Short Sales and Bank Owned Homes in Tampa FL

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To realize more savings, one of the more popular ways being looked into by Tampa bay real estate buyers are buying distressed homes, which are either short sales or bank-owned properties. Before you make the same leap, it might be important for you to know the basic differences between the two.

Short Sale: Short sale properties, also known as pre-foreclosure sales, are real estate properties which are sold for less than what has been owed to the lender, usually the bank. These properties are already facing foreclosure, but are sold to a new owner even if at a loss, before foreclosure is completed. These properties are attractive to a lot of investors because the bank will often agree to take less than what is owed on the property. The logic behind this is that even if the buyer makes the purchase at a lower price, he is still actually saving the bank time and money by stopping the legal foreclosure process to happen and taking the property off the bank’s shoulders. Short sale buyers typically gain more savings than those who bought Bank Owned (REO) Property buyers. However, it may take many several weeks or even months for the bank to approve a short sale offer. During this wait period, a stronger, competing offer may also be presented by another buyer.

Bank-Owned or REO: On the other hand, Bank-owned properties are those real estates that are already owned by the bank because it has already completed the foreclosure process. If you are planning to purchase such a property, expect that the sales process is just like buying a property from another owner, except that now, that owner is the bank. Typically, banks should respond to such a purchase within about 48 business hours, compared to several weeks or months which you would experience in a short sale transaction. Although your savings maybe lower compared to those who were able to make short sale property purchases, no counter offers maybe made so the property is definitely yours after the bank approves and accepts your written purchase offer.

It is also important to note that buying such properties entails a lot of negotiation with the bank, so you need further assistance. For more information, seek the advice of your trusted Tampa real estate agent. Contact us today so we can discuss your real estate needs.

Hillsborough County: includes Tampa, Brandon, Lutz, Valrico, etc…

Bank-Owned & REO