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Florida Foreclosure Homes Main Page
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HOMES - Waterfront & Gulf Front Homes for sale in Tampa Bay
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Foreclosures - Homes
Short Sales Tampa Bay
Under $150,000
$150,000 to $200,000
$200,000 to $300,000
$300,000 to $400,000
$400,000 to $500,000
$500,000 and Up
Foreclosures - Homes
Bank Owned Tampa Bay
Under $150,000
$150,000 to $200,000
$200,000 to $300,000
$300,000 to $400,000
$400,000 to $500,000
$500,000 and Up |
Short Sales Bank Owned Foreclosed Florida Real Estate
SHORT SALES - the asking price on a short sale is not
a firm commitment to sell at that price. A short sale is real estate
for sale at less than what the seller owes on the mortgage balance.
The Real Estate listing agent makes a personal decision on how to
price it. Some are at unrealistic low prices to attract buyers to
submit an offer that will be countered at a higher price. Lenders
give no advice on the price they'll accept, until after a purchase
contract is submitted to them from the seller. Listings that state
that the asking price is lender approved will be a little faster for
all cash or buyers with pre approved financing and solid credit with
at least 20% for a down payment.
Short Sales - All real estate does not qualify for a short sale and
not all lenders accept short sales. The short sale process can be
less expensive and a better alternative to foreclosure for both the
lender and the real estate owner. A short sale can keep the record
of foreclosure off their personal credit reports. It's also less
expensive than going through the court system in a foreclosure
lawsuit. Short sales are an alternative to bankruptcy. Buyers
pursuing a short sale will have a much longer wait for their offer
to be considered.
Real Estate Owned by the Bank or Lender is called an REO. The
foreclosure process was completed. They have taken back the property
and now have it for sale usually at a huge discount. Along with your
offer you must include a letter from your bank or a lender that you
are qualified to make the offer. All cash or buyers with pre
approved financing and solid credit with at least 20% for a down
payment are usually necessary for acceptance. Banks and lenders
determine the final selling price. Foreclosed homes are sold well
below the mortgages owed to them.
Aug. 24, 2011 – In recent news, Fannie Mae has publicly assured
homeowners going through foreclosure that they will be protected
from losing their homes while applying for a federally funded loan
modification. Homeowners can apply for a modification at any point
before or during the foreclosure process.
If a modification is approved, homeowners can keep their homes if
they make their adjusted payments. Absent that, here are the stages
of a typical foreclosure:
1) In default: A loan is in default when a mortgage payment is 30
days late.
2) Warning: When a loan is 60 days past due, the bank, credit union
or mortgage company warns that foreclosure is the next step.
3) Proceedings begin: After 90 days, the lender refers the loan to
its foreclosure department, and hires a local lawyer to begin
foreclosure proceedings.
4) Sale advertised: The lender's lawyer advertises the property for
sale for four consecutive weeks in a local newspaper. The sheriff's
sale date is listed in the advertisement.
5) Sale held: The sale is held on the published date. A sheriff's
employee conducts a courthouse auction and the highest bidder wins,
usually the bank that owned or serviced the mortgage.
6) Sheriff's deed: The winning bidder gets a sheriff's deed that
lists the last date the homeowner can redeem, or take back, the
property, usually six months from the date of the sheriff's sale.
During this redemption period, the homeowner can live in the
property or try to sell it.
7) Redemption period: To redeem a property, the homeowner must pay
off the mortgage and all interest and late fees, court and attorney
fees, title and appraisal fees, taxes and insurance. Otherwise, they
will be evicted from the home. |
