What You Need to Know About Buying Foreclosures

Buying a foreclosure can be an excellent way to save money on a new home or on an investment property. Still, whether shopping for Colorado luxury condos or a sprawling home in Tampa Bay, before you decide to purchase a foreclosure there are several things that you need to keep in mind.

The Inspection Process can be Tricky

When purchasing real estate, most homebuyers chose to have the property inspected by a professional. This way, they can be sure they are aware of any problems with the property and they can make sure these issues are addressed before actually purchasing the home. With a foreclosure, however, an inspection may not be an option. In fact, some foreclosures are not open to inspection at all. In this case, you will have to make your decision based solely on the information that is contained in the listing. Furthermore, even if you are permitted to complete an inspection, you will not have the option to have repairs made before you purchase. Rather, you will have to calculate the cost of the necessary repairs when determining how much you are willing to pay for the property.

If you are unable to complete an inspection, there are a few guidelines that will help you determine if the home will make a worthwhile investment or will become a money pit. First, keep in mind that homes built before 1978 may contain lead paint. Second, consider the current market value of other homes in the neighborhood. This way, you can determine a reasonable resale value after you have completed any necessary repairs.

Financing Procedures Differ

Obtaining financing for a foreclosure is different from financing a traditional property. If you will require financing for your purchase, you will need to check with the lender before you place a bid on the foreclosure. In fact, in many cases, you will need to be able to hand over the cash almost immediately after winning the bid.

Several Types of Foreclosures are Available

Many people who are interested in purchasing a foreclosure are unaware that there are actually several different types of foreclosures available to select from. The most familiar type of foreclosure is the REO, or real estate owned, foreclosure. With an REO foreclosure, the owner has defaulted on a traditional loan and the bank has regained ownership of the property. Since an REO foreclosure may involve any number of different banks, lenders and trusts, the procedures for purchasing an REO foreclosure may vary significantly.

In addition to the REO foreclosure, VA and FHA foreclosures are also available. With these types of foreclosures, the owner took out a loan through either the Department of Veterans Affairs or through the U.S. Department of Housing and Urban Development. Since the government regains ownership of the property in both of these types of foreclosures, there is a very specific process that must be followed in order to purchase a VA or FHA foreclosure. Therefore, it is best to contact a real estate agent to help with this process.

About The Author – Brian Kinkade works with homebuyers within the Denver luxury condo market, including Art House Condos Denver, and is a licensed real estate agent with The Home Cart team. This guest post is brought to you by the Clearwater Real Estate team; hope you find it informative.

Westchase Area Homes and Condos for sale

Westchase is a pristine community with landscaped roadways and sparkling ponds. Each village within Westchase owns its own unique charm from single family homes with caged pools to those with front porches or townhome style two-stories. No matter which style of home you choose or whichever village you pick to reside in, all the sidewalks in Westchase lead to the town within the community. Westchase area has created a town with lots to enjoy from restaurants to boutiques and coffee shops. Conveniences such as doctor’s offices, a community school and grocery stores are all within walking distance from your front yard, eliminating the need for you to use your car for many everyday things. Many communities have tried to copy the concept that Westchase has created with no success. Westchase still remains a community like no other.

Westchase Subdivisions, Neighborhoods, Condos
and Townhomes

Bennington Berkeley Square Bridges Enclave
Fords Glencliff Glenfield Greens
Harbor Links – Estates Keswick Forest Radcliffe Saville Rowe
Shires Vineyards West Park Village Woodbay
Wycliff      

Westshore Condos and Homes for sale in Tampa

The Westshore area, with it’s well-established waterfront homes and communities with new constructions make finding a home easy. Located right up the road from Tampa International Airport, traveling has never been more convenient. International Plaza and Westshore Mall both provide upscale shopping with restaurants and nightlife that is second to none. Located just miles from Downtown Tampa, not only are business opportunities available close to home, but many annual celebrations such as Gasparilla are close by without having to fight too many crowds to get there. Owning a home in Westshore will make it easy for the sports fan to see a game at Raymond James Stadium located a couple miles from the area. With the Veteran’s Expressway and the Interstates running directly through Westshore’s business areas, many other attractions in the Tampa area are only a short drive away. When looking for your next home, be sure to consider the beautiful area of Westshore.

