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Foreclosure in 33411 : Real Estate Advice

  • All62
  • Local Info6
  • Home Buying30
  • Home Selling6
  • Market Conditions0

Activity 45
Mon Apr 15, 2013
Pat Halty answered:
I am Realtor and Property Manager that specializing in working with COA/HOAs that put liens on properties that don't pay their dues. Once the lien is in place, the COA moves forward with foreclosure action and gets the Certificate of Title on the property. Since the COA can't sell the property due to the mortgage in place, the COA can clean up the unit and rent it out and recapture the lost dues via rent payments.

This is a strategy that many COA/HOAs are pursuing, Consult with your association attorney for further details.
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Tue Jun 4, 2013
Bob Brubaker answered:
Most REO deals are processed through their " Closing Agent " .
These are Title Companies who are able to search the title,organize
outstanding charges , " pro-rate " unpaid taxes ,and issue
title Insurance to guarantee " clear title" They also handle recording
and "transfer " taxes. Most Title firms will give you general information
on usual and customary charge items. The Closing Agent involved
is the "absolute source ".

It is worthy to note here that Closing Costs are a "sub-set " of what
should be considered as true costs to close! Don't Forget inspections
if indicated, and Homeowners Insurance. If in doubt don't rule out an
attorney to review what you are doing! Best!

Bob Brubaker Highlight Realty Palm Beach County Fl. 561-876-6649
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0 votes 3 answers Share Flag
Mon Mar 18, 2013
Ron Thomas answered:
Have you considered calling a Reator?
Some say we do this for a living.
0 votes 5 answers Share Flag
Tue Jun 4, 2013
Craig Fialkowski answered:
It's not rent skimming.

When an investor purchases the HOA or Condo association lien, they get a certificate of title, which means they control the property as if they owned it. It will still be subject to all other secured liens (1st mortgage etc..) that can foreclose on the Cert owner.

The new owner does not have to pay the mortgage since they are not the party that is liable on the NOTE.

They can rent for years before the bank forecloses and keep the money. It would be wise for them to pay the Association in order to keep getting the rent.

There is a law in FL where the association can demand the rent for deliquent owners.
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0 votes 1 answer Share Flag
Wed Sep 12, 2012
Sandra Gold answered:

Try contacting the banks who own the properties or the associations which have to maintain the vacant homes......

Sandra Gold - Realtor
The Infiniti Group International ... more
0 votes 2 answers Share Flag
Thu May 30, 2013
Teddy Jagessar answered:
In most cases when the bank sells a property retail it is through a Realtor, you can have a realtor flag the property to see as soon as it comes on the market, the banks do not generally see direct to a buyer a single property. Get a free ebook on bome buying ... more
0 votes 3 answers Share Flag
Tue May 1, 2012
Michael Emery answered:
As for repairs, you can ask but their standard answer is the property is sold 'as is'. They may make repairs if it's discovered to be a safety issue - but there's no guarantee. All you can do is ask.

As for appliances, with the purchase of most if not all foreclosed homes the lender/owner will refuse to sign any personal property agreement which is where any existing appliances would be listed. As far as they're concerned if the the appliances are working and in the house on the day of closing, then they are considered a gift. Otherwise they will make no guarantee about appliances being in the house on closing day nor would they buy appliances.

If you need cheap appliances, consider
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0 votes 2 answers Share Flag
Fri Feb 17, 2012
Terri Vellios answered:
Your contract probably has a timeline for the seller to respond. Just because it is temp. off market, doesn't mean you can submit an offer to the seller. Ask your agent to contact the listing agent and get you more information.

All the best to you.
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0 votes 4 answers Share Flag
Wed Jan 11, 2012
Terry McCarley answered:
If you are asking if you can rent a home that is in short sale the answer is yes if the owner agrees to it. Some people do rent short sales on a month to month basis - just be prepared to allow the home to be shown and to move with short notice.

