Bank Owned properties are almost always way below market value because the banks are not really in the business of holding real estate. So, they want to dispose these properties anyway they can as soon as possible.
Currently the market is saturated with Shortsale listings, foreclosure, pre-foreclosures, bank-owned, REOs etc. What do this all mean to the buyers?
► See Tampa Bank Owned Properties now. Look under HOT DEALS 4U box.
Buyers and investors alike are having a field day in the Tampa Bay area on the great deal they're having on Bank Owned properties. Here's a brief background on the state of Tampa Bank Owned Homes. These are just the deals for savvy investors and buyers looking for a bargain. Bank Owned properties are almost always way below market value because the banks are not really in the business of holding real estate. So, they want to dispose these properties anyway they can as soon as possible.
Short sales have proven themselves to be anything but short so make sure you have enough information on short sale transactions before getting into one. Here's a fair warning on our experiences on Tampa Short Sale.
Foreclosures and pre-foreclosures are about the same process in that the banks are involved and have final say on pricing. So the price listed may not be what the banks will accept. Be careful when buying these. Ask your agent to explain to you the process involved and the timing it will take to close these deals. Again, it's best to just deal with REOs which is also another term for bank owned homes. Here's more info in Tampa Bank Owned Properties.
Enjoy and happy buying or investing. Holler for help:)
Written By: Julia Vakulenko who is a licensed broker associate with Tampa4U.com Realty. She has one of the hardest working Tampa Real Estate team in Florida specializing in Tampa Condos and also in2Va Team for Northern Virginia Real Estate.
Published by Conrad Valencia on September 4, 2009 07:06 PM
