Julia Vakulenko

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MLS# T2914800

Winthrop has it all- shopping, dining, nightlife, arts, Dr’s office, private community center with state of the art fitness center, catering kitchen and pool, and highly rated schools from daycare through High School. Convenient to downtown Tampa,...
Visit this property in RIVERVIEW: 6132 HADLEY COMMONS DR, RIVERVIEW

MLS# T2914759

Within minutes from everything the great city of Wesley Chapel has to offer, this is the home you've been looking for. Come see this terrific open floor plan that includes 4 bedrooms and 2 full bathrooms and many more valuable features. In your...
Visit this property in WESLEY CHAPEL: 27610 SUGAR LOAF DR, WESLEY CHAPEL

MLS# A4201366

You can enjoy casual eating in the kitchen overlooking the lanai or special dining events in the large formal dining room. The master retreat features his & hers closets & renovated master bath that offers dual sinks w/ granite counters, a large...
Visit this property in PARRISH: 2966 WILDERNESS BLVD E, PARRISH

MLS# A4202192

This 4 Bedroom 3 Bath, 3 car garage is situated on a cul-de-sac. The galley kitchen with natural gas overlooks the eat in kitchen nook and views from the aquarium glass. Enjoy the Florida Fall weather when you pocket the sliding glass doors. and...
Visit this property in SARASOTA: 4855 CARRINGTON CIR, SARASOTA


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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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