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Has anyone bought a foreclosed home in The Villages?
Would like to hear your experience of buying a foreclosed home in The Villages. Is there a lot of red tape, or do you just write a check? Do you get to go thru the home before bidding? Do you need an attorney before bidding?
I am only considering this to get a home in my 1st choice location. I do realize that I might have to replace everything. Thank you. |
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ns against the title |
Rarely will you find a foreclosure in The Villages.
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Thank you.
I am learning to search foreclosures now. May be a mistake, but signed up for hud foreclosure site.
I am fairly sure that there was a foreclosed property that is in the location I want, but can't find it again. Will keep on searching. Thanks for your help. Pat |
I was just on one of The Villages Facebook pages and someone mentioned they lived next to a foreclosure in the Village of La Zamora and it's listed with ERA for $219K. Here's a link.
123 Chula Vista Ave, Lady Lake, FL 32159 | MLS #G5024556 | Zillow https://photos.zillowstatic.com/cc_f...000000000.webp |
Just make sure the foreclosure isn't under HUD Guidelines 24 CFR 206.125 from a reverse mortgage. It would be stated on the sale. My father passed away 2 years ago and had a small condo in Pembroke Pines (S. FL). It was a rev mortgage property with no value to us and is under HUD Guidelines 24 CFR 206.125 by the bank The rules are crazy. Price is NOT negotiable and they are asking about $35,000 more than it is worth which is why it never sold after over a year, have to pay all back taxes and condo fees and a lot more. It was just taken off the market for some reason by the bank. If electric is off you have to pay to turn it on to look inside and lots more stuff. What are HUD Guidelines 24 CFR 206.125
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We bought one 3 years ago. Fannie Mae was involved it got kind of hectic. They have a lot of say even if you do not mortgage it through them. My advice stay away from the Mortgage Firm! If we knew then what we know now would of just went to Citizens First Bank or some other local Bank but live and you learn. Yes I viewed the home before hand and stay away from Tyler Jacobs as a Home Inspector personal opinion on him he is out for the $$$ only there were things he said worked and there was no way he knew if they did or not without some of the utilities being connected. Also make sure the bond is actually paid!! It got to be very interesting at times but do not regret buying in The Villages.
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FWIW - here's the little I know.
A house for sale through foreclosure is usually auctioned on the court house steps and advertised via publication in local papers. Usually, the bank that holds the mortgage is the opening bidder, opens somewhere around the outstanding mortgage amount, which usually makes them the "winner". Prior to the sale on the courthouse steps, no entry or inspection is available. You buy as a pig in a poke. Then the property is off the market until the bank, HUD, or some other entity puts it up for sale as an REO (real estate owned property. At this point, the transaction is pretty much the same as any other purchase except the selling entity may have some additional "rules and restriction". Also, the real estate commission on an REO is usually fixed lower and less motivating for the agents. As with any home purchase, you need a thorough title search for liens or other debts that may encumber the property. Hope that may help. |
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I bought a preforeclosure here directly from the credit union. Check bank and credit unions web sites, some list their REO properties and their preforeclosures and they will let you go out and look at it. REO properties do not have any liens against them. We bought title insurance before closing on our preforeclosure, well worth the 200-300 dollars. A lien showed up 3 years later and since we had title insurance the title insurer took care of all expenses to remove it. We paid about 50,000 less than other homes in out village. It's more work and time, but money saved is well worth it. We paid cash.
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My experience with foreclosures is that they are usually not a good deal, unless you really know what you are doing. Banks don't want to own houses, but they also won't give them away. Most foreclosures I have seen are overpriced and the bank is not willing to do much negotiating. I think they rely on uninformed buyers to pay more than the house is worth, thinking that they are getting a bargain because it is a foreclosure. I would especially avoid reverse mortgage and VA foreclosures.
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Buying foreclosures in The Villages is similar to buying a regular home, some will be exactly the same as a regular home others will be a federal bid procedure. Does not mean you are bidding against anyone, you might be but maybe not. There are plenty of foreclosures in the Villages. Please get your own buyers agent. The foreclosure companies pay the buyers realtor. Get someone who understands all of the issues. It could take a little longer to close and you have to be patient. I would live to help you. I have 2 decades of experience and have represented buyers on foreclosures in The Villages. Most foreclosures are reverse mortgage situations. Good luck Andrea Bonivich, Sellstate Superior Realty 281-513-1250
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By the way it could be foreclosed, but now they list the properties before they become available. You will not be able to find anything more on HUD that you will not find on any other sites. Have someone monitor and research the house you are interested in and try to get an estimate as to when it might come on the market. Also be aware the deals are not the same as they were a few years back. Some are overpriced. You need to know the comparatives.
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All reasons to use an agent. Utilities can be turned on
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I bought a foreclosed home in TV 3 years ago, which I currently live in and got it for a good price. I found it through the local MLS listings and my Realtor helped me put an offer on it to the bank and got it closed pretty fast. Had it inspected before closing as well. The thing about the inspections is that even when the utilities are turned on for the inspection and the obvious is discovered, you never know what else can be wrong with the house (especially if it had be sitting vacant for a few years like mine was) until you actually move in and start putting real life stress on the systems, such as the plumbing when you are washing laundry, or the water heater when you take a shower....So just be prepared for the unexpected because you have to buy it AS IS...
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Seriously tried to buy a foreclosure several years ago just a couple blocks from our home up north as an investment. Long story short - lots of red tape and finally gave up as the bank wanted too much money for it IMHO.
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Yes, the banks want to make as much money as possible on their sales. Banks like money. I almost bought a foreclosure from a bank, met all their stringent demands, but I found out that the bank was Wells Fargo. Then I walked.
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In Broward county FL my deceased father's rev mort foreclosure property was auctioned online as were it seems, all auctions there. This was last March. Not sure they use the "courthouse steps" much anymore. Never sold so they took it off sale a few months ago. No idea what they will do with it (not that I care). Anyone who buys it would be nuts. Last NON-negotiable price was $72K PLUS $6K construction lien PLUS $7.5K lien in Amenity fees + $3K in taxes. Similar condos there going for $40-45K. The place has been sitting there empty with NO AIR COND for 2 years this coming March in South Florida. It must be a mold haven. His bank offered it to me for $85K, his rev mort owed balance was $123K. They thought they were doing me a big favor. |
Dealing with HUD is a cumbersome ordeal. As a real estate agent in Ohio I had clients who wanted to bid on a HUD property they quit in the first round of documents.
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Thanks!
Thanks for the link!
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foreclosure
How can I find out who holds the mortgage on a foreclosed home?
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tax bill
It is being sent to the foreclosed address and has not been paid. The home is in Lake County.
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