Bruce Bernstein

Hello Richard,

Buying under these conditions isn't much different from any other market. The key to making money in real estate is buying right, which isn't necessarily the lowest priced home in a price category. There are several factors which should be considered: Location being an important one; but so is size and number of bedrooms; as well as the status of the other homes around the home - if it is an older neighborhood, have any of the homes been replaced or renovated. When purchasing in a down market, one must be sure to have a complete understanding of the local market and its pricing (ie. the South Tampa is very different from, say, Carrollwood or Westchase). The other thing is, with so many homes available, you'll save lots of time if you use a realtor who is WILLING TO WORK FOR you. You will need someone who is not afraid to do lots of legwork, checking out homes on your behalf before you see them, to 'weed out' those that are not the best fit for your needs.

Bruce Bernstein
Pretty Dog Realty
813-944-3115 http://www.PrettyDogRealty.com - Fri Nov 14 2008, 05:08

I am sure that banks are interested in selling, but keep in mind, at the Short Sale stage, the bank does not own the property. They are just owed money on a loan they had made so that the homeowner could purchase the property. Banks are in the business of making money by lending money and then getting the money they'd lent back, plus interest. In a short sale, the bank gets back less money than they'd originally loaned out. So, in a short sale, they don't make a profit, they lose the potential for all profits, plus they're losing some of the original asset they'd lent - some of their original loan amount.

A bank will not be very happy to do this until they're at the point where they have to - which is the point when they know, with absolute certainty, that they must foreclose on the home. This is when they'd be most receptive to a low-ball offer, but still, that is not a guarantee that they'll take your offer. Many short sales are not yet at this point in the process, if they're true short sales at all.

Many so called short sales may not be a true short sale. They're just properties marketed as such by agents and brokers who may not really understand a short sale, or who are looking to get a buyers attention during a very difficult selling market. If it's not a real short sale, one in which the bank has issued a letter of authorization, then the chances are, it's not a short sale. It would not be out of line to ask to see that letter before making an offer on a short sale property. You may not be granted the privilege, but it is worth asking. If there is no letter, there is no short sale - at least at that point - and then it is the owner who'll be making the decision on whether to sell their property to you, and they don't like low-ball offers.

To conclude, if you're really looking for a short sale, don't get married to any one property, be ready to wait for long periods to hear back from the bank, and keep making offers - which should have deadline dates, so you won't have to wait too long (assuming you don't have unlimited funds) to make another offer on a different property.

If you have any questions, please give me a call - 813-944-3115.

Bruce Bernstein
Pretty Dog Realty http://www.prettydogrealty.com - Thu Nov 6 2008, 14:11

I am extremely familiar with South Tampa - lived here for about 15 years in various locations.

In certain neighborhoods, private school, while still your choice, will likely be unnecessary as some parts of South Tampa have great schools. Plant High is rated in the top 100 in the country.

South Tampa is really comprised of many areas or communities. Some older, some with younger families. Whether other children will be living on a block (or around the corner) is going to vary by area and even block-to-block. I can recommend Davis Islands, where I currently live. There are many younger families living on many of the streets, so that may be a good bet - depending upon your housing needs/budgets.

If there is anything I can do, including a free search of properties for you, please let me know. I can be reached at: 813-944-3115.

Kindest regards,
Bruce Bernstein
Pretty Dog Realty

Please visit my web site: http://www.prettydogrealty.com for more info. - Tue Nov 4 2008, 12:55

I have lived and worked in South Tampa for a very long time... It's a great area and it NOT a suburban, subdivision in the way most are built today. It was developed over many years with different neighborhoods and homes within them. Some areas are newer and some very old. As far as the kids go... some streets have lots of kids, as the properties have 'turned over' - long time residents have sold to younger couples with kids, and some don't. Play dates may still be a factor, depending upon where you choose to live. Davis Islands, where we live, is a group of man-made, small islands just 5 minutes from downtown Tampa, Tampa General Hospital, and tons of stuff to do. There are lots of kids on the Islands and, in all likelihood, they will have the community feel you are looking for. It's a great area - we love it. On our street, there are many kids out playing all the time. Also, Davis Islands is in the Plant High School district, which includes Gorrie Elementary, Wilson Middle, and Plant High Schools. All these schools are considered to be among the best in Tampa, and Plant is one of the top 100 High Schools in the country, with great academic and athletic ratings.

If I can help you in any way, or If you have any questions, please feel free to visit my web site: http://www.PrettyDogRealty.com, or contact me by email or phone. Good luck! - Thu May 29 2008, 08:18

In addition to the grants already mentioned, there also are loan programs for first time home buyers. Based upon my research, you are more likely to get a First Time Home buyer loan that will work for you than you are a grant... Although there is grant money, and it is attainable for those who qualify (income, number of dependents, etc...) some of the grant programs have very limited funds and the money is completely distributed as soon as it comes available to those already on a waiting list. It's a first come/first served system, but if you can get the money, it's a great program. Keep in mind, though, even with a grant, you'll still need a mortgage loan from another lender.

Bruce Bernstein
Pretty Dog Realty
813-944-3115 - Wed Aug 27 2008, 10:41

Hello Brian... Try this link: http://www.prettydogrealty.com/TampaBuyers (Copy and paste into your browser or click below). It will take you to a resource page on my web site with links to lots of info on the Tampa area. If there is anything else I can do, please do not hesitate to email or call.

Bruce Bernstein
Broker/Owner
Pretty Dog Realty
800-737-3454 - Tue Aug 26 2008, 17:27