Tampa Bank Foreclosures: Deal or No Deal?

Occasionally I get calls from consumers looking for a foreclosed property, so I ask a few questions. The one thing that most buyers think is that somehow this “Bank Owned Property” will be a real deal for them…ahhhh, maybe not.

Tampa Bank Foreclosures: Deal or No Deal?

Consumers also think that whatever money was owed on the property to the bank is all the bank will want to recoup…wrong again.

So what is a Tampa Bank Foreclosure?

It is a property that the bank held the loan on that the homeowner did not pay…so the bank did a “REPO” and took the property back.  It now belongs to the bank and they are going to re-sell it…for a profit.

Banks do not price their properties ”well below market value” and they are not desperate to “give anything away”.  Unless of course it is in a poor location, heavily distressed and they cannot snag a buyer for it.

Here are the top things that a foreclosure buyer can be sure of…really sure of:

  • Bank will try to get the highest price and most favorable terms…for them.
  • The property will be in some kind of disrepair.  Owners that cannot afford to pay their mortgage, do not fix house problems.
  • Banks do not do any “serious” repairs…sure they may slap a coat of paint on and install new carpet and call it a day…it is almost unheard of for them to replace the A/C, the roof, or rewire or re plumb the house. Look past the “pretty” stuff to see the real house.
  • What was owed on the property is irrelevant to how much money the bank now wants…banks are only in the business to make money for themselves.
  • After the bank negotiates your offer you will then receive addendums that may reverse whatever was in the contract. This new addendum will favor only the bank…never you.
  • You cannot guess what the bank will take…so please put your formula and calculator away.

» MORE INFORMATION ON BANK FORECLOSURES

Buying a Tampa Bank Foreclosure

If you are looking to buy a good deal, then consider all the properties that fit your criteria. 

Don’t get caught up in the “foreclosure” buzzword.  

Sometimes a regular sale, from a regular seller is in better condition, and at a lower price than the Bank Foreclosure.

» INFORMATION ON SHORT SALES

For straight talk on all your questions, call us. 

Buyers Broker of Florida

727-202-9130

Search All Tampa Area Foreclosures

163 Properties
Page 1 of 14
$259,900
Neighborhood: Lake Highlands Estates
2
Beds
1
Baths
1,077
Sq.Ft.
1955
Year Built
1
Day on Site
W7866686
MLS
$184,000
Neighborhood: Port Charlotte Sub 52
3
Beds
2
Baths
1,320
Sq.Ft.
1978
Year Built
2
Days on Site
O6224533
MLS
$399,900
Neighborhood: De Soto Lakes
3
Beds
3
Baths
2,242
Sq.Ft.
1981
Year Built
2
Days on Site
A4617629
MLS
$378,000
Neighborhood: Ridgewood Terrace
4
Beds
2
Baths
1,330
Sq.Ft.
2003
Year Built
3
Days on Site
U8250379
MLS
$314,900
Neighborhood: Park Lake Estates
2
Beds
2
Baths
1,304
Sq.Ft.
1978
Year Built
3
Days on Site
U8250279
MLS
$269,900
Neighborhood: Siesta Terrace Add 02
3
Beds
2
Baths
1,204
Sq.Ft.
1968
Year Built
3
Days on Site
W7866666
MLS
$234,900
Neighborhood: Gibsons Artesian Lands Sectio
2
Beds
2
Baths
1,596
Sq.Ft.
1992
Year Built
5
Days on Site
D6137368
MLS
$324,900
Neighborhood: Vermillion Sub
2
Beds
1F11/2
Baths
1,572
Sq.Ft.
1968
Year Built
8
Days on Site
T3541197
MLS
$284,900
Neighborhood: Port Charlotte Sub
3
Beds
2
Baths
1,675
Sq.Ft.
1959
Year Built
8
Days on Site
A4617001
MLS
$354,900
Neighborhood: Port Charlotte Sub 04
4
Beds
2
Baths
1,916
Sq.Ft.
1994
Year Built
9
Days on Site
U8247983
MLS
Pending
2507 Linton Ln Port Charlotte,  FL 33952
$169,900
Neighborhood: Port Charlotte Sec 018
2
Beds
2
Baths
914
Sq.Ft.
1972
Year Built
10
Days on Site
D6137305
MLS
4
Beds
3
Baths
2,647
Sq.Ft.
1984
Year Built
10
Days on Site
W7866486
MLS

Contact a Tampa Buyers Broker

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Post a Comment