If you are the owner and it is vacant and you want someone to rent it from you be very, very careful. Sometimes the tenant makes it next to impossible to be shown which results in the short sale not working out which of course results in foreclosure.
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0 votes 9 answers Share Flag
Wed Nov 2, 2011
Alma Kee answered:
Probably difficult if you cannot close within 45 days. On REOs you're usually competing with mutliple offers and they'll select the highest and best. A closing date beyond 45 days is tough. The ones that don't sell quickly are in ugly or functionally bad condition so probably not eligible for NSP money anyway.

Of course Short Sales are out... a buyer must be able to close within 45 days... and the NSP money usually requires a property to be in good condition and depending on the county may even require a full size refrigerator. Many short sale owners strip the house of appliances of light fixtures.

It will make your search fairly easy... only regular sales.

All the best,
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0 votes 1 answer Share Flag
Wed Oct 26, 2011
Ken Best answered:
Hello Homeowner, Contact the bank and then you need to decide whether you want to save your home and stay or put it on the market as a short sale. We specialize in distressed homes and can walk you through the process
with the help of our experienced team of agents and short sale specialist.

Please call for a free evaluation of your situation.

Ken Best
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0 votes 9 answers Share Flag
Sun Jul 31, 2011
Cathy Sloan answered:
Call the Title Companty or Attorney who did heClosing. Check the property legal description . Is it correct? Whose is the name of the Grantee? You should be the Grantee. You should have also received a copy of the Owners Title Policy.

Is it possible you received the wrong deed?
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0 votes 8 answers Share Flag
Tue Mar 22, 2011
Gary Geer answered:
It sounds like there were multiple issues with this purchase. Sorry to hear you were not successful. This happens often. Take a look at the addendum's you filled out they most likely state something like the seller can accept or reject any offer and is not obligated to accept any offer. Also getting a home inspection done in advance puts you in an advantage as to knowledge about the home. The only problem is if you don't get the home you are out the money you spent on the home inspection.

Don't let this get you down. Go find another home soon and make an offer. I wish you all the best.

Gary Geer
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0 votes 4 answers Share Flag
Fri Jan 7, 2011
Alma Kee answered:
If you have the money you owe your landlord, you can deposit it with the Clerk to stop the eviction.

If you're not able to pay your rent and fail to move out, eventually a Sheriff will escort you out and you may lose all of your belongings. The lanlord has strong rights in Florida and evictions happen very quickly.

Find another place to live asap...

Once you get settled, you may want to consider going to the Financial Peace university offered by to help you with improving your financial position.
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Fri Jan 6, 2012
Craig Fialkowski answered:
Thu Dec 16, 2010
Rodney Forbes answered:

The answer to your question depends on your definition of "safe and a good investment". Each person's criteria mean something different regarding investment.

My advice to you is to find a realtor knowledgable in the area and go over your buying criteria first. It's difficult to recommend any area just based on the question above.

I hope this helps.

Rodney Forbes
Forbes Realty of South Florida
West Palm Beach, FL
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Tue Dec 14, 2010
Myra Gouger answered:
They don't need to agree. This is a task that the title company works on. I have had it sometimes take as long as three weeks until it is solved. But it was always solved by the title company. ... more
0 votes 13 answers Share Flag
Fri Apr 11, 2014
Ryan Smith answered:
Hi Debra,

Depends on your states eviction laws. In California its running three to five months because we are backed up. Some banks will offer "cash for keys" first to the occupant as a peaceful resolution. If a third party buys the property at auction they will be responsible for the eviction process.

Chris Blasic
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0 votes 8 answers Share Flag
Tue Nov 9, 2010
Ryan Smith answered:
Hire a real estate attorney? That's what I would do or recommend to my clients.

Good Luck!
Chris Blasic
Realty World & Associates
0 votes 1 answer Share Flag
Thu Nov 25, 2010
Elizabeth Herbert answered:
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