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

152 Properties
Page 1 of 13
$249,900
Neighborhood: Armstrong Acres
2
Beds
2
Baths
1,201
Sq.Ft.
1983
Year Built
1
Day on Site
O6145517
MLS
Great location! Perfect for investors or renovation enthusiasts, this comfortable 2 bedroom, 2 full bathroom home has amazing potential. Located less than 1 mile from the New College of Florida...
$195,000
Neighborhood: The Greens Of Town Country Country
3
Beds
2
Baths
1,138
Sq.Ft.
1971
Year Built
1
Day on Site
T3476281
MLS
SOLD AS IS NO SELLER DISCLOUSURE THE UNIT IS VACANT YOU SHOW ANY TIME NOT CALL SHOWIN BUTTOWN
$174,900
Neighborhood: Port Charlotte Sec 002
2
Beds
2
Baths
1,068
Sq.Ft.
1971
Year Built
2
Days on Site
A4584447
MLS
Enjoy wide open space with this BLOCK 2BR/2BA home with 1,068 sq ft and lots of room to expand on .34 acres! Bring your imagination to turn this home back into its glory. Large enclosed Florida room...
$273,000
Neighborhood: Forest Hills Unrec
3
Beds
2
Baths
1,728
Sq.Ft.
1992
Year Built
3
Days on Site
W7858465
MLS
Three bedroom, two bath home located in Brooksville on 4.2 acres zoned Agricultural. This home features an eat-in kitchen, great room with two-sided wood burning fireplace, master bedroom suite with...
Pending
3819 Valley Tree Dr Tampa,  FL 33610
$130,000
Neighborhood: Unplatted
3
Beds
2
Baths
1,400
Sq.Ft.
1927
Year Built
5
Days on Site
T3475685
MLS
Under contract-accepting backup offers. Priced for a quick sale! This .34 acre lot sits in heart of Hillsborough County and is just waiting for an investor! RDC-12 zoning which allows for duplexes...
$255,000
Neighborhood: Gibsons Alafia River Estates
4
Beds
2
Baths
1,885
Sq.Ft.
1957
Year Built
5
Days on Site
T3473328
MLS
Welcome to Gibsonton! This block home offers 4 bedrooms, 2 bathrooms, a detached garage/shed and sits on a huge 1 acre - just blocks from the water. No HOA or CDD to worry about. Plenty of room for...
$324,900
Neighborhood: Port Charlotte Sub 09
3
Beds
2
Baths
1,680
Sq.Ft.
2005
Year Built
5
Days on Site
A4584212
MLS
Stop renting and start owning! This incredible home was built in 2005 and has been updated with recent improvements that are sure to impress. The open floor plan features 3 bedrooms, 2 bathrooms, and...
$519,000
Neighborhood: Lake In The Woods Ph V
4
Beds
3F11/2
Baths
4,007
Sq.Ft.
1999
Year Built
6
Days on Site
W7858398
MLS
Excellent Opportunity in a Gated Community! This spacious 4 bedroom, 3.5 bathroom pool home is your canvas for transformation in Lake in the Woods, a guard- gated community just off US19. This...
Pending
1232 Rainbrook CIRCLE Valrico,  FL 33596
$399,900
Neighborhood: Bloomingdale Sec N
5
Beds
3F11/2
Baths
3,154
Sq.Ft.
1987
Year Built
6
Days on Site
W7856841
MLS
One or more photo(s) has been virtually staged. Auction Property. *** This home will be auctioned from 09/10/2023 to 09/12/2023 *** Auction Alert!!! This 5 bedroom, 3.5 bathroom home is located in...
$589,900
Neighborhood: Country Club Village At Carrol
3
Beds
2
Baths
1,909
Sq.Ft.
1985
Year Built
6
Days on Site
U8215222
MLS
Welcome to 14501 Brambie Ct in Carrollwood Village! You will be delighted with the freshly painted exterior and well-manicured landscaping. Step inside and view all the beautiful features of this...
$249,900
Neighborhood: Club Villas Condo
2
Beds
2
Baths
1,218
Sq.Ft.
1990
Year Built
8
Days on Site
W7858344
MLS
Welcome to your beautiful villa located in the heart of a great neighborhood that provides maintenance-free living! This 2 bedroom, 2 bathroom home boasts high ceilings and plenty of natural light...
$416,000
Neighborhood: Chelsea Oaks Ph I
3
Beds
2
Baths
1,830
Sq.Ft.
2004
Year Built
9
Days on Site
A4583665
MLS
Opportunity knocks..Pool home located in gated Chelsea Oaks with low HOA fees and NO CDD fees. The 3 bed 2 bath Ranch property with office or 4th bedroom (home was previously used as a builders model...

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