Julia Vakulenko

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MLS# T2904787

Walk to restaurants, grocery store and shopping. Two master size bedrooms upstairs with window casements and crown moldings everywhere. Kitchen features stainless appliances. Looks almost new again with fresh paint and new AC.
Visit this property in TAMPA: 310 S WESTLAND AVE #2, TAMPA

MLS# T2904089

FOR GPS LOCATE USE 1809 N Gordon ST Plant City 33563 for front gate. Google/bing maps not updated. (1) Foam filled BLOCK walls, reflective roof panels (2) exterior grade weather resistant stucco or beadboard on porch ceilings (3) Pillars are REAL,...
Visit this property in PLANT CITY: 1203 WILD DAISY DR, PLANT CITY

MLS# T2904538

In the heart of Valrico this 3 bedroom with Loft/Office 2. In the Buckhorn Golf Community, with top rates schools, and low HOA. The eat in kitchen boasting Granite Counter Tops and Brand New Stainless Steel Appliances and is open to cozy family...
Visit this property in VALRICO: 2611 DRUMWOOD PL, VALRICO

MLS# U7832591

The kitchen, complete with appliances, wood cabinetry, and granite countertops, combines with the open living and dining area, fantastic for entertaining family and friends. The master bedroom features a master bath complete with custom tile...
Visit this property in GULFPORT: 4711 CORONADO WAY S, GULFPORT


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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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