Myth Vs. Reality: The South Tampa Short Sale

Myth Vs. Reality: The South Tampa Short Sale

When mortgage lenders agree to a South Tampa short sale it means the lender is accepting less than the total amount due. Many Tampa home owners owe more than their house is worth and face the anxiety of foreclosure or having to short sale of their home.

Your Tampa Realtor, Nathan Bangs, offers his expertise and experience to dispel many of the myths surrounding the Tampa short sale process.

Myth: Banks/Lenders Want to Foreclose Instead of Approving a South Tampa short sale.

Reality: False. Banks and mortgage lenders have found that it can be more cost effective to approve a short sale rather than foreclose. The bottom line is that banks simply don’t want to own real estate. They are always looking for ways to avoid the hassle and liability of vacant properties which means that if they can short sale homes in Tampa before foreclosure they probably will.

Banks, investors and even the Federal government all want anyone who is qualified for a short sale to be considered. In addition, more times than not, banks receive more on their investment through a short sale than a foreclosure.

Myth: Tampa Short Sales are Difficult to Get Approved.

Reality: Absolutely not true. Short sales in Tampa, when assisted by an experienced Tampa Realtor, are routinely approved without too many hoops to jump through.

Real estate professionals who are proficient in Tampa short sales have extensive training and experience in helping homeowners in distress and the subsequent processing of short sales. There are no guarantees in any transaction, however, but more and more short sales are being approved regularly. An impossible process? Not true at all.

Myth: Buyers Aren’t Interested in South Tampa Short Sale Properties.

Reality: According to Tampa Realtor Nathan Bangs this could not be further from the truth. “I get calls almost daily from buyers who say they only want to look at foreclosure and short sales,” Nathan says. “Tampa short sales have become synonymous with offering great value to buyers and when sellers and/or buyers work with a Realtor experienced in the short sale process he or she can deliver a great chance of quickly seeing a contract on the property.”

Myth: The Seller Must Leave the House During the Short Sale Process.

Reality: Not true. The seller will not have to move out until the closing. In fact, for homeowners facing foreclosure, an experienced Tampa short sale Realtor can actively work with the bank and can typically get a lender to delay foreclosure proceedings and make it possible to stay in the home for some time.

Myth: A South Tampa Short Sale Price is a Non-negotiable Process.

Reality: False. The foreclosure is a process and during that time all parties involved want the best outcome. This means that a Tampa short sale can always be negotiated between the lender and potential buyers. The myth that the price is what it is probably hurts the short sale process the most. This is where an experienced Tampa short sale Realtor can make all the difference.

During the foreclosure process the lender can stop it up to the final day. Many lenders will stall a foreclosure with as little as a phone call from the seller explaining that they are trying to carry out a short sale and almost all lenders will stall a foreclosure with a legitimate contract. For real estate professionals who understand foreclosures and short sales, there is always time to negotiate a short sale until the foreclosure process is complete.

A Complicated Process Made Simple

The South Tampa short sale process can be a complicated and often confusing transaction. For free, professional and experienced short sale help from experts who care about your situation, contact Nathan Bangs & Associates today.

To get started, please us call (813) 739-5925. Or, simply send us an email to explore your options.

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Contact Information

Photo of Nathan Bangs & Associates Real Estate
Nathan Bangs & Associates
Keller Williams Realty
3502 Henderson Blvd.
Tampa FL 33609
For Buyers: 813-739-5925
For Sellers: 813-739-5965
Fax: 813.936.6205