What exactly is a distressed home? The clear definition is of course a home that is being repossessed by the banking institution that issued a loan to the owner. There are a few great things about buying distressed homes of course, for example when you buy a distressed home, you do not particularly need to worry about paying a high price. There is however the question of whether or not the mortgage on the home is particularly high. If you are dealing with a distressed home there is a chance that some of the mortgage will be paid off at this point which will certainly serve your purpose well.
These repossessions happen for a number of reasons. It may be that the person simply could not pay, or it could be that they simply gave up. Once a home is foreclosed on, it becomes the property of a bank such as Fannie Mae if that was the original lender. Keep in mind that there are many different lenders and they all offer different prices once the house goes to auction. The thing we are here to discuss today however is the possibility (or lack thereof) of distressed homes in the state of Florida.
It is no secret that the majority of buyers were going to the state of Florida due to the number of distressed homes that were on the market. The economy however has taken a turn for the better, and the reports of distressed homes within Florida and Tampa itself have dwindled in number. What this all comes down to of course is the fact that Tampa is no longer a buyer's market. Traditional home sales have seen an increase of nearly 57% in Hillsborough Country along with a 63% increase during March and June.
There are more than a few traditional home sales in the Tampa area. If you happen to be the head of a household seeking a family home, then you're going to find that Tampa has a lot to offer in the way of traditional homes and you're sure to find exactly what you're looking for!
Though this might be discouraging to those who thrive on short sales and distressed homes, it should be a sign to many that the economy and real estate market in Tampa Florida is starting to recover. That being the cases it won't be long before new properties and new homes emerge on the market. Whether nor not the market will take another nose dive is really a matter of opinion, and we will need to watch carefully.
In any case, Tampa Florida will become a great place to live and work for many years to come! The economy will thrive, new businesses will move in, and communities will grow stronger. IF you are thinking of purchasing a home in the Tampa area, you need only speak with a local Realtor and see just what is being offered at this time. You will find that there is a home to meet the needs of virtually any individual whether you have a family of two, or a family of nine. Hospitals, schools, and markets will all make their appearance in this new reality that is a thriving Tampa Florida. So, are you ready to make your purchase? Pick an area, find a home, and start realizing your dream. This might not be the buyer's market anymore, and you might not be able to get a home at an extremely low price, but a home is a home, and quality is quality. This is especially true in a beautiful area like Tampa Florida, the great peninsula of the United States.
These repossessions happen for a number of reasons. It may be that the person simply could not pay, or it could be that they simply gave up. Once a home is foreclosed on, it becomes the property of a bank such as Fannie Mae if that was the original lender. Keep in mind that there are many different lenders and they all offer different prices once the house goes to auction. The thing we are here to discuss today however is the possibility (or lack thereof) of distressed homes in the state of Florida.
It is no secret that the majority of buyers were going to the state of Florida due to the number of distressed homes that were on the market. The economy however has taken a turn for the better, and the reports of distressed homes within Florida and Tampa itself have dwindled in number. What this all comes down to of course is the fact that Tampa is no longer a buyer's market. Traditional home sales have seen an increase of nearly 57% in Hillsborough Country along with a 63% increase during March and June.
There are more than a few traditional home sales in the Tampa area. If you happen to be the head of a household seeking a family home, then you're going to find that Tampa has a lot to offer in the way of traditional homes and you're sure to find exactly what you're looking for!
Though this might be discouraging to those who thrive on short sales and distressed homes, it should be a sign to many that the economy and real estate market in Tampa Florida is starting to recover. That being the cases it won't be long before new properties and new homes emerge on the market. Whether nor not the market will take another nose dive is really a matter of opinion, and we will need to watch carefully.
In any case, Tampa Florida will become a great place to live and work for many years to come! The economy will thrive, new businesses will move in, and communities will grow stronger. IF you are thinking of purchasing a home in the Tampa area, you need only speak with a local Realtor and see just what is being offered at this time. You will find that there is a home to meet the needs of virtually any individual whether you have a family of two, or a family of nine. Hospitals, schools, and markets will all make their appearance in this new reality that is a thriving Tampa Florida. So, are you ready to make your purchase? Pick an area, find a home, and start realizing your dream. This might not be the buyer's market anymore, and you might not be able to get a home at an extremely low price, but a home is a home, and quality is quality. This is especially true in a beautiful area like Tampa Florida, the great peninsula of the United States.
About the Author:
Lance Mohr is a specialist in the Tampa real estate market. If you have any questions or are looking for hard working Realtor give me a call. For details on Tampa condos or Tampa Realtors please visit our website at www.Tampa2Enjoy.com.
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