Julia Vakulenko

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MLS# U7844472

Beautifully renovated Clearwater Home just 15 minutes to the sugary white sand of Clearwater Beach. This move in ready 4 bedroom 2. 5 bath home has a large fenced yard perfect for entertaining. Screened in pool and patio area.
Visit this property in CLEARWATER: 1211 WOOD AVE, CLEARWATER

MLS# A4206935

The residence is open and inviting, ideal for entertaining or simply relaxing in your urban getaway. Open the sliding glass doors and step outside onto the terrace for gracious al fresco dining. Providing a true luxury experience, the Plaza at...
Visit this property in SARASOTA: 50 CENTRAL AVE #15D, SARASOTA

MLS# O5555600

Handyman special 4/3 residence situated on a large lot in a great neighborhood convenient to downtown Sarasota and all it's amenities. The master bedroom has a private bath and the property has a detached 2 car garage/workshop. Great rental...
Visit this property in SARASOTA: 119 S SHADE AVE, SARASOTA

MLS# A4206962

Affectionately called the Painted Ladies, Emma's House by the Sea is one of four homes built in 1912 by Emma Palmer and so named because of their vibrant color. Fully and lovingly expanded and renovated, this charm filled beach house transports...
Visit this property in ANNA MARIA: 306 GULF BLVD, ANNA MARIA


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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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