Westshore Subdivisions, Neighborhoods, Communities, Condos
and Townhomes

Anadell Anita Subdivision Bayshore Estates Beach Park
Bel Mar Belvedere Park Borghese Villas Bridgeview Estates
Broadmoor Park Bungalow City Carol Shores Cordoba at Beach Park
Culbreath Isles Culbreath Key Cypress Estates Fairlawn Estates
Gates of Westshore Graymont Townhomes Guernsey Estates Hanan Estates
Hanan Park Henderson Beach Hesperides Lois Townhomes
Manhattan Margaret Anne Mariner Paradise
Park City Rosedale North Siena Villas Stoney Point
Sunset Park Tampania Villa Sonoma Villas of Westshore
Vineyard West Shore Crest Westshore Palms Westwego

Northdale Homes and Condos for Sale

The area of Northdale is a small community with big conveniences. Located in the north Tampa area, this mature collection of subdivisions are lined with shady oaks, tall pines and seasoned landscaping bringing a beauty to the area all its own. Many varieties of homes from traditional ranch-style houses to two-story residences bring originality to this area and separate it from the repetitive style found in some newer built communities. Similar to its sister city of Carrollwood, you will find many residents enjoying morning walks, afternoon bike rides, or evening jogs along the paths that line this quaint community. And believe it or not, with all this comes convenience…convenience to work, shopping, dining and area attractions are all possible via the main highways, interstates and expressways found just within miles of the Northdale area. If this attractive area and all its conveniences sound right for you, be sure to view some of the affordable homes available in beautiful Northdale subdivisions.

Northdale Subdivisions, Neighborhoods, Communities, Condos
and Townhomes

Brentwood Park Country Place Cypress Meadows Devonshire Woods
Hammock Woods Heatherwood Village Northdale Golf Club Sunshine Village
Villas of Northdale

Lutz Area of Tampa

From single-family homes on conservation lots to maintenance-free villas, the Lutz area has something for everyone. Situated in both Hillsborough and Pasco Counties, Lutz began as a once small town that has since grown significantly over the past decade. Large master planned communities have been built and provide residents with golfing and other recreational activities with homes sitting on waterfront properties and natural conservation lots. Downtown Lutz is home to antique and gift shops and is a place where the community gathers throughout the year for annual celebrations, parades, and craft fairs. Many small businesses have been successful in downtown Lutz, with happy customers that are also their very own neighbors. Even with the rural feeling that Lutz subdivisions provide, it is still in a location that is convenient to shopping and dining. Not far from the interstates and with the Veteran’s Expressway accessible throughout many areas of Lutz, it is always easy to get where you have to go whether it be work, the airport, local attractions or to other areas of Tampa Bay.

Lutz Subdivisions, Neighborhoods, Communities, Condos
and Townhomes

Avendale Calusa Trace Chapman Manors Cheval
Cheval East Cheval Polo & Golf Cheval West Crenshaw Lakes
Crystal Lakes Deer Park Eagle Crest Fern Glen
Grande Estates Heritage Harbor Kell Estates Kensington Estates
Ladera Lake Cooper Lake Fern Villas Lakes of Wellington
Montreaux Orange Park Pine Crest Estates Reflections
Ridgeland Sanctuary on Livingston Southern Acres
Stonebrier Sunridge Estates Van Dyke Estates Villarosa
Waterbridge Wellington Manor Wyndgate Ziegler Brothers Estates

Rocky Point Homes for Sale

Condominiums and homes share this palm tree-lined area of Rocky Point with many businesses, waterfront seafood restaurants and hotels. This highly desirable area is perfect for the businessman who wants the convenience of living close to downtown, but with a view of the sun on the ocean each day or the family or individual with a passion for boating, fishing or the beach. Located just before you hop on the Courtney Campbell Causeway to head over to the Pinellas County side and the Clearwater Beaches, Rocky Point’s location makes any drive to any place simple via I-275 or the Veteran’s Expressway. With Tampa to the east and Clearwater to the west, the residents of Rocky Point subdivisions have an abundance of options when it comes to shopping, dining and working, all of which would be a convenient drive from home. The spectacular view of the Gulf has made Rocky Point popular with banquet facilities and brides who choose the backdrop for their weddings and photographs that will last a lifetime. Many condominiums and homes are available in the area of Rocky Point. If waterfront property or being close to the Gulf Beaches is important to you, be sure not to pass up the beauty of Rocky Point.

Visit homes, condos, villas and townhomes in Rocky Point.

Bay Crest Park Bay Pointe Beachwalk Condo Blue Meridian
Canal Shores Dana Shores Golfwood Estates
Island Club Pelican Island Oaklyn Reserve of Old Tampa
Savannah Trace Spinnaker Cove Sweetwater Town N Country Park

Davis Islands Homes For Sale

Paradise has been found on Davis Islands homes. This residential community is made up of two man made islands that overlook the glistening waterfront views of the Gulf of Mexico, Tampa Bay, and the spectacular Downtown Tampa skyline. Popular with residents and locals alike, Davis Islands has many options for shopping, dining, and entertainment. With it’s own yacht club and hospital many residents feel there is no need to leave unless it is by boat. If they do leave by car, they don’t have far to drive to get anywhere they desire. Attractions, local beaches and nearby cities are all accessible through the bridges and nearby interstates. Offering new construction as well as homes with their own architectural style from as early as the 1930’s, the choices are abundant. Whether you are looking to live in single story home shaded by mature oak trees, a condominium with breathtaking views or in a multi-million dollar gated mansion amongst a celebrity or two, the homes of Davis Islands all share the same beautiful little piece of the world and prismatic sunsets.

