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

83 Properties
Page 1 of 7
$99,900
Neighborhood: Rerdell
3
Beds
2
Baths
1,056
Sq.Ft.
2004
Year Built
2
Days on Site
T3417804
MLS
Tons of potential in this 3 bedroom, 2 bathroom manufactured home on almost half an acre! You will love the large rooms and lots of space - open living room/kitchen area, and spacious bedrooms,...
$157,000
Neighborhood: Newtown Heights First Add To
3
Beds
1
Baths
864
Sq.Ft.
1961
Year Built
2
Days on Site
O6077227
MLS
Charming home situated on a spacious lot. 3 bedroom 1 bath home with large kitchen and family room. This home is situated close to area beaches, shops, Sarasota Airport, restaurants and major roads...
$325,000
Neighborhood: Clair Mel City Unit 7
5
Beds
3
Baths
3,652
Sq.Ft.
1959
Year Built
3
Days on Site
T3417058
MLS
This 3652 square foot single family home has 5 bedrooms and 3.0 bathrooms. Spacious home with large Livingroom, dining room and kitchen. Bonus room on 2nd floor for multiple use. Covered open...
$279,900
Neighborhood: College Chase Ph 2
3
Beds
2
Baths
1,275
Sq.Ft.
2008
Year Built
8
Days on Site
T3416729
MLS
GREAT Opportunity for a 3 Bedroom, 2 Bath, 2 Car Garage Home in College Chase Subdivision!! Terrific little community with a POOL, LOW HOA, and NO CDD fees! This OPEN Floorplan features a BIG...
$345,900
Neighborhood: Villas Rep
4
Beds
2
Baths
1,537
Sq.Ft.
1996
Year Built
8
Days on Site
A4553921
MLS
Looking for an affordable home on a large lot with no deed restrictions? This 4 bed 2 bath house has recent upgrades and sits on .29 acres and is fully fenced. Do you have a work truck? Maybe a boat...
$389,900
Neighborhood: South Bay Lakes Unit 1
3
Beds
2F11/2
Baths
2,454
Sq.Ft.
2006
Year Built
10
Days on Site
T3416324
MLS
One of the largest homes in the South Bay Lakes area. Huge bonus room, recessed lighting, art niches, wood cabinets, tile, huge walk-in closet, laundry room. Come see this 2454sq.ft. home in a NO...
$287,000
Neighborhood: Briarfield
2
Beds
2
Baths
1,023
Sq.Ft.
1979
Year Built
10
Days on Site
A4553712
MLS
Awesome end unit villa in the Meadows ready for your vision! Great floor plan includes vaulted ceilings in the great room and 2 bedroom suites both with walk-in closets and attached full bathroom....
$119,900
Neighborhood: Angus Valley
3
Beds
2
Baths
1,680
Sq.Ft.
1985
Year Built
10
Days on Site
W7850806
MLS
Deal Alert!! Doubelwide on 1.01 Acre Zoned AR which permits livestock. The mobile needs just about everything but still has potential. The home is located in a Flood zone so the FEMA 50% Rule will...
$42,000
Neighborhood: Port Charlotte Sec 033
2
Beds
1
Baths
897
Sq.Ft.
1961
Year Built
11
Days on Site
O6075218
MLS
***HIGHEST AND BEST OFFERS MUST BE SUBMITTED NO LATER THAN 5 PM ON 12/04/2022*******Great location, close to everything. 2 bedroom 1 bath concrete block home is situated on a spacious lot in an...
$205,500
Neighborhood: Meadowbrook Trailer Estates
4
Beds
2
Baths
2,079
Sq.Ft.
1998
Year Built
12
Days on Site
T3415999
MLS
4 BEDROOM 2 BATH FLEETWOOD DW WITH APPX 2000 SQ.FT OF LIVING AREA SPLIT PLAN. LARGE MASTER SUITE WITH GARDEN TUB AND SHOWER IN BATH. OPEN KITCHEN AND DINING ROOM AREA. INSIDE UTILITY. NEW ROOF AND...
$345,900
Neighborhood: Meadow Pointe Prcl 16 Unit 3B
3
Beds
2F11/2
Baths
1,832
Sq.Ft.
2004
Year Built
15
Days on Site
T3415572
MLS
END UNIT Townhome in Popular GATED Tullamore at Meadow Pointe has rooms for everyone!! Terrific Floor Plan features separate living & dining rooms, plus a LARGE Family Room, kitchen, half bath, and...
$422,500
Neighborhood: Hunting Creek Multi-Family
5
Beds
2F11/2
Baths
2,213
Sq.Ft.
2003
Year Built
17
Days on Site
W7848964
MLS
This beautiful ,completely renovated 2 story , 5 bedroom , 2.5 Bathroom is located in highly desirable Huntington Creek. It has new roof, 2 new AC units, brand new laminate floors on the first floor...

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