If you’re wondering if you should buy a foreclosure, you’re not alone. Many people who are searching for a home for sale in Tampa Bay are wondering the same thing.
Unfortunately, there’s no one-size-fits-all answer.
Should You Buy a Foreclosure in the Tampa Bay Area?
The foreclosure market moves quickly. It’s not surprising that many people who want to buy a house in Tampa Bay are looking for great deals, so the market is also a bit competitive.
However, sellers who are in the pre-foreclosure stage want to sell their properties quickly in order to avoid damaging their credit. That puts you, as a buyer, at an advantage; you can bargain on price.
Real estate that’s owned by a lender – properties that have reverted to the bank because the original buyer couldn’t make the payments – is usually a great deal. The lender wants to sell it because they have nothing else to do with it, and you may be able to pick up one of these properties without spending the full market value.
Sellers often prefer working with buyers who have already been preapproved for a loan (a preapproval is different from getting a mortgage, which requires you to fill out an application that will be considered by a lender). A preapproval can help put you on the fast track when you’re searching for foreclosures in Tampa.
Disadvantages to Buying a Tampa Bay Foreclosure
Before you buy a foreclosed home, it’s important that you know the property was given up by an owner who could no longer afford the payments. In some cases, that translates to a poor maintenance history. You may not discover the extent of some problems until you begin repairs – after you already own the home.
Foreclosures often require a good deal of paperwork, as well, so it’s best if you work with a Realtor® who has dealt with these types of home purchases before. That way, you can be sure that all your bases are covered before you make the commitment.
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