Julia Vakulenko

Featured properties: See ALL

Tampa4U.com

Newest listings

MLS# U8005786

Calling all investors. Best value in island estates. Island Estates is an exclusive waterfront community within close proximity to the world famous sandy beaches of Clearwater Beach and home to our very own "Winter" from the world famous...
Visit this property in CLEARWATER BEACH: 644 ISLAND WAY #305, CLEARWATER BEACH

MLS# A4404422

"A" rated schools at all levels. Rear yard is fenced & the entire property has reclaimed water for irrigation. Huge screened in rear patio with insulated roof. Open floor plan with arches, volume ceilings with fans, blinds, drapes and custom tile...
Visit this property in LITHIA: 6211 BRIDGEVISTA DR, LITHIA

MLS# T3109781

Elegance in the heart of Panther Trace. The large covered porch greets you as you approach the home with its beautiful archways that add architectural flair to the exterior facade. With 5 bedrooms, 4. 5 baths, there is plenty of room to entertain...
Visit this property in RIVERVIEW: 11619 BALINTORE DR, RIVERVIEW

MLS# T3109672

Spectacular master retreat with attached master bath with his & hers sinks, granite countertops, garden tub & separate walk-in shower. You'll enjoy the lovely kitchen with plenty of granite counters, 42" cabinets and separate breakfast nook...
Visit this property in RIVERVIEW: 8343 MOCCASIN TRAIL DR, RIVERVIEW


Tampa4U.com

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:

© Copyright 2008 - 2016