TAMPA BAY AREA FORECLOSURES, BANK OWNED PROPERTY
What is a foreclosure? Foreclosure is a process by which a secured creditor such as a bank takes back ownership of a home or condo in default due to failure to pay. This can take a few months or more after payments stop and during that time (pre-foreclosure) the property owner may try to sell the home at a reduced price. This is called a short sale and the hope is that the lender will accept this amount because it probably is less than what is due on the mortgage.If a short sale does not take place, the bank eventually repossesses the property. Bank owned property is typically offered for sale at what is left on the loan balance. Many times foreclosures and bank owned property are good deals but certainly not always. We can help you know for sure if it's a great deal or a sales ploy and advice you along the way to home ownership -- hopefully with a savings of thousands of dollars! Check out our page of Tampa Bay motivated sellers for other buying options.