Julia Vakulenko

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MLS# T3107009

Under Construction - Gated Community / Low HOA Fee's / No CDD. This beautiful one story 1,936 sq. side by side refrigerator with in- door water and ice dispenser, electric range, built in dishwasher and built in microwave, 36” kitchen cabinets...
Visit this property in DOVER: 3432 KEARSNEY ABBEY CIR, DOVER

MLS# T3107275

Under Construction; This appealing one-story layout optimizes living space with an open concept kitchen situated in between the living room and dining room and all bedrooms have there owned privacy. The living room overlooks a covered patio...
Visit this property in RIVERVIEW: 11160 LELAND GROVES DR, RIVERVIEW

MLS# T3107273

Under Construction - This beautiful two story 2896 sq. "Raleigh" home has five bedrooms, 2. Just 5 minutes to I-75 right off US301 and the road in to the community is going to connect with US41 in the future. ) and it's even close to a local beach...
Visit this property in RUSKIN: 9728 SAGE CREEK DR, RUSKIN

MLS# T3107341

The master suite features an oversized walk in closet and his and her sinks. With homes starting from the $180s, 3-5 bedrooms and up to 2,896 square feet, you can combine affordability with comfort for any size family. All homes are fully equipped...
Visit this property in ZEPHYRHILLS: 3232 KRESTERBROOKE LN, ZEPHYRHILLS


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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:

 

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Taxes, CDD, HOA, and Homestead:

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