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Foreclosure in Orlando : Real Estate Advice

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Activity 211
Mike Linkena…, Real Estate Pro in Jacksonville, FL
Mon May 2, 2011
Mike Linkenauger answered:
Best bet is to contact an Orlando short sale specialist - http://www.short-sale-specialists.com/orlando. That is the best place to start.
0 votes 8 answers Share Flag
Ken Anderson, Real Estate Pro in Orlando, FL
Thu Apr 21, 2011
Ken Anderson answered:
HOA's can and often do place liens on homes for back dues. This is their primary recourse towards collection. What gets ugly is when they get lawyers involved because now the lien goes from $114 to $3115 or more. In foreclosures this can even cause banks to balk at paying off the HOA and leaving it for the buyer.

Do they have more power? no, but the lien can tie up title prior to closing.

Ken Anderson
ApexOne Realty Inc
321-246-3190
www.apexonerealty.com
... more
0 votes 11 answers Share Flag
Ken Anderson, Real Estate Pro in Orlando, FL
Wed Apr 20, 2011
Ken Anderson answered:
There are many ways to make money in real estate, flips, short term rentals, long term,commercial, farm land, oil and so on. returns can vary greatly from 2% to better than 50%. With the investors I work with I find their interests and we stay focused on that direction. Stick with what you know, like and what works.

As a foreign investor you will need to be aware of FIRPTA and the withholdings required if you aren't a green card holder. If you want easier access to visas then businesses can make a lot of sense. If it is just an absentee revenue stream then long term rentals and oil can make sense. If you have some means to promote abroad rentals then the short term rentals can also be a good thing.

There are so many ways to do it and different goals. If you need tax write offs then Oil may be the best option. What rate of return do you want? how much do you wantt to be involved? what amount do you want to spend? what tax consequences are important? These are some things to consider .

All the best,
Ken Anderson
ApexOne Realty, Inc
www.apexonerealty.com
321-246-3190
... more
0 votes 11 answers Share Flag
Alma Kee, Real Estate Pro in Tampa, FL
Mon Apr 18, 2011
Alma Kee answered:
Article Courtesy of The St. Petersburg Times

By Mark Puente

Published January 22, 2011

Anyone who stops paying a mortgage knows the bank can come after the home.

But homeowner associations foreclosing on properties?

That's right. HOAs are seizing more and more property as owners stop paying their monthly assessments.

Some are going a step further — renting out the seized properties to recoup the lost dues. And thanks to a new law, they don't even have to foreclose to collect rent in some circumstances.

Barbara Monahan, president of the Cove Association in the Mirabay neighborhood of Apollo Beach, sees the rental option as a win-win out of an unfortunate situation. Homeowner associations use the cash to keep the community and the home in good shape, and renters get cut-rate rent.

Monahan, a 27-year real estate veteran with Century 21 Beggins Enterprises, stressed that they warn renters that the bank could foreclose at anytime, forcing the renters to find a new home. Most renters, however, don't mind, she said. The risk is worth it in return for the cheap rent. Besides, many banks are moving very slowly on foreclosures, especially if they know a homeowner association has foreclosed and is renting out the property.

The banks say that the units will be better maintained if they are occupied.

"They don't want them on their books," Monahan said. "The banks know they are being taken care of."

Associations generally attempt to work deals with homeowners and only foreclose after dues go unpaid for more than a year or longer, experts say. That way they avoid the attorneys fees and court costs that come with foreclosing. By foreclosing, the associations are also on the hook for maintaining the seized properties — which are more often empty when the foreclosure takes place — and fixing any damage before renting them out.

Banks are slow to foreclose on many properties because they become responsible for the association fees, experts said. But initiating a foreclosure or being granted the title by a judge does not allow the associations to sell the properties. They can't sell because of the bank's original lien, which still must be satisfied.

A Florida law enacted on July 1, 2010 allows homeowner and condominium associations to seize rent from tenants who rent from delinquent owners — even before foreclosing.

After obtaining a court order to seize the rent, the associations can collect what is owed, said Tampa attorney James De Furio, whose practice is devoted to associations.

"It is an attractive device to collect money," he said. "We're doing a lot of this now. It seems to be successful."

There's no data on exactly how many properties are seized by homeowner associations, but experts say the numbers are climbing.

President William Rizzetta stressed that buyers should carefully examine records when buying property in associations and request financial information from the sellers. Homeowner associations acquire foreclosure rights when owners sign purchase agreements to buy the properties.

Most buyers are not aware of that, he said.

"Read your documents," he said. "You're signing them."

All associations are looking at ways to save money and trim expenses in the wake of the foreclosure crisis, Rizetta said. Foreclosing on properties and then collecting rents helps make sure they have enough money to provide a level of service that keeps the remaining dues-paying residents happy.

Delinquencies have forced many associations to tack on special assessments each month and to renegotiate prices with vendors to maintain services in a community, said Heather Russel, a Rizetta manager.

