Julia Vakulenko

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MLS# T3266575

*DO NOT DISTURB TENANT* Long-term tenant, no sign and by appointment only. Listing Agent Must accompany. Conveniently located by the major retail stores and residential neighborhoods. Short commute to Tampa, Sarasota & Brandon.
Visit this property in GIBSONTON: 10407 GLORIA ST, GIBSONTON

MLS# T3290260

This home has an open floor plan with family/living room combo upon entrance. Impact fees are paid. Property is within the industrial mode with lots of growth rising in the area. Possible to re-zone (please check with county).
Visit this property in BROOKSVILLE: 16452 MARTHA RD, BROOKSVILLE

MLS# U8096540

Stainless steel bar fridge and oven, as well as quartz counters, makes for a nice clean look. Just steps away from the tropical setting of the Island Pool, Clubhouse and Turnberry Pub. Several levels of club memberships are available for purchase...
Visit this property in PALM HARBOR: 36750 US HIGHWAY 19 N #04222, PALM HARBOR

MLS# T3290692

Location. This solid block home offers a 3/2 split plan featuring large master en-suite with dual sinks and huge walk in shower. The recently added family room is the perfect spot for movies, games and entertaining friends. Durable hard wearing...
Visit this property in RIVERVIEW: 10520 JOHANNA AVE, 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.

 

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