Florida
Foreclosure Condos
Foreclosures - Short Sales - Bank Owned - Foreclosed
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Florida Foreclosure Condos Townhomes Villas Bank Owned Foreclosures
Pinellas Pasco Hillsborough County
Real Estate Owned by the Bank or Lender is called an REO.
The foreclosure process was completed.
They have taken back the property and now have it for sale usually at a huge
discount.
Along with your offer you must include a letter from your bank or a
lender that you are qualified to make the offer. Sign Up for a
Free Foreclosure List
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Florida Condos, Townhomes & Villas not in foreclosure. Includes Gulf Front, Waterfront, Furnished Income Investments
& more
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Fannie Mae Home Path
Properties are approved for Mortgage and Renovation Special
financing on Fannie Mae homes. You may qualify even if your credit
is not perfect. Available to owner occupiers & investorsContact
Us Here
Condos
Below are Short Sales, Pre Foreclosures or Foreclosed.
Many are REO - meaning taken back and owned by the Bank.
To submit an offer on a REO, foreclosure or
short sale, you must have a proof of funds approval letter from a financial institution. Free
Loan and Real Estate Information Contact
Us Here
Let us SEARCH for you...We'll email you all available real estate
in your own chosen criteria.
Then let
us know which properties interest you. We'll run further research and
give you - Full Details
such as - monthly maintenance fees, are pets allowed,
okay to rent for income. Etc
- Click
Here
SHORT SALES - the asking price on a short sale is not a firm
commitment to sell at that price. A short sale is real estate for sale at less than what the seller owes on the mortgage balance. The Real
Estate listing agent makes a personal decision on how to price it. Some are
at unrealistic low prices to attract buyers to submit an offer that will be countered at a higher price.
Lenders give no advice on the
price they'll accept, until after a purchase contract is submitted by the
seller. Listings that
say the asking price is "lender approved" will
be a little faster for all cash buyers or with pre approved financing and solid credit
with at least 20% for a down payment.
Start Your Search Here
Florida’s existing condo sales continue its
positive upward trend and prices are stabilizing.
A Fannie Mae Home Path property can be bought for as little as 3% down, and
may be approved for
Home Path Mortgage Financing and HomePath Renovation Mortgage Financing. Contact
Us Here As Is - Typically
when you purchase a foreclosed real estate you agree to take the
property in its current condition. (AS IS).
Some bank owned foreclosures for sale may sit empty and
neglected for several months or more before being sold.
The asking price is close to the price they will accept. Don’t
expect to negotiate discounts for needed repairs.
Florida emerged as a stand-out in the Federal
Reserve’s 2011 report on real estate in the Southeast. Amid gloomy reports
from brokers in the
Fed’s Atlanta district, authors of the closely watched economic report card
noted Florida was bucking the trend and reporting positive news.
Foreclosures - Bank Owned (REO) Condos Townhomes Villas For Sale
Foreclosures - Bank Owned (REO) Homes For Sale
Free Search Foreclosure Tampa Bay Florida
Condos Townhomes Villas Bank Owned Foreclosures Pinellas Pasco
SHORT SALE ASKING PRICES CAN BE MISLEADING - the asking price on a
short sale is not a firm commitment to sell at that price. A short sale is
a property that sells for less than what the seller owes on the mortgage
balance. This is many times a huge loss for the seller's lender. Many times
asking prices will not reflect a definite price that the lender is willing
to accept. The Listing Real Estate agent makes the decision on how to price the real
estate for sale. Some agents will advertise an unrealistic low price on the
real estate to attract buyers and to get a contract to initially submit,
which will later be countered at a higher ask price. The lenders give no
advice on the price they'll accept, until after they have a contract
submitted. Some time after a contract is submitted the lender orders a BPO
(Broker's Price Opinion) which is an estimate of market value ordered from
an agent who is unrelated to the transaction. The BPO is a big factor that
the lender uses to determine what price they will accept. Many times it will
take many months before the lenders approval is given and it could contain
conditions that the seller can't or won't comply with, such as repaying some
of the lenders loss via a contract to repay. During that time the potential
buyer is left in the dark.
