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Foreclosure in Port Charlotte : Real Estate Advice

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  • Local Info25
  • Home Buying200
  • Home Selling12
  • Market Conditions39

Activity 23
Myfatshadow3…, Home Buyer in Lehigh Acres, FL
Mon Sep 19, 2016
Myfatshadow303 answered:
No..you put your"rent" into escrow in the case that you may go to court...realize that a property iwner who decides ti stip paying an equity line of credit or mortgage ...this is not your fault..in addition..your HUD agency..you need to file a claim for relocation expenses ..to be done before you move..file as soon as you become aware...also you are entitled to a return of your deposit..these home owners are not thinking about that either...Florida law was passed in 2015 to help tennants regain their deposits back...I personally feel laws should be revised to prosecute property owners who defraud their tenants...your paying their mortgage! ... more
0 votes 33 answers Share Flag
Annette  Law…, Real Estate Pro in Palm Harbor, FL
Fri Nov 21, 2014
Annette Lawrence answered:
Of course you should pay for the guidance of an attorney.
The following is not legal advise.

You must refer to the rules of that community.
In most instances you can resell immediately.
However, occupancy is an entirely different issue.

Buying at auction means you could be exposed to other expensive issues.
Your really, really, really, really need to read the 'assurances' regarding the property provided to you by the auction company. Make sure 'clear title' really means CLEAR TITLE.

Now it the time to call upon the professionals to make available the information you REALLY need.
... more
0 votes 3 answers Share Flag
Jennifer Keys, Real Estate Pro in Englewood, FL
Sun Jul 21, 2013
Jennifer Keys answered:
There are some great investment buys in the area right now. Please feel free to contace me to help me better understand what you are looking for ie; homestead rental investments ect.
Thank You
Jennifer Keys
Realtor.
Edgerton Realty and Development LLC
3579 S Access Rd, suite B
Englewood FL 34224
Office 941-460-1900
Keys.jennifer@yahoo.com (email)
Cell 941-623-2732
http://www.englewoodfloridahomes.org
... more
0 votes 4 answers Share Flag
Nickie Sherw…, Real Estate Pro in North Port, FL
Mon Nov 26, 2012
Nickie Sherwood answered:
It is up to the buyer now. It doesn't sound like a corporation, otherwise you probably would have been asked to leave ASAP. Wait until the buyer gets in touch with you, but in the meantime, start packing. You might not know when you have to go, but it is more than likely you have to go. If you need any help in looking for places, just give me a call. 941-628-3396. ... more
0 votes 2 answers Share Flag
Alma Kee, Real Estate Pro in Tampa, FL
Thu Dec 15, 2011
Alma Kee answered:
Hi Thais,

As you may have already experienced, Bank owned foreclosed homes generally get multiple offers above the asking price.

So, if you don't mind paying "full retail" prices (at the current 1/2 price of the top of the market) you may want to limit your options to regular, non-foreclosure, non pre-foreclosure short sales. There are very few of these properties that the seller still has equity to sell but at these discounted prices you should do well as a return on your investment if planning to rent it out for current income. Also we're finally seeing some hope that the foreclosure listings may diminish so you may not have more than 6 months to buy at these low priced.

Take a look, it's possible many of the Fannie & Freddie foreclosures will be rented out or a "rent to buy" may be offered:

http://www.fhfa.gov/webfiles/22805/REORFISubmissions_112911.pdf

All the best,
Alma Kee
www.SoldOnTampa.com
... more
0 votes 20 answers Share Flag
Marge Trayner, Real Estate Pro in Port Charlotte, FL
Thu Dec 8, 2011
Marge Trayner answered:
Regardless of what your agent was told by the seller's asset manager, reo contracts must go to another level for approval and signed off to be valid/effective. Until that contract & addenda/counter offer is returned to the listing realtor, we are not legally allowed to change the status of that property to "pending" in our MLS, which means it may continue to be shown and contracts may continue to be written and must be presented to the seller quickly. Then the servicer/investor-owner determines which offer they chose. I have been listing & selling reo's for 11 years in Charlotte and surrounding counties; the servicers/sellers rules have changed considerably over the past 4 years, some of them do not ask for highest and best when there's multiple offers. In my opinion an experienced and certified short sale & foreclosure agent is your best asset when purchasing a foreclosure (reo) or short sale; be prepared for technicalities, answers to questions, rules specific to national sellers/servicers and WAITING! I have the experience & credentials to work for buyers in their purchases (as well as short sale sellers).

