Who can I talk to about purchasing one of these foreclosures in the Tampa Palms area?

Asked by jamesharmon75, 33647 Fri Feb 24, 2012

I've recently moved to Tampa Palms (renting) and plan to purchase here. I see quite a few foreclosures, but the cost I see seems to good to be true. What is the truth surrounding these? What kind of time frame would I be looking at and is it even possible to buy these at good rates?

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6
John Walin, Agent, Libertyville, IL
Tue Feb 28, 2012
Great answer Alma, thumbs up yo you!
1 vote
Alma Kee, Agent, Tampa, FL
Sun Feb 26, 2012
Some Buyers have an unrealistic idea that they can visit Florida for a week and actually buy a property--especially if they include Bank Owned/REOs and Short Sales in their search.

Even if a Seller on a Short Sale accepts a buyer's offer, it may not be in the realm of what the lender will allow it to sell for so you may not find out the "true" required price for several months.

On REOs you may not even find out if you were the winning bidder amongst the many, many bidders for a week or even as long as two weeks.

Also on regular sales, you can spin your wheels making unrealistic lowball offers but offer too low and an emotional Seller will probably not even want to sell you their house and may even sell it for a lower price to a kinder, nicer buyer that doesn't submit an abusively low initial offer. I try to counsel my Sellers not to get offended when a buyer wastes their time (and my time and the buyer's realtor's time) with an absurdly low offer and we try to keep the ball in play.

Whether a Realtor is a Transaction Broker or a Buyer's Broker will not make a difference if a Buyer's offer isn't in the realm of being acceptable. Some buyers may blame a Realtor for not being able to get an offer accepted that is well under current market value but it's the Buyer's decision how high or (absurdly) low price he wants to offer.

With the REO Initiative about to happen soon, there may be significantly lower inventory of properties so if a buyer think he'll get a better price in a few months he may be sadly mistaken and will have missed the boat.

Also... on a condo, you may need 100% CASH or at least 25% down unless it's one of the very few complexes approved by HUD or it's owned by Fannie Mae --you can get a those for only 3% down as an owner occupant.

All the best,
Alma
Alma Rose Kee
1 vote
Bill Eckler, Agent, Venice, FL
Fri Feb 24, 2012
In Florida, with both agents party to any transaction serving as "transaction" agents there should be little doubt about fairness since each agent involved represents the transaction. Additionally, there are agents in Florida that DO NOT serve as transaction agents but represent either the buyer or seller.

Generalizations can be misleading and unfair........97% accuracy is still not 100% correct........

Bill
1 vote
John Walin, Agent, Libertyville, IL
Sun Feb 26, 2012
Bill
what part of my answer was unfair or inaccurate?
My answer had, "unless you get an agent to sign a buyer brokerage agreement". More often than not a transactional broker calls their consumers clients when in fact they are customers unless there is an agency agreement that defines full agency relationship signed by both parties. Implying someone is your client when in fact they are a customer defined by your own state transactional brokerage law is against the FL law. The lack of discussion or disclosure about what an agent can and can't do as a transactional broker is the part that makes no sense to me. Yeah, I know your legislature passed it that way with the real estate lobby looking for a liability dodge and former Gov Bush and legislature in the pockets of real estate companies.
0 votes
Alma Kee, Agent, Tampa, FL
Fri Feb 24, 2012
Hi James,

Are you looking at the low priced Highland Park condos? You will pay a pretty high monthly fee and also you may have to pay ALL CASH because a lender may not take the risk in that complex because of the high delinquency rate and high percentage of non-owner occupants.

You're welcome to search "like a Realtor" to see what's truly available by signing up for a ListingBook on my website: http://www.SoldOnTampa.com

Also many of the planned communities have high HOA + Community Development District Taxes. Hunter's Green doesn't pay CDD taxes, neither does Cross Creek.

If you're a first time homebuyer the State of Florida also offers up to $7,500 to be used to towards your downpayment and closing costs.

Oh and if you're looking at RealtyTrac listings they may not be available for sale and when they do come on the market they will be close to market value.

All the best,
Alma
Alma Rose Kee PA
Future Home Realty
813.244.9898
http://www.SoldOnTampa.com
0 votes
John Walin, Agent, Libertyville, IL
Fri Feb 24, 2012
James
Be aware that FL agents practice transactional brokerage and do not represent you but the transaction unless you get an agent to sign a buyer brokerage agreement. Agents by law are not working for you in spite of getting paid! No advocacy, nothing that rises to the level of representation under agency law. Treat all prospects and consumers as customers, not clients.

Mortgage money is hard to come by unless you focus on Fannie/freddie REO properties and can get an FHA loan. Lenders hate those FL HOA's
0 votes
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