It sounds like you still own the property in Florida at this time. If you want to make sure that you do not have a judgement action follow you or your credit, you may want to consider a short sale or deed in lieu with your lender. Make sure they do not have the option to pursue you at a later date on the paper work you sign. Make sure you have an attorney review all paperwork to protect you and any future assets.... more
203K may be your only option if the bank will give you enough time. The appraisal covers, the current value and after repair value. If the after repair value is adequate you can get the funds to do the repair. Check with your lender on how to do this.
Another option is that you may want to look into a rehab insurance policy which will allow you up to 6 months to do major repairs, i.e. electric and some structual. It does cost a little more. However, you will need to have money to do the roof yourself. A small loan from a family member after closing to repair the roof may be worth it if the deal is really that good.... more
A foreclosed bank REO is offered for sale on the Realtor MLS system. It's not possible to buy it directly from the bank unless you're buying a multimillion dollar portfolio of homes. If you have ALL CASH and are a risk taker you can learn the ropes at the courthouse foreclosure auctions. This is not for the risk averse because you will not have a chance to view the property or fully inspect and may have to remove the current owner or tenant after you receive your Certificate of Title. Also you will not get title insurance and may not get a clear title.
If you want to find truly available Bank REO bargains, your Realtor can set you up with a ListingBook account to search and get notified of new properties.
If you're not yet working with a Realtor, you're welcome to sign up for a ListingBook account on my website:
All the best,
Alma Rose Kee PA
Future Home Realty
There are many homes in Hillsborough county in the $25k-$35k price range. As far as not needing more than $10,000 in renovations, that would be up to you in what you would like to fix/repair and what type of condition you'd like it to be in once you complete the renovation.
Rents will vary from area to area, the condition of the home, and how many bedrooms you have to offer. You get what you pay for, right? Any Realtor can help you find homes in that price range. I work with my company's REO department and many investors so I'm very familiar with homes in that price range. If you'd like more information or help, email me or call and I'd be glad to help get you started in building your portfolio.
input the address, it will give you the 2009 tax bill, it should be in the ballpark. If property values rise or fall between now and next year the "assessed" value will rise or fall. If the house has a $50k homestead exemption you will lose that deduction unless you occupy the property as your primary residence and also file for homestead exemption.
Hope this helps.
Alma Rose Kee, P.A.
Charles Rutenberg Realty, Inc.
Ben, you may be able to modify and you will almost always be able to short sell. Visit my site and click on the Loan Modification Tab, as well as the Short Sale Tab and Blog Tab, which has a blog post about short sales. Good Luck... more
Hi Joseph. It's an excellent time to buy as there are a lot of really good deals out there and the interest rates are still low. I would look at your overall financial picture and your other plans. I always recommend that buyers and sellers seek the advice of a financial planner who can help them determine what a good price range will be to leave room for other things such as vacations, retirement planning and other investments. Real estate should only be one of your investments and you should start early to plan for retirement.... more
Yes, Now is a good time to buy. There are investment/income properties as well as residential properties available. There are still more seller's than buyers, therefore the truly motivated sellers are willing to work with the offers. In many cases though homes are now being priced right and there is less negotiations and in some cases we are seeing multiple offers.... more