Marge Trayner, GRI
Licensed Florida Real Estate Professional
Short Sales & Foreclosure Resource Certified
941-380-2823
Bud Trayner Realty, PA
1531 Rio de Janeiro Ave., Punta Gorda FL
www.BudTraynerRealty.com
budtraynerrealty@earthlink.net
... more
0 votes 10 answers Share Flag
Shawn Ryan R…, Real Estate Pro in Belleville, NJ
Thu Dec 8, 2011
Shawn Ryan Rosa answered:
if they have been informed of a problem and/or the problem is not capable of being detected through plain sight, then they must disclose.
1 vote 15 answers Share Flag
Tammy Hayes, Real Estate Pro in Port Charlotte, FL
Mon Apr 18, 2011
Tammy Hayes answered:
Buying a foreclosed property can differ in many ways than other more standard transactions. All offers are contingent on financing and must be accompanied by a pre-approval letter. Some banks require a pre-approval letter from a certain lender, so be sure to read guidelines before submitting an offer. All cash offers require proof of funds with the letterhead of where the funs are being held and the buyers name listed. Actual account numbers can be blackened out, as long as buyers name is easily visible. Write your offer as seller chooses the title company as they have already started preliminary title work on these properties.

All offers must be written offers, on an As-Is contract only Some banks supply addendums in advance, and if that is the case it will be in the MLS as an attachment and should be signed and dated and submitted along with your offer. In most cases, however, the bank addendums are provided only after buyer and seller come to agreement. At that time, the bank will send their bank addendums/counter offer for buyer's signatures. Please note at this point, the bank has still not signed anything, and most likely will not sign until ALL forms have been signed by the buyer. Your offer is considered a pending contract until it is returned from the bank/seller with their final approval. In the interim, all offers that come in must be presented. When signing and initialing a bank addendum, do not alter it in any way or it will be rejected.

The usual time frame for a response to your offer is 3-5 business days, although sometimes a little sooner and occasionally a bit longer. Allow plenty of time for acceptance, and for closing the deal, 30-45 days in most cases.

If you are requesting seller concessions for buyers closing cots, pre-paids, or repairs, make sure those are requested in the written offer, as adding these things at a later date can be very difficult and most times impossible. If you are writing an offer for an FHA or VA purchase, please make sure the property will meet the standards for this type of financing. The majority of the time, repairs are not permitted prior to closing. Ask the lender if they allow the buyer to escrow their own funds for repairs.

Once you have a fully executed contract, time is of the essence. All inspections must be done in a timely manner according to the contract. Should the buyer not be accepting the conditions, written notice must be obtained prior to end of inspection period along with a signed cancellation and release form. Some banks will make earnest money non-refundable after the end of the inspection period. Read your addendums carefully.

Please note that bank owned properties closings are considered mail-aways, because the title companies that are used to close the transactions are usually located out of our general area. Some will send a mobile notary to the buyers agents office to close the transaction and then all documents are overnighted to the title company, but it is not considered officially closed until all original documents and funds are received.
... more
0 votes 12 answers Share Flag
Caroline York, Real Estate Pro in St Petersburg, FL
Wed Oct 27, 2010
Caroline York answered:
You may also want to check out the Ruskin area. They had major building boom in 2007 and a lot of the homes went into foreclosure and short sale. I recently showed clients several with pools but they needed a lot of work at that price. You would need to put at last $50,000 plus to get then back into living condition. ... more
0 votes 7 answers Share Flag
Caroline York, Real Estate Pro in St Petersburg, FL
Wed Oct 27, 2010
Caroline York answered:
Not usually. Sometimes they are listed incorrectly and should be for rent instead of sale. If they are for sale they may have meant $100,000. And there is also the case where agents will enter properties for ridiciulous amounts of money on websites so they can get potential buyers. From a pure business perspective I would rather price a home at $1M than $1,000 if I was trying to lure unsuspecting buyers. But in reality I find the truth prevails. If I begin a relationship with a lie where can that relationship go - especially in business. ... more
0 votes 11 answers Share Flag
Giorgio Azza…,  in Punta Gorda, FL
Wed Aug 25, 2010
Giorgio Azzarelli answered:
Hi Kate
Call me I can help you. www.giorgioazzarelli.com

kind regards,
giorgio azzarelli
thomas ryan associates
941-268-6376
0 votes 8 answers Share Flag
Anna M Brocco, Real Estate Pro in Williston Park, NY
Sat Jun 12, 2010
Anna M Brocco answered:
Since no link or address is visible--any local agent can help you with information, showings, etc.; contact any local realty office(s) and inquire or contact any local Trulia contributor(s) directly and ask. ... more
0 votes 2 answers Share Flag
Dr. Johnson, Both Buyer and Seller in South Florida, FL
Tue Sep 15, 2009
Dr. Johnson answered:
Please every one of these answers are BS. People have sat in their houses not paying the mortgage for 12 months or more.

