Home Buying in 33609>Question Details

Matthew P, Home Buyer in Tampa, FL

Seeking information about PALMA CEIA GARDENS, 3206 W Azeele St. Cheap units, great location... What is the catch?

Asked by Matthew P, Tampa, FL Wed Aug 17, 2011

I see a bunch of REO properties being sold cheap there. Is there a catch? Any information would be much appreciated.

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Condo's are still financable with the Lender that I use. If the Condo complex is Fannie approved you can do 90% financing, Home Path as low as 3% down, and if not approved you can buy with 25% down . My lender is Matt Kenna with Res-mac Mortgage and he can be reached at 813-465-0059 direct line
0 votes Thank Flag Link Mon Apr 1, 2013
stay away... the catch is that only a handful of units were ever sold by the developer to buyers and it is very likely that the development will revert to apartments and you will almost never be able to sell to a buyer who needs financing.
0 votes Thank Flag Link Tue Jul 3, 2012
Hi Again,

Also in case you are not aware, the majority of condo complexes are not eligible for financing so it will require an ALL CASH purchase.

Occasionally there will be a Fannie Mae HomePath Mortgage eligible condo but now that Fannie, Freddie and FHA are pulling all of their foreclosure off the market and turning them into rental properties, you will have fewer opportunities on those properties.

Also if you need to get a mortgage to purchase a $60k or less property, you can try a credit union. Most lenders don't want to waste their time with doing a mortgage below about $75k.

You're welcome to browse "like a Realtor" on my website; sign up for a free, no obligation, ListingBook account:

http://www.SoldOnTampa.com

All the best,
Alma
Alma Rose Kee, PA
Future Home Realty
813.244.9898
0 votes Thank Flag Link Wed Aug 17, 2011
I highly recommend that you start working with a Realtor to provide you information on this property and any other property that you are interested. Realtors do not cost you any money and they will help you with negotiations, contracts, and fight to protect you and guide you through the purchase process.

If you need a Realtor to help you and you do not have one, I would highly recommend you contact Leo Gonzalez with Quantum Realty Solutions.

Leo Gonzalez
Realtor(R)
Quantum Realty Solutions
(813)505-8054 Cell
(813)425-4888 Fax
http://www.leogonzalezrealtor.com

If your customer is interested in obtaining a pre-approval for your new home purchase financing I would love to help. We guarantee you the lowest rate.

Call me with any questions Toll Free: 1(800) 519-5250 or 813.322.3252 Ext 102

Carlos Parra
Home Loans By U, Inc.

http://www.HomeLoansByU.com

FHA, VA, USDA, Conventional Mortgage Lending. Private money financing also available.

Equal Housing Opportunity.
0 votes Thank Flag Link Wed Aug 17, 2011
Hi Matthew,

I just did a quick check of recently sold condos in that complex and one remark was, "Building has roof issues- HOA has patched sections."

It may be possible a special assessment for roof replacement could occur. It's always important to review the financials for a condo or Homeowners' association before buying. Typically a contract will allow you a few days to review the documents on a condo but with an HOA the only requirement is to "disclose". So make sure your Realtor writes wording in your contract to ensure you have time and access to any governing documents and financials so you can make an informed decision.

All the best,
Alma
Alma Rose Kee, PA
Future Home Realty
Westchase Office
http://www.SoldOnTampa.com
813.244.9898
0 votes Thank Flag Link Wed Aug 17, 2011
Matthew -

That listing is a short sale, not an REO, that term is reserved for properties that are currently owned by the bank & have already gone through the forclosure process. There's no guarantee that the bank will acept even a full price offer on this great deal, as the offering price is less than what is owed on the mortgage. Be prepared to be patient & wait while the owner applies for the short sale with your contract to purchase, as the owner doesn't have the final say, the bank does.

Tom is right, this market has pushed prices back nearly a decade. As always, the condo market has taken the brunt of it. Word to the wise ... many complexes do not qualify for financing, due to the number of non-owners occupants, the number of abandoned units, as well as problems with the homeowners associations being in trouble, not having enough reserve funds.

So, unless you have cash, I would check into whether or not the complex is on the list of approved condos for financing & only look at those. Not a bad investment or a place you can live, less than rent in some cases!

Happy condo hunting!
0 votes Thank Flag Link Wed Aug 17, 2011
Here is the property that you inquired about from trulia's site, click the link below to see the additional information. The properties here are two active listings and the others are one's that are undercontract pending closing by other buyers. The prices reflect the down turn in the market nationwide and are not for any other reason. Please call me to arrange a time to view it. If there are any other properties that you'd like to know more about, please send me the addresses or listing numbers and I'll be happy to research them and provide you with additional information.

Note: Remember, these listings are from the MLS and each listing office offers me the opportunity to sell these listings to you. Please contact me and not the listing agent. I represent you, the Buyer; the listing agents always represent the Seller. Click or copy the link below and paste it in your browser address field.

http://mfr.mlxchange.com/DotNet/Pub/EmailView.aspx?r=1753393…

Thanks,

Tom Scaglione, ePRO, SFR, REALTOR(r)
Future Home Realty, Inc., REALTORS(r)

Serving Florida's Tampa Bay Area

C: (813) 310.8200
F: (813) 909.2915

Tom@RealEstateTom.com
http://www.RealEstateTom.com
http://www.TampaBankOwnedProperty.com
http://Facebook.com/Tom.Scaglione
http://twitter.com/TomScaglione
http://RealEstateTampaBayBlog.com
0 votes Thank Flag Link Wed Aug 17, 2011
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