Julia Vakulenko

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MLS# T3109685

A home in Carrollwood with all the upgrades you can imagine. This lovely 3 bedroom 2 full bath home is a must see to appreciate. There is a formal living/dining room combination and a family room with an electric fireplace to keep you warm in the...
Visit this property in TAMPA: 2506 HOLLIS DR, TAMPA

MLS# U8005724

The spacious kitchen features stainless steel appliances, ceramic tile flooring and plenty of space for dining plus a pass-through window to the living room, great for serving when you’re entertaining. The kitchen also has a back door that opens...
Visit this property in LARGO: 226 MELODY LN, LARGO

MLS# T3109667

Art Niches down main hallway to a Dream eat-in Kitchen w/Island and Breakfast bar that seats 5-6people. Master Bedroom downstairs with access to pool, Master bath has double sinks, garden tub and separate shower. Backyard has additional outdoor...
Visit this property in RIVERVIEW: 11436 DUTCH IRIS DR, RIVERVIEW

MLS# T3109691

This beautifully appointed 5 bedroom 3 full bath home has a private pool and fully fenced yard, to name a few of its features. The kitchen features granite counters, breakfast bar, 42 inch Espresso wood cabinets with pull outs, built in desk,...
Visit this property in RIVERVIEW: 12309 EAGLE SWOOP PL, RIVERVIEW


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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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