Associations don't want to foreclose or become landlords and will devise payment plans with homeowners, she said. Property owners, she stressed, shouldn't ignore the monthly fees when financial issues arise. Monthly assessments still mount when owners abandon their properties.

"If you can't pay, call somebody," she said. Not calling is "the worst thing you can do. The associations are not the bad guys."

The Charleston Place Townhomes Association in Tampa initiated several foreclosures last year in the 82-unit complex after unpaid dues forced it to gut services. The group became more aggressive in collecting after multiple owners fell into foreclosure, said president Judd Tyler.

Some owners were renting out their homes and pocketing the rental payments, without paying down their delinquent dues or mortgages. The association won court orders that allowed them to seize those rent payments directly from the tenants, before the money wound up in the pockets of the delinquent owners.

The move enabled the group to restore services and return to a positive cash flow, Tyler said.

"It took away the cash cows," he said about the owners. "The owners have to walk away or deal with us."
... more
0 votes 11 answers Share Flag
 Lanamee, Real Estate Pro in New York, NY
Sat Apr 16, 2011
Lanamee answered:
The foreclosure process followed by any bank depends on the state's foreclosure laws. Depending on where you are located, find the stat's foreclosure laws and that should help you with the process. For more info about US bank foreclosed homes, check out: http://ForeclosureIQ.com ... more
2 votes 30 answers Share Flag
Robert Range, Real Estate Pro in Reno, NV
Sun Apr 10, 2011
Robert Range answered:
Just let your local real estate agent know that you would like to focus on REO properties, they will be able to filter those out for you.
0 votes 9 answers Share Flag
Mike Luzzo,  in Orlando, FL
Fri Mar 11, 2011
Mike Luzzo answered:
Hello Vir14642
A 1099C is a tax document. Call your tax advisor. They can help.

Need More Information? Please visit us @ http://topvaluesinorlando.com/

Mike Luzzo
Charles Rutenberg Realty
933 Lee Road, Suite 300
Orlando, FL 32810
Office: (407) 622-2122
Cell: (407) 222-4545
Fax: 407-442-0615
... more
0 votes 6 answers Share Flag
Jeramie Vaine,  in Orlando, FL
Tue Feb 22, 2011
Jeramie Vaine answered:
Carmen,

Conway Lake is a fun chain of lakes, there are 3 lakes that make up the chain and they are seperated by canals. There is a public boat ramp and the fun opportunities on the water are endless, from fishing to water sports and even the latest trend that is taking the area by storm, stand up paddle boarding. The homes that surround this area are gorgeous and it is amazing to see the planes coming in overhead while you are out on the water.

This chain is one of the many great chain of lakes in the Orlando Area. If you are looking for a great opportunity to buy a lake front home, now is the time.

If you have any questions on the waterfront deals around this area or any others please feel free to contact me!

Jeramie Vaine
jvaine1@gmail.com
978.870.9429
... more
0 votes 3 answers Share Flag
Gerard Carney, Real Estate Pro in Spring Hill, FL
Wed Feb 9, 2011
Gerard Carney answered:
Great areas, and some great recreation for the whole family, great prices and some very good living, yet close enough to Orlando for good jobs and shopping!
0 votes 9 answers Share Flag
David Cooper, Real Estate Pro in Los Angeles, CA
Sat Jan 8, 2011
David Cooper answered:
YES! The mood is changing
The general public is "mad as hell" at the FREE RIDE that gave the Wall Street hucksters their million dollar bonuses paid by Uncle Sam bail out, and the millionaires and billionaires get to keep their tax deductions, again thru Uncle Sam, while their house values plummet thru no fault of their own.

David Cooper email: davdcooper@LasVegasWinner.org
or CALL Cathy Rojas REALTY ONE email cvrojas12@yahoo.com +1-702-355-8807
... more
0 votes 5 answers Share Flag
April Crowder, Real Estate Pro in Charlotte, NC
Wed Jan 5, 2011
April Crowder answered:
You can get short sale leads from the court house when they are filed. These will be published in a local newspaper. I have done numerous short sales and it use to be that you could get better deals from short sales. However, in today's market you can get as good or better deals when they show up as foreclosures in MLS. It is true, that you will have more competition but in the long run you will do a lot less work. Short sales today are difficult and time consuming and there is no guarantee they will even work out. Another option to think about, is bidding at the court house steps. Banks are now taking less than what is owed at the courthouse steps. Again, there will be some competition there but generally no more than two or three bidders. Still another option, would be to track bid results at the courthouse, and do upset bids. I have done all of these except for an upset bid. Good luck with your investing! ... more
0 votes 12 answers Share Flag
Bobbie1022, Home Seller in Orlando, FL
Thu Dec 30, 2010
Bobbie1022 answered:
Thank you to everyone who responded to my question - I have just found out from looking at court records that my house was sold at auction on 12/20 for $269,000, the last short short sale letter from the bank indicated that they would accept $187,450 to release us from the liens (our inital loan was for $320,000, the two short sale offers the bank refused were for $205,000 and $225,000), so I guess I will have to wait and see what the bank does next, either way we feel light a hugh weight has been lifted from our shoulders. ... more
0 votes 15 answers Share Flag
Anna M Brocco, Real Estate Pro in Williston Park, NY
Wed Dec 15, 2010
Anna M Brocco answered:
In order to best protect yourself, consider consulting with your attorney, and or an attorney who specializes in real estate--he/she can best advise as it relates to your specific situation--most professionals do offer a free consultation. ... more
0 votes 1 answer Share Flag
Mark LeMenag…, Real Estate Pro in Lake Nona Orlando, FL
Wed Dec 15, 2010
Mark LeMenager answered:
Hi Ayen,

