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Attention
Buyers! - Let us help you find the best deal in Tampa Foreclosures
Real
estate Buyers are the ones
who can most benefit from short sales, foreclosures, distressed
sales and REO
properties. We can help you find the property you want ata discounted
price. In fact, feel free to browse our extensive
real-time listings of
Tampa Bay short sales, foreclosures and REOs to view the
deals available today! However, short
sales are not for the light-hearted. They may take sometimes
months, and there is never a guarantee that the Lender will approve it.
Buyers must be patient, and have the flexibility to wait, or even move
on to another property should the Lender holding the note decide to
reject the offer.
At Bahia
Realty, we fully understand the process to help you take
advantage of these
real estate opportuntities. It is also important to us that you, as a
potential real estate Buyer or Seller, be aware of the process as well,
so that you are an informed consumer.
Tampa
Short
Sale, Foreclosure or
REO — Let Bahia Help You Determine the Best
Solution
As
you can see in the chart below, being a real estate Seller in
the situation of needing a short sale, foreclosure or REO to eliminate
mortgage debt is, unfortunately, not a positive one.
That's why you are encouraged to do what you can to continue payments
on your mortgage, even if it means working out an arrangement with your
current
Lender.
|
Short
Sale |
Foreclosure |
Bank-Owned or REO |
| Definition |
A
property that is in pre-foreclosure or foreclosure but not yet up for
auction; the Seller or Seller's Agent will handle the sale. The Lender
agrees to accept less than the total amount due on a
mortgage because there is not enough equity to sell and pay all the
costs when a home is sold. |
A
property where the home owner has stopped making payments on the
mortgage, and the property is up for auction by the Lender. |
A
home that has gone through the foreclosure auction and because there
were no bids, becomes a bank-owned property or bank foreclosure. |
| Benefits for Seller |
Helps
the Seller get out from under mortgage debt. However, Seller's credit
rating will be negatively affected because the property is in a
foreclosure status. |
No
benefit — the Seller may lose any equity in the property
regardless of when it's sold. Seller's credit rating will
also be
negatively affected. |
No
benefit — the Seller may lose any equity in the property
regardless of when it's sold. Seller's credit rating will
also be
negatively affected. |
| Benefits for Buyer |
Offers
potential discounts in buying real estate, at or even below market
value. Also may allow the Buyer to discount the loan from the Lender. |
Offers
potentially huge discounts in buying real estate, usually below market
value. |
Offers
potentially huge discounts in buying real estate. However, be
aware that Lenders will want to sell for the highest price possible to
recover some or all of the equity and selling fees. |
| Benefits for Lender |
Lender
receives funds to avoid a "hit" on their profits. Some money
is better than nothing at all. |
Lender
receives funds to avoid a "hit" on their profits. Some money
is better than nothing at all. |
Lender
avoids owning real estate and their carrying costs on their books. |
With our in-depth
knowledge and expertise in Tampa short sales, foreclosures and REOs, we
can significantly increase the chances of getting the deal done. Prior
to making the offer, we will talk with the Seller or Listing Agent to
learn if the listing price has been already approved with the bank
and serve as your intermediary with other involved
parties.
Let Bahia help
you create a win-win situation now! |