In many cases, the buyer is considering foreclosures first. Primarily this is because they feel they will get the kind of deal they are looking for. Tampa foreclosures are touted as being the best way to get a house for the cheapest price, but is that always true?
Just as there are with any other kind of buying, there are pros as well as cons to buying a foreclosure property in the Tampa area. There are actually some very good reasons to buy a foreclosure, among them , the great pricing and the well motivated sellers who may take a lower offer or want to help you to find financing more rapidly.
There are also some disadvantages that you should take a look at before you decide if you?d like to buy a foreclosure. Every kind of real estate sale requires some research. Make sure that you do yours prior to deciding what kind of home you are looking for.
If the financial institution agrees to take a short sale, you may well not be able to close on your house for at least three months time. Are you prepared to wait for that time span before you can move into your house? You must wait until those who are living in the home move out. If the home is in foreclosure, it is a frequent problem that this may take some time. Also, consider that if they owe more than you?re interested in paying, buying the house in foreclosure is probably not what you want to do.
If the Foreclosure is sold at a home auction, you will be unable to have any type of home inspections take place and as such, you are not typically protected prior to your purchase of the home. Tampa homes that are sold at auction are sold in an As Is, or a take it as you get it, kind of situation. Are you prepared for this?
August 26th, 2011
Source: http://www.tampa2enjoy.com/blog/2011/08/26/examining-the-reality-of-tampa-foreclosures/
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