Julia Vakulenko

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  • $249,000
  • 2 Beds
  • 2 Baths
  • 1,966 Sq.Ft.

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MLS# N5912964

The view is an outdoor patio perfect for cookouts in the comfortable backyard shaded by a beautiful Jacaranda tree. The split plan includes a second bedroom set up as another suite with walk-in closet and updated bath access. You have plenty of...
Visit this property in VENICE: 1702 SHOALS CT, VENICE

MLS# A4187375

This storybook neighborhood of canopied trees has unveiled this beautiful 4 Bedroom gem. 3 Full Bathrooms, spacious 3-Car Garage, crown molding, roomy & functional kitchen w/granite counters, optionally saltwater heated pool/spa, and...
Visit this property in SARASOTA: 721 STONECREST DR, SARASOTA

MLS# A4187318

Very desirable University Park Gated community. Country club living on golf course. Main house has 2 bedrooms and 2 baths, separate guest house has 1 bedroom, 1 bath. All amenities including UTC Mall, restaurants, schools, freeway, downtown,...

MLS# T2883728

Charming 3 bedroom 1 bath home in South Tampa. This home is in move-in ready condition with tile throughout and newer cabinets and countertops. Conveniently located in desirable S Tampa close to shopping, restaurants, and schools with easy access...
Visit this property in TAMPA: 5704 S MANHATTAN AVE, TAMPA


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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