Lately, the process in the Tampa Bay Florida Real Estate Market at least, has been improved to a small degree. When you see a
listing that states lender approved short sale...the process will be a
little quicker. However, don't expect to offer a small down payment with
large financial contingencies. All cash or buyer pre approved loans usually
take precedent.
There are many variables in finding the perfect property. Let us assist your
search. Telling us your criteria is important. Are you searching for
furnished investments to rent out when you are not using it during
vacations. Do you prefer Townhomes, Villas or a Condominium. Ground floor or
above the 1st floor. Do you have pets - how many and what do they weigh as
there are restrictions on pets in most complexes. Do you have a desired
location such as mid Pinellas County near Clearwater Beach or south to St
Petersburg and St Pete Beach or north to Dunedin, Palm Harbor or Tarpon
Springs. Are you retired and desire a senior 55 plus complex. Do you have a
boat or are you considering buying one - what is the draft and length.
Obviously, your price range is very important - remember listing prices in
the MLS are negotiable and we run full comparable analysis on any property
that interests you well before making an offer. We also serve and search for
you in Pasco County including New Port Richey and Gulf Harbors for great
deals on waterfront real estate. Deeded boat slips lakefront beach access
gulf access are some of our search specialties for our buyers --------------------------------------------------------------------------------------------------------
Townhomes and Villas typically have
attached garages and condos have parking in a lot in front of the
complex with designated spaces. Some units are rented for extra income
by part time residents.
Buying foreclosures,
short sales or bank owned real estate requires knowledge of the process and how to
negotiate.Contact Us for Free Consultation Each unit and
complex will have a variety rules. Real estate property
insurance and flood insurance in Florida have increased. If you're not familiar with the
condo market - note, most Condominium Complexes are covered by a master insurance policy.
The Real Estate Condo Documents will have details on property insurance, rental policy,
maintenance fees, pets allowed, pet weight restrictions, association fees. parking space, use of boat slips,
community boat ramps, pool access etc. We will be happy to assist and answer any
questions. Contact us for a free consultation, especially if this will be a second
residence and you desire to lease or rent it out. We represent Buyers. We
are experienced in investment properties for personal use vacationing
and renting for income when you desire. We
welcome Foreign Investors
from Great Britain, France,
Scotland, Norway, Ireland and the European Union to Contact Us.
May 2010 - The foreclosure crisis is finally showing signs of subsiding.
Among states, Nevada posted the highest foreclosure rate in April, 2010
with one in every 69 households receiving a foreclosure notice.
Foreclosures there were up 10 percent from March, but unchanged from a
year earlier. Next on the list were Arizona, Florida, California and
Michigan.
Las Vegas continued to be the city with the nation's highest foreclosure
rate, but activity there was down 3 percent from a year earlier. And in
another sign the problem is receding, nine out of the top 10 cities with
the highest foreclosure rates posted annual declines. The exception was
Reno, Nev., where foreclosures were up 16 percent from a year ago.
2010 Real Estate News Update - While short sales have traditionally
taken months to settle, new federal guidelines that go into effect in
April require banks to respond to short sale offers within 10 days. Dec.
8, 2009 – The U.S. Treasury hopes to speed transactions under its new
short sale rules, but details count, and Realtors should understand the
process if they hope to avoid delays. While the new rules become
effective no later than April 5, 2010, lenders have been encouraged to
make them official as soon as possible.
The new rules, released Nov. 30, 2009, as the Home Affordable
Foreclosure Alternatives Program (HAFA), provide financial incentives to
spark short sale or deed-in-lieu (DIL) closings. The change was made to
grease the wheels of a short sale transaction, giving potential buyers a
shorter wait time from contract signing to lender approval of the
contract. It also should make a short sale more attractive to buyers by
reducing the number of problems.
FINANCING - Lenders assume that buyers with larger down payments will have a higher
likelihood of being able to close and are less likely to back out should problems arise
with the property. Writing an offer financed by a conventional non government loan or all
cash with a good down payment, a strong price and a quick closing date are the best
methods for foreclosed real estate.
On average banks and lenders are selling foreclosed condos well below fair market
value.
The prices listed above are determined by the bank or lender and reflect deep discounts.
