There are plenty of reasons people want to buy foreclosed homes in Tampa Bay. You can certainly find affordable foreclosures in the area… but should you really buy one?
Pros of Buying a Foreclosure in Tampa
In most cases, you’ll save a lot on a home’s purchase price when it’s in foreclosure. If you can pick one up at a price that’s lower than its market value, there’s a good chance that you’ll have immediate (or close to immediate) equity. Many lenders are willing to negotiate price, too, especially when the home has been on the market for a while.
Sellers in foreclosure (before the bank actually forecloses) are often in a rush to sell the property, too, which can work in your favor when you’re a buyer.
Sometimes foreclosures need only minor work or upkeep, which means they’re a smart buy for some people.
Cons of Buying a Foreclosure in Tampa
When a great deal on a foreclosure pops up, you may be more likely to become embroiled in a bidding war; however, that can happen when you purchase any home.
One of the biggest “catches” to buying a foreclosed home is that the previous owner didn’t have the money to make his or her mortgage payments… so how much did he or she really put toward maintenance, upkeep, and repairs? You could inherit a series of problems.
Worse, you could inherit other problems. When you buy a foreclosed home, you could be responsible for debts associated with or connected to the home. That’s why title searches and other checks are tremendously important when you’re buying a foreclosure.
The Bottom Line on Foreclosures
If you know what you’re doing and you’re working with a Realtor® who’s experienced in foreclosure transactions, buying a foreclosure may be the perfect way for you to step into homeownership.
Are You Looking for Foreclosures for Sale in Tampa’s Suburbs?
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When you’re ready to start looking at homes for sale in Hillsborough County, Pasco County or Pinellas County, we’re here to help.
Call us at 727-584-8480 or 813-961-6000. If it’s easier, get in touch with us online. We’ll begin searching for your new home right away.