Julia Vakulenko

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MLS# T2908738

This Charming Villa in Active 55+ Southshore Falls is everything you’ve been waiting on. Open layout makes everything feel bright, open, and airy, but the split bedroom floor plan gives everyone staying their own space. Come ENJOY THIS WATER VIEW....
Visit this property in APOLLO BEACH: 174 SHELL FALLS DR, APOLLO BEACH

MLS# U7834125

Lovely 1 bedroom/1 bathroom condo in the 55+ seminole square community. The floor plan is spacious featuring a combo living/dining room with sliding doors to the Florida room. Conveniently located close to the new Seminole City Center with lots of...
Visit this property in SEMINOLE: 11620 PARK BLVD #105, SEMINOLE

MLS# T2907975

A welcoming foyer invites you into the first level with living room, formal dining, kitchen and casual family dining area, family room with built in shelving, half bathroom plus a large enclosed lanai with views of the pool. The Recreation Center...
Visit this property in TEMPLE TERRACE: 327 FERN CLIFF AVE, TEMPLE TERRACE

MLS# A4198642

Updated Master Suite Bath. Updated floors throughout. As a part of the greater Meadows community, you have access to three 18-hole golf courses, 17 tennis courts, shopping and restaurants. Club memberships available.
Visit this property in SARASOTA: 4402 GLEBE FARM RD #159, 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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