Tampa Real Estate

The Greater Tampa Association of Realtors has released the following average home sale prices for Tampa by area for homes sold in January, 2008.

Note: All new home sales and private sales are not included.

If you would like additional information or assistance in your home buying process, please give Russ Perlowski, (813) 494-2124 a call.

Well, I guess it is more like 15 seconds!  This is the first time that I have made the Wall Street Journal (that I am aware of).

Kitchens by Crayola by June Fletcher

Some things you need to know before buying a “Short Sale” / Pre-foreclosure home or bank owned home.

THEY AREN'T FOR SISSIES!!

1. You need to be patient with the process. Unlike “normal” home buying, typically it can take weeks and sometimes months to get an answer on your written offer that is approved by the bank.  Repeat this if you have to counter their counter.

2. You must be pre-approved and submit written proof of your lender preapproval for the loan amount/purchase price at the time you make the offer. (Just as you should on a “normal” home you are considering purchasing.)

3. The homes are almost always sold in an “as is” condition, meaning that NO repairs will be made on the home.

4. Just because it is a short sale or bank owned home doesn’t mean that it is a good buy.

Additional information:  Wall Street Journal

On bank owned properties the banks typically order an appraisal or a “BPO” to determine the list price. A “BPO” is a Broker Price Opinion. I provide broker price opinions for some lenders and they are based on comparative prices of homes that are listed and have sold in the neighborhood, with adjustments for the condition of the home, etc.

A Broker Price Opinion is very similar to a Comparative Market Analysis which I prepare for Buyers on homes before they make a written offer to purchase.

I have seen many instances where the list price of short sale homes or bank owned homes is higher than comparable homes that are not “distressed” homes for sale.  Recently I showed some "short sale" homes.  I thought one had a very attractive price and well below what I considered to be market value, one had what I thought was a "fair" market price and others that were priced high.

Wesley Chapel has as many as 110 "short sale" homes for sale and New Tampa 65.

So, my recommendation is to get an agent that knows the market and can provide you with choices and market analyses on homes.  Just because the home is listed as a "short sale" does not mean that you can't get a better buy on another home that isn't a short sale, and then you probably won't have to purchase it in an "as is" condition or wait weeks to get a reply.

On the other hand, selling a home as a "short sale" requires very specific steps to be taken with the sellers' lender up front if the Seller qualifies.  It is very important that the listing agent take the appropriate steps with the full cooperation of the sellers early on in the process.  Additionally, recently the Greater Tampa Association of Realtors has required new steps for listing a home in this situation and specific language to be included in our multiple listing system and contracts.

If you have questions on buying or selling a home under these circumstances, give me a call.

Russ