Tampa Foreclosures

Area markets are flooded with Tampa foreclosures, homes that have been assumed by banks and lenders after their previous owner's efforts to catch up on or re-negotiate payments have failed. Their unfortunate loss is your gain, since these properties are usually sold at auction to the highest bidder, often at significant savings. At these prices, you'll be competing with other investors and home buyers, so it pays to be prepared at auction to give yourself a fighting chance of winning the deed to that property.

How do you do that? By following the key points we'll discuss here regularly, topics of discussion that raise the odds of eager house hunters in search of great deals on foreclosures, courtesy of your friends at Tampa2Enjoy.

What can I do to prepare for a foreclosure auction?

Simply put, know your property. Research county records or online databases to find out who owns the property. Learn as much as you can about what's for sale, and the details of any existing liens that remain unpaid, since you'll assume them as liabilities if you buy the property. You can also obtain a property report from a real estate agent. Call the auctioneer to discover any bid requirements for the sale. Develop a maximum cash bid based on all this information, and don't deviate from your pre-determined strategy.

What is an REO property?

If a house fails to sell at auction, it becomes a bank-owned property or REO (Real Estate Owned), in which case you'll be dealing directly with a lender for the sale. Any negotiated price from this point forward will require extensive documentation, as the bank will reference a bottom-line market value with little room for fluctuation, regardless of market conditions. You'll deal with an institution by mail or fax that operates under business hours and hopes to recapture as much of the original value as possible.

Stay tuned for more tips on how to negotiate sales of Tampa bank owned homes, short sales, and foreclosures in the coming weeks, and good luck in finding your next home through research and determination.

Lance Mohr is a full time professional Tampa Realtor specializing in Tampa foreclosures and Tampa real estate.