Julia Vakulenko

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MLS# U8025273

There is a bedroom, bathroom, inside utility room with washer and dryer, living room, dining room and kitchen on the first floor. The second floor has the other two bedrooms and a bath, including the master. The HOA fee is very reasonable for a...
Visit this property in LARGO: 7360 ULMERTON RD #15C, LARGO

MLS# U8025515

But this is a win for you and you will understand after seeing this home in person. The front door opens into a huge living room that has beautiful cove ceilings, wrap around windows with 2” blinds and tons of natural light. Windows have been...
Visit this property in ST PETERSBURG: 2698 41ST ST N, ST PETERSBURG

MLS# U8025537

This remodeled executive home has distinguished curbside appearance along with its graceful interior. The lovely foyer entry overlooks large heated saltwater swimming pool. This home boasts of many desirable upgrades including a new beautiful...
Visit this property in TAMPA: 1605 MAGDALENE MANOR DR, TAMPA

MLS# U8025527

Separate makeup vanity. Beautiful white step in shower with frameless glass door. Sparkling aqua glass inserts throughout bathroom. Inside laundry with washer and dryer included.
Visit this property in OLDSMAR: 840 LUCAS LN, OLDSMAR


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Tampa Foreclosures

A foreclosure is the legal process of a lender terminating the interest of any homeowner who has defaulted on his loan. When the process if finished, the previous owner loses their rights to the home and lender owns the house. The lender usually sell the home and uses the proceeds to satisfy the mortgage, plus and legal costs. If there is money leftover, the funds can be applied to any other liens on the home or returned to the previous owner.

It is a risky business buying foreclosed homes. Many of the homes are distressed and are sold on the courthouse steps for cash. Before buying a foreclosed home, the buyer will not have an opportunity to inspect the property, so it is a gamble as to how much work needs to be done. Sometimes, the previous owner will gut the property or damage it, but all sales are final in a foreclosure sale. Title insurance is also not available on these homes, so there could be court judgments, undisclosed mortgages, liens, or tax liens. The property is only available as the lender’s description on the deed of trust before purchase.

There are never too many bidders at the foreclosure sales because the requirement for payment is all cash in order to purchase a home. It is nearly impossible to get financing to buy a foreclosure, so many buyer’s will show up with cashier’s checks. It is usually the same group of buyers at a foreclosure sale.

Many homes posted for sale will get postponed for a later date due to a number of reasons including the homeowner filing for bankruptcy, an agreement between the owner and the bank, or the homeowner making the mortgage current.

Some homes on sale have a high minimum bid, and no one will bid on them. Foreclosure prices begin with the balance of the mortgage plus and penalties, leans, later fees, court fees, etc. If no one bids on the property, the home goes back to the primary lender that started the foreclosure. At this point, the bank could list the home sale with a Realtor as an REO (Real Estate Owned).

If a buyer does win the home, he or she is given the trustee’s deed to the home. This will give the buyer a guarantee that the home is free of any loans, but not tax liens. It is now up to the buyer to take care of those if they are left on the property.

Immediate possession of the property is granted, and sometimes the previous homeowners are still occupying the residence. The buyer is responsible for evicting anyone living there. The new owner can start and unlawful detainer proceeding, but it does not give a direct timeline of when they will be out, or what kind of damage they can do in the meantime. So it is very risky for a novice investor to purchase foreclosures.

 

The Home Buying Process:

 

Types of Resale in Today's Market:

 

Taxes, CDD, HOA, and Homestead:

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