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

165 Properties
Page 1 of 14
$499,900
Neighborhood: Greyhawk Landing Ph 3
3
Beds
3
Baths
2,446
Sq.Ft.
2006
Year Built
2
Days on Site
T3514749
MLS
$159,000
Neighborhood: Carver Heights 01
3
Beds
1
Baths
984
Sq.Ft.
1995
Year Built
3
Days on Site
T3514429
MLS
$369,900
Neighborhood: Oak View Terrace Pha
2
Beds
2F11/2
Baths
1,024
Sq.Ft.
1985
Year Built
4
Days on Site
T3510566
MLS
$625,000
Neighborhood: Enclave At Lake Seminole
5
Beds
4
Baths
2,918
Sq.Ft.
2015
Year Built
4
Days on Site
T3513653
MLS
$249,900
Neighborhood: Arcadian Heights
2
Beds
1
Baths
1,048
Sq.Ft.
1948
Year Built
4
Days on Site
T3513748
MLS
$346,500
Neighborhood: Townn Country Park Un 01
3
Beds
1
Baths
1,055
Sq.Ft.
1959
Year Built
4
Days on Site
T3507277
MLS
$479,900
Neighborhood: Summerfield Village 1 Tr 11
6
Beds
3
Baths
3,096
Sq.Ft.
2005
Year Built
5
Days on Site
T3513647
MLS
$459,000
Neighborhood: South Branch Preserve 1
4
Beds
2
Baths
1,846
Sq.Ft.
2019
Year Built
7
Days on Site
T3513510
MLS
$249,900
Neighborhood: Winchester Woods
3
Beds
2
Baths
1,696
Sq.Ft.
1985
Year Built
7
Days on Site
T3513644
MLS
$1,300,000
Neighborhood: Oak Ridge Court Estates
5
Beds
5
Baths
3,984
Sq.Ft.
1995
Year Built
7
Days on Site
T3513692
MLS
$349,900
Neighborhood: Poinciana Park First Add
3
Beds
2
Baths
1,204
Sq.Ft.
1955
Year Built
7
Days on Site
A4604571
MLS
$336,500
Neighborhood: Spring Hill
3
Beds
2
Baths
1,510
Sq.Ft.
2006
Year Built
7
Days on Site
W7863239
MLS

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