Davis Islands Subdivisions, Neighborhoods, Communities, Condos
and Townhomes

Adalia Bayfront Byars Thompson Davis Islands Homes Davis Islands Waterfront
Villa Del Mare  

Citrus Park Area for Homes

The area of Citrus Park puts its residents right in the middle of everything. Surrounded by Tampa, Odessa, Oldsmar, Westchase and Carrollwood, not only are you close to great schools, a multitude of businesses, shopping malls and restaurants, but you also have the community resources that come with each of these areas such as libraries, parks and recreation so close to home. Ask any long time resident of Citrus Park and they will tell you that it has been significantly growing area over the years with the construction of the Westfield Shopping Mall, a new high school, and an array of restaurants that finally put Citrus Park on the map, leading to its rising popularity. An area that was once driven by unnoticed by many is now visited by those from all over the Tampa Bay area for its shopping and dining. These perks have created a desirable area for many who have made Citrus Park their home over the past few years. Newly developed single-family communities as well as townhomes have been constructed over the years and beautiful existing Citrus Park communities have brought in new residents. No matter what you are in the market for, Citrus Park has it, including golf course properties, acreage, lakefront and many others. Even with all it has to offer, the area of Citrus Park still gives its residents that sense of quietness and small town feel that has always existed.

Citrus Park Subdivisions, Neighborhoods, Communities, Condos
and Townhomes

Casa Blanca Charleston Place Enclave Citrus Park
Fawn Lake Fawn Ridge Village Highland Park Hampton Chase
Lake Chase Mandolin Provence Townhomes River Chase
Sheldon Chase South Hampton Tree Tops Twin Branch Acres
Waterchase West Hampton Westchester Westmont Oaks
Westwood Lakes

Carrollwood Homes in Tampa

Choices, convenience and affordability are only a few things that put the town of Carrollwood in such high demand. Carrollwood subdivisions are a well-known area located in North Tampa that has paved the way for many other surrounding communities and successful businesses. There is just about every type of home desirable in Carrollwood from gated communities, lakefront properties, mature tree-lined subdivisions, to newer elaborate communities. Conveniently located to all the major highways, there is no place in Tampa that is too far away, with an abundance of restaurants, shopping malls and businesses located right within Carrollwood homes. Both Tampa International Airport and University of South Florida are located about 20 minutes away. With Raymond James Stadium located only 15 minutes away, you even have the opportunity to turn off the television and catch a game of Tampa Bay Buccaneers or USF Bulls football! Although it may seem as if people pay a high price for such convenience, Carrollwood has been around for decades and makes it simple to find homes to fit any lifestyle, taste or budget.

Visit Carrollwood map where you can visit and view and the streets in Carrollwood brought to you by google street view.

Carrollwood Subdivisions, Neighborhoods, Communities, Condos
and Townhomes

Andover Village Arlington Oaks Avery Oaks Brookgreen Village
Carrollwood Crossing Carrollwood Cove Carrollwood Meadows Carrollwood North
Carrollwood Pines Carrollwood Preserve Carrollwood South Carrollwood Reserve
Carrollwood Village Casey Lake Cherry Creek Culbreath Oaks
East Village Echol Lake Enclave Fairway Lakes
Hunters Lake Lake Ellen Landings Lake Magdalene Meadowglen
New Triad Old Carrollwood Paddock Trail Pinnacle
Preserve Stonehedge The Hamlet White Trout

Apollo Beach Homes for Sale

For those of you with dreams of owning waterfront property, you don’t have look any further than Apollo Beach homes. Beautifully designed homes with lush tropical landscaping outline the waterways that all lead into spacious Tampa Bay. Between the newly built communities, some still underway, and those that have allowed many to enjoy this beautiful area for many years, both new and seasoned residents alike will agree there is so much to offer in Apollo Beach. While Apollo Beach has it’s own unique shopping areas and waterfront restaurants, many that you can simply dock your boat and enjoy, it is also centrally located between two larger cities of Tampa and Bradenton. This provides Apollo Beach subdivisions and residents easy access to a whole other array of shopping, dining and sports. So whether you are a boater, a fisherman, or just simply love the peacefulness that comes with living on the water, Apollo Beach is an area that is sure to impress!

Visit Apollo Beach map where you can visit and view and the streets in Apollo Beach brought to you by google street view.

Apollo Beach Subdivisions, Neighborhoods, Waterfront
Communities

Andalucia Apollo Key Village Bay Vista Beach Club Estates
Bellasol Bimini Bay Braemar Cobia Cay
Covington Park Dolphin Cove Flat Island Golf and Sea Village
Harbour Isles Hemingway Estates Island Cay Lagomar
Lake St Clair Marina Village Mirabay Sabal Key
Southshore Falls Surfside Estates Sunset Bay Symphony Isles