We are seeing over 300,000 notice of defaults a month. The fed doesn't want the inventory to hit the market because then everyone will be underwater as huge inventory floods the market, they will then walk and we have a landslide.

The banks could care less as long as they are getting Fed and TAXPAYER money.They have no incentage to sell, as they would then have to mark to market their loans (which are worth about 30 cents on the dollar). Then the FDIC would have to close them down because they are insolvent.

This entire system s rigged along with the low rates to help all you idiots that bought houses you couldn't afford over the last 5 years. And 90% of realtors contributed to the mess. What a useless bunch of overpaid salespeople.

Soon, the dam will break. The prime mortgages and option pays are all now resetting, so look for another cash in re prices in late 2010.

Inventory is artificially low now, don't believe realtors, they all lie. Read a blog like doctorhousingbubble dot com.
... more
0 votes 9 answers Share Flag
Dallas Texas, Real Estate Pro in Dallas, TN
Thu Sep 10, 2009
Dallas Texas answered:
Many communities have deed restrictions won't allow this take place IF SO larger lot high rolling fence hide the "toy's" however if you have a neighbor who hates it turns you into city. Location will be based on what you can afford ... more
0 votes 5 answers Share Flag
Jason Stevens,  in Englewood, FL
Thu Sep 3, 2009
Jason Stevens answered:
Don - I assume you are a real estate agent and therefor can not become a HUD approved agent. Only a Licensed Broker can. If your Broker becomes HUD approved then you can work under his or her appoinment. Visit this link for more info.

http://www.ehow.com/how_5113308_become-broker-hud.html

Jason Stevens, REALTOR®, GRI, ABR
Graduate Realtor Institute
Accredited Buyers Representative
Real Estate Broker Associate
REOTrans Platinum Certified
Kevin Flynn Realty, Inc.
Cell - 941-662-0379
Home Office - 941-698-0973
Home Fax - 941-698-0973
Website: www.jasonestevens.com
... more
0 votes 2 answers Share Flag
Nht44, Other/Just Looking in Leesburg, FL
Sun Aug 23, 2009
Nht44 answered:
I believe that President Obama signed into law a House bill giving renters up to 90 days to vacate. Double check for accuracy but that is how I interpreted the bill. This pertains to all states as Florida previously was not kind to renters. ... more
0 votes 2 answers Share Flag
Bill Eckler, Real Estate Pro in Venice, FL
Sat Jan 31, 2009
Bill Eckler answered:
Ronald,

Yes, this is a bank owned home that has had its price reduced. This is normally an indication the bank is ready to entertain reasonable offers.

It's a 3/2, 1982 constructed home located on a deep water canal. The home is 1,686 stfunder air.

Please let us know if you have any additional qustions about this home or other area opportunities.

The Eckler Team
MichaelSaunders & Company
billeckler@michaelsaunders.com
941-408-5363
... more
0 votes 3 answers Share Flag
Shannon Moore…, Real Estate Pro in Port Charlotte, FL
Sun Nov 2, 2008
Shannon Moore - The Moore Team answered:
Hi Kelly,

The legnth of time to close on a short sale depends more on the bank than the location of the home. As many have said previously it can be a long and drawn out process and often times sell for over what they are listed at.

We have a list of foreclosures and short sales on our website that you can browse through. Let me know if you find anything that looks interesting!

Roxanne Moore, Realtor
Re/Max Anchor Realty
Port Charlotte
941-626-3926
... more
0 votes 6 answers Share Flag
Shannon Moore…, Real Estate Pro in Port Charlotte, FL
Thu Aug 28, 2008
Shannon Moore - The Moore Team answered:
It's been nice working with you Pete. When are you making another trip down? There are some great deals right now.
0 votes 7 answers Share Flag
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