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4 Ways to Make the Most of a Tampa Home in Pre-Foreclosure

4 Ways to Make the Most of a Tampa Home in Pre-Foreclosure

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Though the sunshine in Tampa can be bright and beautiful, sometimes the dark clouds of foreclosure gather overhead. Those clouds could be because of the loss of a loved one, job layoffs, divorce, or medical bills.

Whatever the reason, if you need to sell a pre foreclosure house in Tampa, there are steps that you can take to make that process less daunting.

How to take action in pre-foreclosure

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The worst thing that you can do when you’re approaching Tampa foreclosure is to put your head in the sand and ignore what’s happening. Making the most of your pre-foreclosure in Tampa starts with you taking decisive action to get back in control of the situation.

Here are four ways to make the most of your Tampa Bay home before it becomes one of the thousands of Tampa foreclosures that happen every year.

1 – Determine your Tampa Bay home’s value

Before you move forward, you need to find out where you’re starting from. Thanks to the internet, you’ve got instant access to what market value looks like for your house in Tampa Bay, FL.

Look for similar homes in your FL area with comparable features.

You won’t be able to get a firm idea of the value of your house without a home appraisal, but home appraisals can be pricey in Tampa Bay, and you might not have the money to spend on that. Look for information relating to other real estate in your area of FL and try to find out what each property listed sold for. This part is important – you need to know what the sale in Tampa, FL was for, not what an online platform like Zillow estimates your house to be worth.

This is really just a starting point for your property, but you have to start somewhere.

2 – Find out exactly how much you owe on your loan

Woman calculating mortgage balance on foreclosures in Tampa, FL

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Next, you need to determine exactly how much you owe on your mortgage. This will include not only the principal and interest, but also any late fees or other penalties that have been added to the property loan.

Knowing the estimated value of your home combined with the amount you owe on the loan is essential.

Look on the website for your lender, and you should be able to search for the exact amount. If you’re more comfortable calling your mortgage holder, you should be able to get a payoff amount on the property from the help desk.

Typically, a lender will charge you a late fee when the mortgage is ten days past due, though some Tampa, FL lenders don’t charge a fee until fifteen days.

3 – Talk to buyers and agents

House in Tampa, FL for short sale

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Your next step is to talk to potential buyers. Pre foreclosures and Tampa foreclosure listings are popular with investors because they know that homeowners like you are most interested in avoiding foreclosure evictions in Tampa, FL.

Understandably, homeowners in Tampa, FL who are nearing foreclosure are willing to sell their homes for below market value in order to prevent pre-foreclosures from turning into foreclosure listings. These homes are generally good deals for the new owner. Selling a home is an instant way to stop pre foreclosures and get the loan completely paid off.

Use the information you gathered about what you owe and what your home is worth to negotiate.

Whether you decide to use a real estate agent for your Tampa, FL property, or decide to go with a real estate investor, you want to make sure that you are getting the best deal for your property.

It’s a smart move to only work with a Tampa real estate agent who has done properties in pre-foreclosure in the past. The same goes for a real estate investor – make sure you find someone who has experience in pre-foreclosure properties.

4 – Stay in close contact with your lender

House with lots of square footage in Tampa

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Though it might be tempting to decline calls from your Tampa, FL mortgage holder, it’s a much better idea to take those calls.

Tell your bank about the plan that you have from the very beginning. If you keep an open line of communication with your lender, they’ll be more likely to work with you if it comes down to short sales.

No bank wants a property to become bank owned if they can avoid it. Foreclosure listings aren’t good for anyone. Don’t just talk to your bank, you can also have your real estate agent or the real estate investor you’re working with talk to the bank. All of this is helpful during pre foreclosure.

Other things to consider with Tampa pre foreclosures

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In your calculations, don’t forget the expenses that go into selling a house and moving.

In a traditional sale in Tampa, FL, you’ll have to pay for preparing the house for sale, including repairs, staging, pictures, etc. You’ll also want to calculate real estate commission, closing costs, and moving costs from the price that you get for your home.

You could end up with money in the bank

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Hopefully, you’ll be able to come out with money in the bank instead of your house becoming one of the thousands of Tampa foreclosure homes. It’s even possible that you’ll have some cash leftover from the sale proceeds if you play it smart enough.

If you can’t cover the costs that are associated with the sale of the house in Tampa, FL, then you might end up having to come out of pocket or negotiate through short sales. All that being said, home prices in Tampa, FL continue to increase, so odds are that you’ll be able to sell your home for a bit of profit before it becomes bank owned. It’s a powerful thing if you can walk away from the house with some cash left. There’s really no better way to make a Tampa Bay day sunny.

Brett Riggins

Brett Riggins

Founder of Connect Home Buyers Brett Riggins started his real estate journey after graduating from Western Michigan University in Construction Engineering. After completing his first few residential flips, him and his wife Arin started Connect Home Buyers LLC, and today, they help homeowners sell their property quick and hassle-free.

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