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Clair Mel : Real Estate Advice

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  • Home Buying1
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Activity 13
Sun Jul 17, 2016
Carissas825 answered:
When you can provide your bank statements and show the Loan Officer that you can make the mortgage payments every month but after that is paid you have $300.00 left over, Will they wonder how you will be able to pay the rest of your house expenses such as groceries, cable or electric? Or will they say ok, she has $1000.00 left over every month, she can deffinitely take on a mortgage payment? ... more
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Tue May 5, 2015
Angela Porter answered:
Read more about detecting rental scams by clicking here:
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Thu May 2, 2013
Alma Kee answered:
Of course, we're talking about buying at the courthouse foreclosure auction. On a property listed on the MLS, you will normally get Title Insurance and there will be no worry about researching liens. ... more
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Wed May 1, 2013
Alma Kee answered:
Is there a 1st mortgage and a 2nd mortgage? Are you the owner? Are you hoping to buy it for ALL CASH when it goes to the courthouse foreclosure auction? Are you under contract as a buyer for this property via a Short Sale?

Also JP Morgan and the new Bank may be mere "servicers" and do not actually own the mortgage(s). It could be Fannie Mae, Freddie Mac or an investment pool that actually owns the mortgage.

So my suggestion is if you're planning to bid (must have ALL CASH within hours of bidding, no clear title, no time to inspect for significant defects, high risk but possible high reward, etc.) at the courthouse foreclosure auction, pay for a title search and legal advise as to which liens will survive the foreclosure, "before" bidding. Also HOAs and Condos and Code Enforcement and IRS may have significant fees that may survive a foreclosure auction at the courthouse so you need to verify that, too.

If the property doesn't sell at the courthouse (if the lender doesn't allow it to sell below the final judgment amount then it will go back to the lender or to Fannie, Freddie, HUD or the investor) then you cannot buy it directly from the bank. They will list the property with a local Realtor and they will likely get multiple offers within hours of listing (many ALL CASH) so you should have your Realtor set you up with an automatic notification if you have a "personal" reason why you want to buy this particular property. Don't expect to buy at a bargain price and if you don't have ALL CASH you will be at a severe disadvantage because with the CASH offers from the investors "above" a price it can possibly appraise for you will not have a chance at buying most properties, sad to say... We are currently in a frenzy with Wall St. Investment firms buying up every viable property that can yield a good rental return.

If the Bank allows the property to be sold at the courthouse foreclosure auction below the final judgment amount, a cash investor at the courthouse may buy the property. That cash investor may put lipstick on it and flip it for a profit or they may fix it up and rent it out for the next few years to minimize the tax consequences.

Hope this helps.

All the best,
Alma Rose Kee, PA
Sold On Tampa Team
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Mon Dec 3, 2012
Lynne & Shawn Graves answered:
I see this coming up more often. What is happening is the foreclosure list in getting added to the home sale sights. The best way to get an idea if the foreclosed property is actually listed for sale is ask a Realtor to help you in your search.

They can check the MLS to verify the listing.


Shawn Graves
People's Choice Realty Service, LLC.
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Thu Aug 23, 2012
Alma Kee answered:
The "Certificate of Title" is issued 10 days after the auction. It's possible the new owner will rent to you but don't count on getting low rent, you will probably pay ABOVE market rents. The owner may simply want to "flip" the property and he/she may even offer you a few hundred dollars to vacate. If you don't move, he/she will probably immediately hire the sherrifs to remove you after the eviction is done--it's fairly quick in Tampa. ... more
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Mon Feb 21, 2011
Alma Kee answered:
Hi Again,

You may eventually get "served" a notice by a process server or the sheriff's office that will notify you when the Lis Pendens has been filed (if it hasn9;t already occurred). Your neighbors may not know why the sheriff is at your door!

Also you will get served again when the foreclosure auction date is set.

In the meantime to "stall" the process he may do a short sale and Realtors will be showing the place to their clients.

Also if you are in an HOA or condo complex, it's possible the HOA or Condo's attorney will require you to make payment directly to them if the owner is not paying the fees (most likely).

Go here and pull up the landlord's name (lookup the legal name at by your address):

you can track the owner's history for the various foreclosures and see if a foreclosure is imminent for your property.

Good luck!
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Wed Oct 29, 2008
Liane Jamason answered:
As the others have said, property taxes can vary greatly from one home to another in the same neighborhood, so it is a good idea to check out the Hillsborough tax website to see approximately what your taxes may be. Also it may seem like the taxes are high because there is a CDD fee in Carriage Pointe, which usually shows up in that tax figure. You may notice that tax figures look less on homes in communities without a CDD.

I have some listings in Carriage Pointe, contact me if you'd like to schedule a showing on some homes in that area.
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Sat Aug 16, 2008
Theace answered:
This chap Paul has made my case when he states that as a rule of thumb use 2% for property tax estimates. Everywhere else in the the country the rule of thumb is .5% to 1% maximun. Also, he blantantly lies when he says that property taxes are falling, there are not falling if anything they have increased.

An honest real estate pro.
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Thu Feb 28, 2008
Chris Murphy answered:
ask them to reconsider the lock....rates went down to 5.5% today for FHA
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