Foreclosures are bank owned properties.  These properties are also known as REO's (real estate owned.)  Ownership is derived by court procedure or direct deed from the owner who couldn't pay the mortgage payments.  Lender owners have no emotional attachment to the property and just wants the property off their books.  They usually respond quickly to reasonable offers.  Foreclosures are not given away, though.  They are likely priced at market value taking into consideration their condition, especially when they first come on the market.  The properties are in various states of disrepair and they are usually sold "as is" and without warranty.  Obviously the seller (the lending institution) has not occupied the property and does not know about latent defects.  A careful property inspection is important and you may need some cash available if something needs to be repaired.  Some lender/owners make loans to accommodate.  Buyers submitting offers will likely be required to provide evidence of loan pre-approval at the time the offer is made.

Pre-foreclosure means the seller has stopped making payments or is behind in his payments but still has legal title and ownership of the property, can list it for sale and entertain offers.   A seller in this status of ownership may  have incurred fees, so he could be uncertain about how much he will receive at closing.  The pre-foreclosure seller may be quite motivated to sell the property which may be listed in the lower range of market value.  These are good properties to consider, especially if the seller has plenty of equity (loan to value ratio.)  He may be willing to sell at a below market price to save his credit and avoid the risk of losing everything to foreclosure.

Short Sale situations involve an asking price that will not pay off the mortgage or mortgages and closing costs at closing.  This means the seller will have to obtain approval from the lender for the  sale to close.  It can take lots of time for the lender (whose representative is probably in another state) to consider your offer and they will likely be looking at multiple offers and might even be hoping for better offers while they are reviewing yours.  Therefore, this is not a situation for the buyer who wants quick answers and a quick move.  Several offers on different properties may have to be made before one is actually accepted.  With this type of home, patience is definitely a virtue.

HUD and VA Homes are foreclosed properties that had  FHA or VA mortgages.  These properties are listed on special web sites and they are sold using a bid process.  Approved brokers prepare and submit the bids for buyers.  This type of home represents a small percentage of foreclosures currently being offered for sale as these types of loans were not competitive in the recent past when 100% financing was so readily available.  FHA loans are now gaining in popularity due to improvements in the program and the loss of other programs that were so popular.

I’ll Find You a Wonderful Home…
A Place You’ll Love!

Foreclosures, pre-foreclosures and short sales occur in all price ranges.  During a brief conversation, we can examine the type of home you want, the kind of neighborhood you prefer, and your financial situation.

I’ll take it from there.  Everything you tell me is completely private and confidential.  I stake my profession and reputation on it!

Why not simply explore the idea. You can speak or meet with me absolutely FREE and without any obligation whatsoever.

Simply give me a call at 813-956-2156 and I’ll search properties that meet your criteria and we can set a convenient time to meet. With no hassles and no pressure.