Navigating A Tampa Short Sale Acquisition Should Require A Realtor

by Lance Mohr on February 24, 2012

Navigating a short sale in Tampa isn’t for the weak-minded, since there can be many obstacles to overcome, unless you have expert help. For those homebuyers negotiating on a home with an “underwater” mortgage, disappointment and hassle could be all you end up with, otherwise. This news isn’t meant to discourage you, since some great values can be found in Tampa short sale purchases and many lenders are willing to settle for this arrangement, versus owning another Tampa foreclosure home.

You can expect lengthy delays, once a home enters the foreclosure process, so the key is to complete a short sale purchase before this happens. A Tampa Realtor can help you meet the guidelines and purchase a home listed with short sale possibilities. The lender is usually involved and has desired minimums on acceptable price and closing timeframes. In order to meet these requirements, a Tampa Realtor should probably be in charge of the details. Many homes have slipped from a short sale possibility, into a foreclosure, repossessed or REO property.

In Tampa, real estate professionals have put together many short sale agreements, which mean fewer homes go through the foreclosure process. This helps to maintain property values in the Tampa area, which hasn’t seen the drastic declines in home values that some areas have seen. As a home buyer, this means your investment won’t start declining in value, minutes after you’ve signed the mortgage loan paperwork.

What’s owed on the mortgage could be more than the home’s appraised value and lenders must cooperate with a short sale purchase. Tampa Realtors facilitate the process, by helping sellers obtain terms acceptable to the lender. “Upside-down” mortgages aren’t always responsible for squashing the sale of a Tampa home, when these types of arrangements are made.

It isn’t unusual to see short sale purchases, in the Florida housing market. Due to drastic declines in certain markets, “underwater” mortgage loans are more common. Quick price declines are primarily responsible for the popularity of short sale purchases. Proper handling of the transaction is crucial and depending on what phase the mortgage default is in, closing before foreclosure proceedings happen are mandatory. Homebuyers may put forth lots of effort, without reward, otherwise.

There can be some delay in homes listed on MLS, when it comes to short sales flipped into foreclosures. The listing agent will change, as REO agents will take over. This means that home buyers in the short sale process may find a different situation, when it comes to purchasing the home of their dreams.

For this reason, engaging the services of a Tampa real estate professional can become an important part of the process. Once you have found a home you want to purchase, and you have negotiated a deal with the seller for a short sale, a Tampa Realtor will be in communication with the lender, and help you navigate this unfamiliar waters.

About: Lance Mohr is a Realtor in Tampa, FL with more than 13 years of experience. If you have any questions or are looking for an honest, hard working Realtor give me a call. For more information on Channelside condos for sale or Culbreath Isles homes for sale please visit our website at Tampa2Enjoy.com.

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