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

115 Properties
Page 1 of 10
$689,900
Neighborhood: Settlement The
3
Beds
2
Baths
2,205
Sq.Ft.
1986
Year Built
1
Day on Site
A4565813
MLS
This truly unique recently updated property has spectacular new flooring throughout the whole house, Stainless steel appliances in the updated kitchen, and a nicely updated wood-burning fireplace...
$199,900
Neighborhood: Village Gardens Ph 2
2
Beds
2
Baths
1,074
Sq.Ft.
1981
Year Built
2
Days on Site
O6100248
MLS
Florida living at its absolute best! Village Gardens features a lush and green tropical canopy, offering privacy and tranquility throughout the entire community. A nature lover's paradise! Enjoy the...
$499,900
Neighborhood: Fairway Ridge Add
3
Beds
2
Baths
1,942
Sq.Ft.
1989
Year Built
8
Days on Site
T3436023
MLS
MOVE-IN READY POOL HOME!! Recent renovations include a NEW Roof, NEW A/C, NEW Water Heater, NEW Pool Equipment, Remarcited Pool Finish, NEW Pool Screens, NEW Stainless Steel Appliances, NEW Kitchen...
Pending
2310 36th St S St. Petersburg,  FL 33711
$250,000
Neighborhood: Snyders W J Lakeview
3
Beds
2
Baths
1,453
Sq.Ft.
1952
Year Built
8
Days on Site
U8192874
MLS
Welcome to this 3 bedroom and two bathroom home that has had some updates through out! Such as paint inside and outside, flooring, ceiling fans, closets and even the walls! The kitchen cabinets have...
Pending
3975 Lothair Ave North Port,  FL 34287
$185,000
Neighborhood: Port Charlotte Sub 01
3
Beds
2
Baths
1,347
Sq.Ft.
1989
Year Built
10
Days on Site
C7472451
MLS
MULTIPLE OFFERS RECEIVED, HIGHEST AND BEST BY MONDAY 3/26/23 11:59PM - Come on home to one of the fastest growing Cities called North Port! This just may be your opportunity to make this home what...
$399,900
Neighborhood: Kings Lake Ph 2A
4
Beds
2F11/2
Baths
2,856
Sq.Ft.
2003
Year Built
12
Days on Site
T3432925
MLS
Large 2 story home with formal entry, formal living/dining room, bath and flex room perfect for office, game room or 5th bedroom off entry. At the rear of the 1st floor is an island kitchen with...
$235,000
Neighborhood: Bay Island Group 13
1
Beds
1
Baths
855
Sq.Ft.
1977
Year Built
12
Days on Site
U8194613
MLS
Waterfront 1 bedroom, 1 bath condo with beautiful sunset views in 55+ gated community of Sun Island. In addition to the nice-sized rooms, the unit has in unit laundry, a spacious screened lanai with...
Pending
1718 25th St Sarasota,  FL 34234
$150,000
Neighborhood: Newtown 1St Add To
3
Beds
1
Baths
920
Sq.Ft.
1964
Year Built
13
Days on Site
A4564637
MLS
Bring the sparkle back to this gem! This 3 bedroom/1 bath Block home has a large fenced shaded backyard, open kitchen, carport and spacious utility room! Open floorplan! 1.8 miles to downtown...
Pending
4212 W North B St Tampa,  FL 33609
$339,900
Neighborhood: Hanan Estates
3
Beds
1
Baths
1,264
Sq.Ft.
1957
Year Built
15
Days on Site
T3434719
MLS
Very rare opportunity to find a property in this area that could be renovated or be demolished and build your dream home. Property needs complete remodel. There are no warranties or seller...
$482,500
Neighborhood: Villagewalk
2
Beds
2
Baths
1,693
Sq.Ft.
2005
Year Built
16
Days on Site
C7472885
MLS
Resort-style living at its finest, don't miss out on this great opportunity to own in the sought after community of Villagewalk! Enjoy the beautiful scenery of the lush landscaping and winding paths...
Pending
2610 13th Ave N St. Petersburg,  FL 33713
$309,900
Neighborhood: Melrose Sub
2
Beds
1
Baths
824
Sq.Ft.
1940
Year Built
16
Days on Site
U8194149
MLS
Quaint 2 bedroom, 1 bath move-in ready cottage with detached garage. Property has updated roof, flooring, interior, exterior paint, stainless steel appliances, and more. Large detached garage can...
$359,900
Neighborhood: Tamarac By The Gulf 2Nd Add
2
Beds
2
Baths
1,241
Sq.Ft.
1969
Year Built
16
Days on Site
T3434398
MLS
One or more photo(s) has been virtually staged. To help visualize this home's floorplan and to highlight its potential, virtual furnishings may have been added to photos found in this listing....

Contact a Tampa Buyers Broker

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

Post a Comment