Being a Real Estate professional in the Tampa Bay area, one of the big hot buttons today is Foreclosures, Short Sales and Bank REO. If you don't know what these terms mean, please see your favorite Real Estate Professional and ask them as this article is not about what they mean but more so about how to deal with them. There are a few pointers I would like to give individuals who are interested in purchasing Tampa Foreclosures which I will present in bullet form.

1. Leave Your Ego at the Door. The banks or Lenders that hold these properties are flooded with properties and they are doing there best to expedite the paperwork involved in processing these homes. You can feel free to write whatever you would like in your contract to purchase one of these homes, such as you want an answer on the price within 24 hours, you want to close in 30 days, etc., but don't expect the bank to abide by any of these, what I will call, "Requests". You will pretty much get an answer back from them when they have an answer, no sooner. This could take 2 days, or it could take 2 weeks or longer. The name of the game is patience.

2. Get and Inspection! Most lenders do not know anything about the property. They will be selling it to you, most likely, "As Is". That does not necessarily mean that you can not negotiate with them on price. But you need to have your ammunition ready and the best defense is an inspection with problems. They can and in most cases will adjust the price accordingly to the inspection. Have a good agent working with you and they should show you the ropes.

3. Get Pre-Approved! Speak with a Mortgage broker or whomever you choose to get financing from. An offer with no Pre-qual or Pre-Approval will not get you very far with the Lenders that are selling the homes. The banks will not even look at your offer if you are not prepared. Be prepared!

So in closing, have patience, do your homework on the property, and get your financing in order. Do as much leg work up front as possible. And above all, hire a Professional Realtor that knows what they are doing to minimize your stress!

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