Tampa Bank Owned Homes as Opposed to Tampa Short Sale Properties

It is kind of interesting to hear the term Short Sale as most people have no idea what that really means.  Most people think it is a sale that will happen quickly...guess again.  A short sale is a term that implies that the Owner of the property is short on funds for repaying the loan.  In our board, the Seller and Buyer must sign the contract first and then submit it to the bank for third party approval.  This may take a very long time as the bank has to decide how much money they are willing to lose.

On the other hand, a Tampa Bank Owned Home or Tampa REO are homes that have gone thru the foreclosure process, the bank has reclaimed the property, it did not sell at auction and the bank has absorbed the loss.  A sales price is set and you have no third party approval to deal with as the bank is the seller of the property.  The response time for getting an answer on an offer is similar to a regular Seller (may take a little longer but not much) and close can happen within 30-45 days.

If you have a choice, the Bank owned homes are the fastest way to go, if you have time to wait, a short sale can be lucrative as well.  Which ever way you go, have your finances in place, be ready to close quick when the bank gives your offer the thumbs up, and don't skip a beat.

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