Bank Owned Real Estate for Sale in Tampa Bay - Current Listings & The Benefits of

Bank owned homes are usually an awesome deal. These are homes that have already gone thru foreclosure and are now owned by the bank. The Bank had to pay a tremendous amount of money to foreclose on the house as well as they have all the mounting expenses and headaches associated with a portfolio of vacant homes, where they are making no money on them as they sit there vacant. The Bank is now a motivated seller!

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When making an offer on a pre-foreclosure it could take as long as 6 weeks to 3 months to get a response on an offer and be able to close. You have be be very patient and have a pretty open time line on the date you have to move in when considering a pre-foreclosure.

With a bank owned home, your realtor should get a response from the Bank a lot quicker than that.

It's best if you can make an offer when you are the only one in the running for the house, however, sometimes the bank will price the house extremely low in order to draw a lot of attention to it. I know of a house that had 13 offers with the bank picking the highest and best offer. That was really wise marketing. That was basically an auction with the house going to the highest bidder. That takes me back to how things were at the height of the market a couple of years ago.

When making an offer on a bank owned home, you have to keep in mind that the house 99% of the time will be sold as-is with no repairs.

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I always advise my home buyers to get a home inspection done so that the home buyer has a better idea what works and what doesn't, also the life left on the roof, etc.

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If you have any questions, please feel free to contact me any time.

Warmly,
Stephanie LeFew
Tampa Home Buy Realty
Tampa Bay Realtors to Assist You in your home search, at your pace
www.TampaHomeBuy.com
stephanie@tampahomebuy.com
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813-624-3332 / 813-991-1355