Tampa Luxury Homes in Short Sales

Tampa’s luxury home real estate market has incurred a popular buzz term…the short sale. Open a newspaper, look on the internet and you’ll see that the market is flooded with properties listed as short sales. Simply put, these are properties that lenders authorize to be sold prior to foreclosure or at a loss to both seller and lender. The advantage is that it may save the seller’s credit and potentially cut the lender’s future loss of maintaining the property during the lengthy foreclosure process or worst yet, foreclosing on the property.

Deals are available all over the place. How about on Tampa’s luxury homes?

Tampa luxury homes are no exception to the short sale market. More than the average middle class homebuyer got swept up in Florida’s real estate bubble that began growing about five years ago. Not only were the Jones’ over borrowing, but the Rockefellers were too, so to speak. Like I said before, shift happens! The bubble burst and some Tampa luxury homeowners are feeling the economic pinch, or perhaps the economic bear hug. The universe has an indelible way of leveling the playing field, which translates into the overwhelming real estate gains of yester-year are now losses.

There is a potential deal for Tampa luxury homebuyers who find themselves in this precarious market. Higher priced short sale properties are available even in Tampa’s luxury home market. Check Rick’s Tampa’s Premier Online Real Estate Resource to do a property search of luxury homes in the Tampa Bay area and surrounding locations.

From personal experience, patience is a virtue when making the decision to buy any short sale or distressed sale property. To aid in the process and prevent the sale from falling through, consult with an experienced loss mitigation specialist. These are typically people who have experience working for large banks who can negotiate with the Tampa luxury home lenders to close the deal efficiently. Without a negotiator to consistently and persistently work to close the deal, many short sale deals may never come to fruition. The short sale will undoubtedly take longer than a normal deal, however to score a luxury home in Tampa, perhaps even waterfront, for 5-10% below market value, is worth it. I’m referring to the fair market value of deals that have closed on comparable properties in the same area.

Closing a short sale on a luxury home in Tampa can happen, despite some real estate naysayers. Know what you are getting into and don’t fall in love with a home. Like people, real estate deals will break your heart if you aren’t willing to dig up the dirt.