Tampa
Bank Owned Homes - Tampa REO Homes
Today's
economy has created an unprecedented opportunity to acquire a new home,
condo or other Tampa real estate property at very low prices unseen in
years. Why? Due to Bank Owned REO homes now available in the Tampa real
estate market.
The
Smart Way to Buy Bank Owned and REO Properties
in
Tampa
Before you think it's easy to buy bank owned houses for sale, please be
aware that there are a lot of stumbling blocks and issues that can turn
the purchase of a bank-owned Florida property into an expensive
proposition. For example, a property selling at a too-low price may be
in such disrepair that it may cost you more in the long run then a
non-Bank owned property for sale. Or if the price is too cheap, there
may be some reason why the Bank is anxious to get rid of it.
That's
why using a seasoned real estate broker such as Bahia
Realty Group, with experience in Bank Owned REO, Short Sales
and Foreclosure property throughout the Tampa, Florida area, can help
you find the best real estate deal that's right for you and your
wallet, bank owned or not. Best of all, when you buy any property
through Bahia Realty Group, our services are commission-free*!
Bank Owned Homes, REO Properties, Short Sale,
Foreclosure - What Are They and Why Does It Matter?
Briefly stated, Bank Owned and REO
(Real Estate Owned) mean one and the same; i.e., the Bank
owns the deed to the house or property. A Short Sale is a way for a
bank to recoup some, if not all, the money it's owed for the property.
A Foreclosure is when the Bank takes outright possession of the
property.
To
better understand what these terms mean, let's look at a very
simplistic scenario of what happens when a Tampa property owner falls
behind on paying his or her mortgage:
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1.
Pre-foreclosure / Default - This is a time when
a
property owner meets with the bank or lender to work out a repayment
program. If the bank/lender and owner cannot come to terms on a
repayment program or the owner doesn't live up to the terms of the
repayment plan to avoid Foreclosure, the bank or lender has the option
to allow a Short Sale. 2.
Short Sale
- A short sale is a home being sold for less than the bank
is owed. Let's face it, Banks make their money on the mortgage being
paid back - they don't want the property to go into Foreclosure, since
that means the Bank owns it, which means no revenue at all. As a
result, Banks want to get the property off their books by selling the
property, even if it's not 100% of the mortgage balance. So, the bank
may allow the defaulted mortgage holder to sell the property for an
amount less than the mortgage balance owed. However, there is a catch:
the Bank has the right to approve the sale, which can cause problems
and bureaucratic delays. So while the Short Sale concept sounds simple,
using an expert Realtor like Bahia Realty Group can make the process go
a lot easier.
If a
Short Sale or any other option for a Bank to recoup its money falls
through, the next step for the Bank is to Foreclose on the home or
property.
3. Foreclosure
- This
is the formal process of a Bank taking possession of a house or
property. This starts with the Bank suing the property owner for lack
of payment, then having a lien placed on the property and getting the
lien entered into the public record. There are many other legal and
regulatory steps that must occur (we won't go into them here) before
the Bank is legally awarded ownership of the property.
4. Bank-owned REO Property -
The Bank or Lender now has outright ownership of the property, and can
either keep or dispose of the property any way it wants. When you see a
Bank Owned Property for Sale sign, it means that
the Bank has completed the foreclosure process for that property and is
selling it.
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To
learn more about these "distressed" property types and their benefits
for Buyers and Sellers, visit our Tampa
Foreclosures and Short Sales page.
Why
Choose Bahia Realty Group for Bank Owned and REO in Tampa?
If you're interested in a Bank Owned REO home or property in Tampa,
then you're most likely looking to get the best deal on a Tampa house,
condo or other property. At Bahia Realty Group, we can help you save
even more money:
Our services are commission-free
to Buyers, whether you're buying Bank Owned or not!
We offer extensive
listings of Tampa foreclosures, short sales and bank owned REO
properties for sale
Our expertise can help
guide you through the buying process of bank owned REO properties, as
well as help determine if the price is truly right! Remember, buying a
bank owned or short sale property at rock bottom prices is not
guaranteed due to market fluctuations and available inventory. However,
you can rely on Bahia Realty Group to keep you up to date to help you
get what you want.
We can save you time as
well as money by helping you obtain mortgage financing through our Bahia
Mortgage division. Buying bank owned REOs in Tampa have never
been easier!
For
more information or to get started, please get in touch with us right
away by contacting
Bahia Realty Group by email or toll-free phone (888-879-6703).
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