subject: Tampa Short Sales - What You Need To Know [print this page] Tampa Short Sales - What You Need To Know
A short sale is done when an owner of a certain property owes a financer more money than what the property is actually worth in the market at the time. Selling of such a property is usually done when the owner wants to avoid a foreclosure. However, a home owner may be willing to let the property be sold on a short sale but get no approval from the financer. In other words, a short sale can never take place if the finance has not given a go ahead for it. The picture becomes even more complicated when the home owner owes more than one financer. In a short sale, the amount of money for which the property is sold is usually less that even what the current owner owes the financer. Therefore, a decline in market prices of property in Tampa has led to an increase in the number of Tampa Short Sales being done therein. Tampa Short Sales for luxury homes is particularly on the rise. This is because of the fact that about five years ago, the real estate market in Tampa was really booming, and the prices at which luxury homes were being sold were unbelievably low. Therefore, many people jumped into these deals, with much backing by banks and mortgage companies. Most of them have been unable to pay back the mortgages, hence the reason why Tampa Short Sales are on the rise every day. Tampa Short Sales usually take between two to four months to be approved by the financer after the owner has made open his wish to have the property on short sale. It is usually better for the home owner when he initiates the process than when he is forced to do it when the financer issues notice to him. Tampa Short Sales are much available at present, but you need to involve someone who has more expertise in the field before you jump into any investment. The most appropriate person to involve is an agent or a realtor who is very conversant with Tampa Short Sales. However, even before you involve one, you need to verify the documentation of the property advertised for Tampa Short Sales. Basic things you should know about the property include the one holding the title deed of the property at the moment. In most cases, it is the financer who should be in possession of the title deed. Also, enquire from the financer on how much is owed to them on the property. This will give you a rough estimate of the price at which the property will be sold to you or an estimate of the price at which you will offer to buy the property. As you hire a Tampa Short Sales realtor, let it be one who is very conversant with short sales and one who is able to greatly make a successful bargain on your behalf. Also, ask about any tax implications this property may leave on you one the short sale is complete.
