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.