Short sales in Tampa can be a great way to purchase your dream home, but it can also turn into a nightmare, without experts to guide you through the process. When sellers and buyers work with a Tampa Realtor, they gain the experience to overcome obstacles you might encounter in these situations. Short sales are required to purchase a home, when the seller has an "underwater" mortgage and the lender's approval needs to be given. Tampa short sale purchases have become more commonplace, since most lenders would prefer a smaller loss than they might take on a Tampa foreclosure home.
Dangers lurk with short sale purchases that end up in the foreclosure process. There are different guidelines, including lengthy delays. In Florida, this could mean months, due to the number of homes going through the process. With a Florida Realtor to help you, it's quicker and easier to navigate a short sale purchase, since they will be in contact with the lender, to understand what phases the mortgage or foreclosure proceedings are going through.
In Tampa, real estate professionals have put together many short sale agreements, which mean fewer homes go through the foreclosure process. This helps to maintain property values in the Tampa area, which hasn't seen the drastic declines in home values that some areas have seen. As a home buyer, this means your investment won't start declining in value, minutes after you've signed the mortgage loan paperwork.
What's owed on the mortgage could be more than the home's appraised value and lenders must cooperate with a short sale purchase. Tampa Realtors facilitate the process, by helping sellers obtain terms acceptable to the lender. "Upside-down" mortgages aren't always responsible for squashing the sale of a Tampa home, when these types of arrangements are made.
In the Florida housing market, there are many sellers "underwater" on their mortgage loans, depending on when they purchased and how much was borrowed. The drastic and quick decline of home prices forced sellers into a short sale or foreclosure situation. The most important thing a home buyer can do is to see what phase of the process the home mortgage is in, if it is nearing the foreclosure process. This can save disappointment, besides lots of effort, with no reward.
The Tampa MLS lists potential short sales, but some short sale arrangements can be disrupted, if the lender forecloses. Tampa foreclosures and bank-owned properties are handled by REO agencies, but they work with Tampa Realtors. Purchasing a specific home takes longer, once it's entered foreclosure. A Tampa Realtor can explain the pros and cons.
For this reason, engaging the services of a Tampa real estate professional can become an important part of the process. Once you have found a home you want to purchase, and you have negotiated a deal with the seller for a short sale, a Tampa Realtor will be in communication with the lender, and help you navigate this unfamiliar waters.
Dangers lurk with short sale purchases that end up in the foreclosure process. There are different guidelines, including lengthy delays. In Florida, this could mean months, due to the number of homes going through the process. With a Florida Realtor to help you, it's quicker and easier to navigate a short sale purchase, since they will be in contact with the lender, to understand what phases the mortgage or foreclosure proceedings are going through.
In Tampa, real estate professionals have put together many short sale agreements, which mean fewer homes go through the foreclosure process. This helps to maintain property values in the Tampa area, which hasn't seen the drastic declines in home values that some areas have seen. As a home buyer, this means your investment won't start declining in value, minutes after you've signed the mortgage loan paperwork.
What's owed on the mortgage could be more than the home's appraised value and lenders must cooperate with a short sale purchase. Tampa Realtors facilitate the process, by helping sellers obtain terms acceptable to the lender. "Upside-down" mortgages aren't always responsible for squashing the sale of a Tampa home, when these types of arrangements are made.
In the Florida housing market, there are many sellers "underwater" on their mortgage loans, depending on when they purchased and how much was borrowed. The drastic and quick decline of home prices forced sellers into a short sale or foreclosure situation. The most important thing a home buyer can do is to see what phase of the process the home mortgage is in, if it is nearing the foreclosure process. This can save disappointment, besides lots of effort, with no reward.
The Tampa MLS lists potential short sales, but some short sale arrangements can be disrupted, if the lender forecloses. Tampa foreclosures and bank-owned properties are handled by REO agencies, but they work with Tampa Realtors. Purchasing a specific home takes longer, once it's entered foreclosure. A Tampa Realtor can explain the pros and cons.
For this reason, engaging the services of a Tampa real estate professional can become an important part of the process. Once you have found a home you want to purchase, and you have negotiated a deal with the seller for a short sale, a Tampa Realtor will be in communication with the lender, and help you navigate this unfamiliar waters.
About the Author:
About: Lance Mohr is a Realtor in Tampa, FL with more than 13 years of experience. If you have any questions or are looking for an honest, hard working Realtor give me a call. For more information on Channelside condos for sale or Culbreath Isles homes for sale please visit our website at Tampa2Enjoy.com.
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