Your budget has just disappointed most of the folks who've answered so far, but not me. I work the low end of the market and have helped my clients close on a number of properties below $30,000. Be aware that the vast majority of properties in this price range will be more than 20 years old and will require some work. Typically a new airco system and perhaps a new water heater. Also be aware that the year built data can be false. For example Hawthorne Village is listed as being built in 2006 when in fact it was built in 1985 and converted to condos in 2006.

The low end of the market offers the potential for excellent returns. Many prices are less than 50 times rent, which is outstanding for a real estate investment. Just make sure you go into it with your eyes wide open.

I helped quite a few Canadians buy in the past year and currently have over 20 on my books getting updates. I'd be happy to help you out.

Good luck,
Mark LeMenager
Find your next house with the click of a mouse.
Search the MLS without obligation or registration from my website.
... more
2 votes 16 answers Share Flag
C S, Other/Just Looking in Florida
Thu Dec 2, 2010
C S answered:
network, advertise, market, hustle...

network with agents who are listing foreclosures and ask them for the work, contact national property preservation companies, contact the competition for overflow work, etc.
advertise your service... build a website and they will come.
get creative!
... more
0 votes 6 answers Share Flag
Richard Tres…, Real Estate Pro in Orlando, FL
Wed Dec 1, 2010
Richard Tressler answered:
Most customers will also want to know that you are a company that carries business insurance for general liability and E&O. Most preservation companies these days are licensed contractors so they can provide all matter of services requiring permits, etc.

If you are just doing clean outs, suggest calling a maid service company and ask them what types of licenses and insurances they carry...model your business accordingly.
... more
0 votes 2 answers Share Flag
Scott Pagano, Real Estate Pro in Orlando, FL
Tue Nov 30, 2010
Scott Pagano answered:
Hi Mike,
Call or email me...I have a few suggestions for you.

Wendy Golding
Asset One Realty, Inc
407-470-3894
goldingrealtor@aol.com
0 votes 6 answers Share Flag
Lorraine Bur…, Real Estate Pro in Clermont, FL
Fri Nov 26, 2010
Lorraine Burch answered:
Dear Neil,

I have had foreclosures listed and looked for them at various public websites and not found them. Many of the public sites do not have complete listings. I am not sure why. If they are getting their listings from the REALTORs computer system (MLS) it probably only updates once every 24 hours, and sometimes it can take a few cycles to appear.

It is best to work with a REALTOR who can set up a search for you on the MLS. Then as soon as a new listing becomes available you will receive an email. As one of the other agents mentioned the best foreclosed properties are purchased quickly. Therefore you need to have your finances lined up before you even begin to look. Just so you know, banks prefer to sell to cash buyers because they can close the deal sooner. It is also best to work with an agent because they have expertise in this field and can explain the process and answer your personal questions.

If you want to search on your own I recommend www.myfloridamls.com. This is a website for the public by the MidFloridaMLS. You can search for foreclosures, but I don't think you can set up alerts to be sent to you when new properties are listed.

You can call me if you are interested in purchasing in Windermere, Winter Garden, Oakland, Clermont, or Montverde. I would be happy to answer your questions.

Best wishes,
Lorraine Burch
... more
0 votes 12 answers Share Flag
Rebecca Walt…,  in Orlando, FL
Wed Nov 10, 2010
Rebecca Walters answered:
Check My clerk everyday! Yes, when it says Notice of sale, you should know that time is now of the essence, however when it says Writ of Possession, that means the sheriff will be making his way over in the next few days. Good luck to you, They will allow you to stay with a proper lease, with no guarantees, it all depends on the bank. ... more
0 votes 6 answers Share Flag
Scott Pagano, Real Estate Pro in Orlando, FL
Fri Nov 5, 2010
Scott Pagano answered:
Hello Balween,
If you are in a Short sale, this letter would come from your Lender or Lenders. If you have already received your letter of approval for the Short sale and It is not on there, have your Realtor go back to lender and ask them to put it on the letter. Often the Lenders just leave it off until we request it.

Good luck to you,
Wendy Golding
Asset One Realty, Inc
407-470-3894
... more
0 votes 5 answers Share Flag
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