Julia Vakulenko

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MLS# O5832171

Half bath off the entrance hall for guest use. The enormous walk-in-closet is equipped with ample storage and a 2nd storage closet. Balcony provides a wonderful outdoor entertaining area. The community features two large pool decks on the 9th...
Visit this property in TAMPA: 1208 E KENNEDY BLVD #320, TAMPA

MLS# T3225479

Customized to perfection, the elegance and grandeur of this Beach Park estate combines superior craftsmanship that reflects impeccable taste and sophisticated architectural details. Timeless in appearance this 2009 gated residence is situated on...
Visit this property in TAMPA: 415 S ROYAL PALM WAY, TAMPA

MLS# T3222468

Nice 2 story home on 5 acres in the springhead area. 23x28 FAMILY ROOM HAS FRENCH DOORS & BRICK FLOORS. ENTER THE BACK THRU THE 10x12 MUDROOM WITH PEDESTAL SINK. Beautiful oak trees on property.
Visit this property in PLANT CITY: 4304 OLD MULBERRY RD, PLANT CITY

MLS# U8030841

Pre-Construction. To be built. Enjoy future sunsets and direct Gulf views from this 4th floor southwest corner 3,367 square foot condo home which will offer the radiant winter sun. Garages available.
Visit this property in INDIAN SHORES: 19738 GULF BLVD #401-S, INDIAN SHORES


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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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