Often Buyers contact agents and say they are looking for a bank foreclosed property because they have heard they can get a home at a price much less than the actual value of the home. While that may be true in some areas of the country that is not typically the case in the Tampa Bay area.
Year-to-date statistics for 2016 in Hillsborough County show that non-distressed resale homes are still selling for a lower percentage of the list price when compared to bank-owned and short sale properties.
Many buyers still believe that they will get the best deal when purchasing a bank-owned property. This can result in multiple offers on bank-owned properties and can drive the contract price above the asking price. There are still good values on bank-owned properties. The best values are usually homes that have been listed for sale for longer than the average days on the market or homes where the first buyer has decided to cancel.
One final consideration when looking at bank-owned properties is whether or not you plan to finance your purchase. You will most likely be competing with cash buyers when submitting your offer which can make your offer less desirable to the seller. There can also be limitations on your loan that can prevent the home from qualifying for financing. Either your lender or your Realtor can advise you regarding these limitations.
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