Benefits of Short Sale Vs. Foreclosure in Tampa Bay, FL

Foreclosures in Tampa, FL are about the same as the rest of the country. With the economy being in such a state, there are many people who are having problems hanging onto their homes. This has resulted in short sales in Tampa, FL so homeowners can salvage their credit and be able to purchase another home in the future when hopefully the economy is looking better.

For several years short sales were not that popular; not only in Tampa but in the rest of the country as well. The real estate agent made a commission from the sale but it was not as much as they made on a regular sale. The bank was not losing money on foreclosures in Tampa, FL, the homeowner didn’t have a foreclosure on their credit record and the purchaser got a better price on the house than normal.

The short sales in Tampa, FL are beginning to pick up with the vast number of homes on the market. With the economy being what it is, the number of banks that are beginning to approve them seems to have increased. It probably has since banks do not want to be stuck with a lot of real estate that they may never be able to recover their money.

If you need to sell your home and a short sale is the best option, there are a few things you should keep in mind. Short sales in Tampa, FL are often thought of as a way to keep from ruining your credit. However, this is not always true. The only way to make sure this is not reported on your credit is to get the bank to specifically say they will not report the shortage. In addition, you need to make sure they do not report it as a Score Factor Code 22. This is an immediate notice to creditors that you have had derogatory records, delinquencies and collections.

Get the lender to agree to not report it either way and even better, get it in writing. That will give you recourse if they renege. The only option that many have if they cannot do short sales in Tampa, FL may be to let the home go into foreclosure. This is the least desirable method of having to give up your home because people are embarrassed at what they perceive as a failure and they often will walk away from the home months before they have to go.

Foreclosures in Tampa, FL are at an all time high just as they are elsewhere. In order to save themselves the embarrassment of feeling like everyone knows they are losing their home, the homeowner will often pack up and move away long before they would have needed to move. A foreclosure can take months.

During this time, you do not have to make the payments. Until the foreclosure is finalized the house is still yours. The stress of trying to figure out where your payments are going to come from is over. There are some banks that will give keys for cash after the sale. You may end up with bad credit due to the foreclosure, but you will have peace of mind when you are out from under this huge debt that never leaves your mind.

For more information about homeowner assistance programs, please visit our “Find A Local Counselor” page, complete the form and we’ll be happy to assist you further.