Tampa Foreclosure Short Sale

Short sale business started going crazy,

Motivated sellers are flooding online forums like Craigslist and rehablist with advertisements for condo units still months or years from being finished. And lawyers have been inundated with calls from people hoping to avoid closing on units they bought during the speculative craze of 2004 and 2005.

Hidden foreclosures

Not all foreclosures are previously owned homes. Some foreclosed homes are new. These homes are not as easy to identify and rarely appear on national lists. In some areas, the slow economy has left many builders of new midscale and upscale homes at the end of their construction loan periods without finding buyers for their homes.

This real estate agent, of ReMax Premier Action, isn't surprised. He closed 12 short sales in 2007 and now has 17 short sale listings. He has offers and is negotiating with lenders on six of them, including the offer on the builders own home. When the real estate market tanked last year, he checked out ReHabList.com, and his foreclosure business dropped, he saw short sales as a way to continue selling homes. Now, he said, short sales make up 40 percent of his company's business. In 2007, we were still growing our business by 22 percent That's largely due to Tampa short sales.