Dennis Jones’ Properties

There are many good deals I’m seeing in the South Tampa market today that are foreclosures and short sales.  The short sales are a bit trickier to land, but I’ve experienced some recent success getting the lender to accept a low offer.  I just had one approved that was listed at $165K and we offered $135K.  The buyer thought I was crazy sending him that one because he was only approved at $135K.  I told him that you never know what they will take until you submit an offer.  To his delight, they accepted the $135K and he ended up getting the opportunity to own a much nicer home than he thought he would get.  It even had a very nice pool.  Foreclosures, REO’s (Real Estate Owned), and Bank Owned properties which are all the same thing, are a little easier to pick up.  Typically, we are seeing a 48 hour turn around on a response from the bank to an offer.  Unfortunately, you are up against cash buyers most of the time on the really good ones, but many will accept conventional financing and FHA.  Most are in an unacceptable condition for FHA, but not the FHA rehab loan which is becoming more and more popular.  I would be happy to go over any of the above information more in depth with you if you have interest in looking at your options.