How to Negotiate a Purchase of Tampa Bay Area Foreclosure or Bank Owned Real Estate
March 3, 2010 by Rick Frissell · Leave a Comment
The first thing you should know about buying a Tampa Bay Area Bank Owned Property is that you have greater negotiating leverage if the property has been on the market for a while. When an REO first goes on the market, the bank may be unwilling to negotiate down on its asking price as it wants to get as much of what was owed on the original loan back as possible. However, once a home or condo has sat too long on the market with few bites, a bank becomes more willing to take what it can get since its primary goal is to get the asset off the books and increase shareholder value. Banks have no desire to be in the real estate business. So, here are some tips on how to negotiate with a bank when buying a bank owned property.
So You Want to Buy A Foreclosure and Get A Steal
October 2, 2009 by Rick Frissell · Leave a Comment
One of the hottest markets in Florida, particulary the Tampa Bay markets, is bank foreclosures. Foreclosures have steadily accounted for between 25% to 35% of the sales units in the four counties of Hillsborough, Pinellas, Hernando and Pasco. The purpose of this blog is to help understand what to expect regarding price when shopping for a foreclosed home.
In addition to the hot foreclosure market is the short sale homes which is another part of the distressed housing market. “Short Sale” is the term that identifies a home that is for sale by the owner for a list price that is less than the homeowner’s current mortgage balance. Our blog today is focused on foreclosures and we will return with another blog on “How To Find A Good Short Sale.”
