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

157 Properties
Page 1 of 14
$390,000
Neighborhood: South Haven
4
Beds
2
Baths
1,926
Sq.Ft.
2022
Year Built
1
Day on Site
T3507861
MLS
$429,000
Neighborhood: Peridia Unit Ii
2
Beds
2
Baths
1,584
Sq.Ft.
1987
Year Built
1
Day on Site
A4601064
MLS
$184,900
Neighborhood: Little Cuba
2
Beds
2
Baths
1,184
Sq.Ft.
1920
Year Built
2
Days on Site
W7862386
MLS
$392,000
Neighborhood: Raintree Terrace Sub W
4
Beds
2
Baths
2,300
Sq.Ft.
1984
Year Built
2
Days on Site
T3506186
MLS
$544,900
Neighborhood: Arbor Greene Ph 1
5
Beds
3F11/2
Baths
3,525
Sq.Ft.
1999
Year Built
3
Days on Site
T3493264
MLS
$249,900
Neighborhood: Four Winds Estates
4
Beds
2
Baths
1,675
Sq.Ft.
1973
Year Built
5
Days on Site
T3507067
MLS
$355,100
Neighborhood: Golfwoods
3
Beds
2
Baths
1,281
Sq.Ft.
1971
Year Built
6
Days on Site
O6181544
MLS
$284,900
Neighborhood: Port Charlotte Sec 008
3
Beds
2
Baths
1,643
Sq.Ft.
1987
Year Built
6
Days on Site
C7488685
MLS
2
Beds
1F11/2
Baths
981
Sq.Ft.
1956
Year Built
6
Days on Site
U8232041
MLS
$1,249,000
Neighborhood: Panther Ridge
4
Beds
3
Baths
3,721
Sq.Ft.
2000
Year Built
7
Days on Site
A4600782
MLS
Pending
2813 Hamlin PLACE Palm Harbor,  FL 34684
$399,900
Neighborhood: Lake Valencia Unit One
2
Beds
2
Baths
1,626
Sq.Ft.
1982
Year Built
9
Days on Site
U8231283
MLS
Pending
5208 Secretariat RUN Brooksville,  FL 34609
$367,900
Neighborhood: Silverthorn Ph 1
4
Beds
3
Baths
2,685
Sq.Ft.
2004
Year Built
10
Days on Site
W7862071
MLS

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