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Wednesday, July 23, 2008

Why Bank Owned is Better than a Short Sale if you need to close quick-Tampa, Fl

The past 3 weeks have been like a flood gate opening in the Tampa real estate market. I've seen more activity from interested buyers than I've seen in the past 3 years. Everyone is recognizing that now is a great time to buy.

I've been working with a buyer who is being transferred with the military and instead of renting he's taking advantage of our great deals.

We looked all day in Wesley Chapel, Fl. Previewed about 10 homes total. Every single home was either a short sale, foreclosure or bank owned property. I didn't look for properties that were in distress, however, every single home we saw was listed for less than what the seller paid.

At the end of the day my client decided to put in an offer on a 3/2 home in the Meadow Pointe Subdivision. The home is around 1,700 sf, has granite in the kitchen, nice wood cabinets a deep stainless steel sink, fireplace, outdoor grill area with a built in bar, pre-wired surround sound and yes a pool. The home sold for 189K back on 2004. It's now listed for 169K. A similar home in the same subdivision could have sold for around 250K in 2006.

Since they buyer needs to close quickly, having a home that's already owned by the bank turned out to be a better option. We submitted our offer and within 2 days the bank countered and my client accepted. We are still hearing it may take up to 5 weeks to close however. If you need to move quickly, a bank owned property will be your best bet. It's better than having to wait 45 days to hear back from the bank on a short sale to find out they didn't except your offer.

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Rae Catanese and Michelle Jordan


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