Please do not inquire about foreclosures unless you are pre approved for a loan, can
demonstrate that you can pay all cash or are willing to be pre approved. We'll do a
comprehensive search and email you all properties in your criteria and determine how much
more room we might find to negotiate the prices.
Lenders and Banks are selling foreclosure
condos on average of 30 to 50% percent of market value. The MLS prices listed above
reflect the discounts.
Asking Prices versus Selling Prices of Foreclosure Short Sales Bank Owned Condos Villas Townhomes
from the MLS
Details for first-time homebuyers. The maximum tax credit remains
$8,000 ($4,000 for married individuals filing separately), and anyone
who has not owned a home within three years is considered a “first-time
buyer.” A purchase must be under contract by April 30, 2010. A purchase
under contract by April 30 must close no later than June 30, 2010.
Income limits are $125,000 for singles and $225,000 for married couples.
The tax credit phases out incrementally at each $20,000 increase in
income.
The maximum home value purchased cannot exceed $800,000. Prior to the
law being signed, first-time homebuyers had no limitation on a home’s
cost.
Current homeowner tax credit- An existing homeowner who
purchases a home may now claim a tax credit of up to $6,500. To qualify,
that owner must have owned and used the same residence as a principal
residence for any consecutive five-year period in the previous eight
years.
Personal income limits, maximum home value, and contract/closing
deadlines are the same as those for first-time homebuyers.
Pre-foreclosure represents the first stage in the foreclosure
process where the homeowner has missed at least one payment and is now
considered delinquent on the loan. A pre-foreclosure can also be
referred to as a notice of default - NOD or Lis Pendens, which is a
warning sent to the borrower on a loan concerning delinquent payment.
A Foreclosure occurs when a homeowner misses payments and
defaults on the mortgage. Property in foreclosure is often referred to
as “distressed” because the owner is in financial distress and is behind
on payments. The owner’s financial distress can be caused by a variety
of circumstances that often results in a discounted buying opportunity
for a well informed homebuyer or investor.
REO stands for Real Estate Owned by the Bank. REO properties are
another great opportunity to purchase foreclosures. The REO stage is the
process after the auction, when the lender is either the successful
bidder or there are no bids at all. In either case, the bank becomes the
legal property owner and the property is considered a “non-performing
asset” of the bank, which means that the bank doesn’t want to hold on to
the property. This offers a good buying opportunity. Buying real estate
from the bank is the easiest way to purchase a foreclosure. If you're considering purchasing a condo,
townhome or villa, the process is just like buying from the owner.
Short Sales - A short sale is an alternative to bankruptcy or foreclosure proceedings.
Buyers pursuing a short sale may have a longer wait for their offer to be considered.
Florida ranks second or third in the nation in foreclosed real estate. The top
five foreclosure states are: California, Florida, Ohio, Michigan and New Jersey.
Pre Foreclosures - Real Estate is in that phase when the
lender posts a notice of public record that the property owner is behind on payments and
they intend to foreclose the real estate.
The credit markets are not settled, although the mortgage market stabilized with the
government takeover of Fannie Mae and Freddie Mac. Inventory remains high, and price
declines are pressuring owners. Additional housing stimulus would stabilize prices more
quickly, which in turn would bring faster stability to Wall Street. Removing the repayment
feature on the first-time home or condo buyer tax credit and permanently raising loan
limits would bring more buyers into the market and further reduce inventory.
Due to falling real estate prices and rising foreclosures on the West Coast, sales of
existing homes rose to its highest level in 13 months and highest percentage increase in
five years, according to a report issued today by the National Association of Realtors
(NAR). The increase resulted from buyers responding to improved housing affordability
conditions.
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The information provided by this website is for
the personal, non-commercial use of consumers and may not be used for any
purpose other than to identify prospective properties consumers may be
interested in purchasing. Properties are provided courtesy of Pinellas Suncoast Association of Realtors.
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The information provided by this website is for
the personal, non-commercial use of consumers and may not be used for any
purpose other than to identify prospective properties consumers may be
interested in purchasing. Properties are provided courtesy of Pinellas Suncoast Association of Realtors.