fbpx

Pre Foreclosure Strategies for Homeowners who Need to Sell in Tampa, FL

Pre Foreclosure Strategies for Homeowners who Need to Sell in Tampa, FL

Table of Contents

Image by Sanremo Domains via Pixabay

Sometimes, life pushes you down a hard financial path. An unfortunate outcome of job loss, losing a loved one, or other life events is that you can get behind on your mortgage payments. If you’re facing foreclosure in Tampa, you have options.

Tampa, FL house facing foreclosure

Image by Peter Podlesak via Pixabay

Many people facing foreclosure in Tampa, FL look immediately to put their homes for sale. Getting out from under a property, with the help of realtors or on your own, can be challenging in FL. The following strategies for pre foreclosures will help you get through and get back on your feet in Tampa, FL.

paper house with grass in Tampa

Image by Moerschy via Pixabay

Timeline for Tampa foreclosures

Tampa Bay house for sale

Image by 193584 via Pixabay

Tampa foreclosures can happen quickly. The bank will put your home in pre-foreclosure after just three missed payments.

For sale home in Florida

Image by Paulbr75 via Pixabay

It takes up to six months for a house to go from default to a sheriff’s sale. During that time, the homeowner stays in possession of the house. Even after the sheriff’s sale, the homeowner continues to keep possession of the home as the bank entertains increased offers from other potential buyers. All through that time, the homeowner can potentially stay on the property.

Yellow house for sale in Florida

Image courtesy free-images.com

Once the bank does take possession of the house, there’s an eviction process in Hillsborough County that’s similar to what happens to tenants who don’t pay rent. This of course only applies if the homeowner is still in the house at the time of the sale.

New construction home for sale in Florida

Image by Paulbr75 via Pixabay

It’s possible to negotiate with the bank up until the date of the foreclosure sale. Tampa homeowners are notified that their real estate is going to be sold on a given date well in advance by certified letter, notice posted, or being served by the sheriff.

Toy house on green grass in Florida

Image by Image4you via Pixabay

Options for FL pre foreclosure homeowners

Homeowners in Tampa, FL have a few options if the person intends to prevent foreclosure.

Hillsborough county house

Image by 193584 via Pixabay

1 – Pay off the past due amount

Mailbox in Tampa

Image courtesy Stocksnap

This is the easiest way to pull out of pre foreclosure, but it’s also the hardest. After all, if a Tampa homeowner could pay off the amount they wouldn’t be delinquent. However, if the homeowner has gotten a new job, is able to secure a line of credit, or is able to borrow some money to get the loan back current, they can pay it to the bank without even entering foreclosure.

Florida home key

Image by Shutterbug75 via Pixabay

2 – Make accommodation requests to the lender

Large home in Florida

Image by Paulbr75 via Pixabay

Tampa, FL homeowners interested in negotiating with the bank can often get an extension on payments before the listing goes live and the house is bank owned. Check the website of your lender to see what they offer before calling so you can know your options.

3- Pursue a short sale

Sold house sign in Florida

Image by General Reviews via PickupImage

Short sales are usually good deals for buyers, but they also keep homeowners from losing everything they put into their real estate in Tampa. You can always turn down the listing broker’s offer, but it’s worth pursuing. Oftentimes, potential buyers search for short sales specifically. If your FL home is in pre-foreclosure, expect to be contacted by potential buyers who want to get your house before it becomes bank owned.

Ranch house for sale in Florida

Image by Yourhomebylori via Pixabay

FL foreclosed homes listing

Roofline on a home in Tampa

Image courtesy Stocksnap

It takes a while for information relating to foreclosure listings to hit the foreclosure website. Listing information presented is usually related to the sale of properties, and it’s not unlike the MLS listings. Potential buyers search proprietary database compilation sites to find non commercial foreclosures.

Large old house in Tampa

Image by Glynn424 via Pixabay

The MLS is deemed reliable because only people with real estate licenses can add to them through IDX listings. Just as with home listings, pre foreclosures will have the following information included:

Bedroom view in Tampa

Image by HGrossberg via Pixabay

  • square footage
  • real property information
  • property details
  • property history
  • bank/lender information
  • House on a quiet street in Tampa

Image by Wolfields via Pixabay

A sale in Tampa, FL has to be registered with the Hillsborough County Recorder of Deeds. This information is publicly available, Prospective properties consumers can find this information at the courthouse in downtown Tampa, but the local government is also charged with ensuring digital accessibility. Anyone with web experience can find it – it’s not provided exclusively to real estate agents.

House for sale funny

Image by Alexas Fotos via Pixabay

The information in foreclosure listings is independently verified with the bank. This is why these listings are so trusted by people looking to buy houses.

Prevent your Tampa house from becoming bank owned

You’ve worked hard to purchase a piece of real estate, and the last thing you want is for your Tampa property to become bank owned.

Open house sign in Tampa, FL

Image by Savanna Sherstad via Pixabay

Don’t stop your search for solutions. Continuously working with the lender while keeping up the search for a buyer is a two pronged approach that will best keep your house off the MLS listing and in your control. Identify prospective properties consumers, reach out to the local mls brokerage, and above all else keep looking for a solution that works for you.

Large house in Tampa Bay

Image by 193584 via Pixabay

Whether you’re near Tampa Bay, in Tampa Heights near the Armature Works, or further out in Hillsborough County, your real estate doesn’t have to go into foreclosure. You can prevent it!

Homeowner in FL

Image courtesy Stocksnap

The sheer amount of money at stake in this kind of real estate scenario can be daunting, but you can take control of your Tampa home.

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.

Stay Informed

Subscribe to receive an exclusive once-a-month insider real estate market update. Stay up to date on trends and future forecasts. Market updates every month