamp area. We strongly recommend leaning toward "foreclosures" instead of "pre-foreclosures because of a much higher percentage of offers being acceted and less "red tape" and disappointment.

You should begin with arranging for financing because all bank owned properties will require a written letter of financial funding approval to be submitted with your offer along with a deposit.

We also recommend seeking the support of a real estate professional for guidance through this process.

Please feel free to contact us for additional information.

Good luck
The Eckler Team
Michael Saunders & Company
0 votes Thank Flag Link Sat Dec 27, 2008
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