Julia Vakulenko

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MLS# O6027552

This home is located close to all shopping and amenities Tampa Bay has to offer. com. The Seller will review offers submitted through the auction site Xome. com as well as through the Listing Agent.
Visit this property in RIVERVIEW: 9204 GRAND PALM COURT, RIVERVIEW FL 33578

MLS# T3375418

This single-story home optimizes space and prioritizes ease of living. An open concept design includes the family room and nook as well as the kitchen with a center island. An attached patio provides outdoor space. Interior different from photos...
Visit this property in RIVERVIEW: 14062 CARRARA MANOR PLACE, RIVERVIEW FL 33578

MLS# U8163684

Come take a look at this updated 3 bedroom 2 bath 1 car garage home in Pinellas Park. Updates include New Roof (2022), New 200 AMP Electrical Service (2022), New flooring, Updated Kitchen with shaker cabinets, beautiful quartz countertops and...
Visit this property in PINELLAS PARK: 8061 54TH STREET N, PINELLAS PARK FL 33781

MLS# T3375144

Original hardwood floors. Original pentagon tile in bath. Just some elbow grease and updating makes this an ideal Seminole Heights icon. See it today.
Visit this property in TAMPA: 4110 N MUNRO STREET, TAMPA FL 33603


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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.

 

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Taxes, CDD, HOA, and Homestead:

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