What is a foreclosure?
Foreclosures usually happen when a mortgage lender seizes a home because the home owner (borrower) failed to make timely payments on their loan. The lender will also take steps to sell the house and recoup as much as they can.
Also, foreclosures can happen if the homeowner does not make payments on property taxes or HOA fees.
I'll write and create a video diving deep on this topic soon.
How to buy a foreclosure property?
Probably the best way to buy a foreclosed home in Tampa is to buy it during the preforeclosure process. Here's a summary of how to go about finding and buying Tampa homes in preforeclosure:
- Search the MLS for Tampa preforeclosed homes (below)
- Work with an experienced real estate agent and attorney*
- Get your financing in order
- Perform your due diligence
- Make an offer
*It's always a good idea to hire an attorney, especially if you're not experienced in working with Tampa foreclosures.
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