It still is a great time to buy for those you can afford to with interest rate’s at all time low rates and the Federal Reserve has pledged to hold interest rates at an all time low. With new home sales plummeting Tampa home builders are dropping their prices and offering special financing to give buyers incentives to buy new. If you are looking at buying Tampa Foreclosures make sure you consider costs for remodeling and improvements in some cases when all is said and done it you may be better off purchasing a new home in Tampa.
Fannie Mae is getting tough on seller’s who are using strategic defaults and walking away from homes they can afford. They will make it tough for you to get a Fannie Mae loan and you will not be eligible for seven years and in some cases go for deficiency judgements in where states permit. This in my opinion will not likely change anyone from just walking away when severely under water. If people were to continue to pay on a home under water they are unlikely to be able to afford to buy a home in the future anyway.
If you have a home and can’t sell but want to move into something bigger or have to relocate, then renting out your home is a smart option, although many times you still will need to come out of pocket it does help stop the bleeding. Contact our Tampa residential property management division to get your home rented quickly.
{ 11 comments… read them below or add one }
Dan, how much of the Tampa market is made up of distressed properties? Have you seen any drop of foreclosure filings (and if so, do you think HAMP is to be credited for that)?
Hey Alex we are seeing a drop in foreclosures and increase in short sales , the banks seem to be trying to work and get short sales done more although they still take a long time leaving buyers hanging months and months with pending contracts contingent upon the lender’s approval. I plan on doing a market update with numbers of foreclosures.
I see lots and lots of short sales in the market. It just stinks that banks take their sweet time to approve the sale. Half the time the buyer has already walked!
Being a lender, I can see where I’m kind of the bad guy in this conversation–especially to Ashlee!
Honestly, between the tax credit and rise in FHA loans and foreclosures, the biggest hurdle has been getting borrowers to submit everything on time (not pointing a finger–we all have to work together). We’re in an industry now where underwriting has tightened up, and we simply need more information than we did a couple years ago.
Anyways, seen you around, Danny, on do follow sites, and read your blog from time to time. Good stuff.
Best,
Ben
Tampa home builders are doing an excellent work. This would help most of the people to buy a new home at affordable prices.
Well, thanks for posting this article.
In your experience, are short sale buyers investors or people planning to live in the property?
I think next year when we buy a bigger home we will probably rent the one we live in now and see how it goes.
Dan,
I was just looking for some information about whether or not to invest in a home right now, and I think your blog is dead on!
I am lucky in that I was too young to have my savings wiped out in the past couple of years so now I have decided that a home is the best investment around right now. Good luck and I’ll keep on reading.
Spencer
I’m currently in the process of moving to Tampa and this is a great resource to find out about the local real estate market.
I plan on doing a market update with numbers of foreclosures.This would help most of the people to buy a new home at affordable prices.
It depends on where you buy. In the more desirable areas of Tampa Bay, 225k won’t get you very much. It is still WAY more affordable to rent in those areas than to buy. Furthermore, the decent homes that fall in the 225k range are in far-flung suburbs that have been absolutely ravaged by foreclosures. You have to add in the costs and time involved with long commutes that are associated with these locations.