Tampa Short Sales

The Truth About Short Sales

Short sales appear everywhere. They are quite tempting at first glance, generally priced well below market value. However, before you jump into purchasing a short sale, you should realize what a short sale really is.

In its simplest terms, a short sale is when the owner wants to sell the home for less than the amount he owes on the house. The current real estate market has caused an excessive number of short sales in Tampa. This means that many people who bought their homes at the height of the real estate market have been forced to sell their house "short" of what they owe the bank.

This presents an excellent chance for many others to buy a home for a low price. However, you should understand how a short sale works before jumping at the opportunity. In a short sale, the bank or lender, whichever holds the mortgage, has the final say on whether to sell at a price less than what is owed. The seller cannot accept a short sale offer herself. Often, this proccess of decision making on the bank or lender's side can take several months. The bank or lender will generally take their time in deciding whether or not they stand to make more money on any other number of possibilies, including foreclosing and selling on the open market.

But for those who have the patience and time, many great deals may be found in short sales. Before proceeding, make sure to understand your state's laws regarding short sales