EYEMARK REALTY, INC.

NW Gainesville, $132,000.  -  Only a 2.5 mile Bike Ride to the University of Florida campus from this centrally located single-family home. You can also take Bus Routes 6 and 15 to school or work or shopping.

1,330 sq. ft., 3 bedroom, 2 bath, single story - Centrally Located near UF on 2 bus routes.

Great location for college students, families with children, retired or active senior citizens, or single persons.

Convienient to all kinds of shopping including food, restaurants, Walmart, Lowes, Home Depot, Publix, Albertsons, Winn-Dixie, and Downtown businesses.

Big (over 1/4 acre) corner lot has plenty of area for extras such as additions to the home, gardening, children's play area, adding a workshop-storage building, or expanding the garage.

Call or email to make an appointment to see this affordable home. Buyer must show a current lender qualification letter before a showing will be arranged.

Property information

Very nice home on large corner lot.

• 1,330 sq. ft., 2 bath, 3 bdrm single story - MLS® $145,000 - Nice Home, Big Yard.

Pine Haven, Gainesville  -  Nice comfortable home on a large corner lot in a quiet neighborhood in town, centrally located in Northwest Gainesville.

Easy drive or bicycle to shopping, offices, downtown, and the University of Florida.

Good student location. On bus route 6.

Front and back porches. Hardiboard siding. Fenced yard.  1-car garage.

Property information

How To Buy Foreclosed Properties (REO, Foreclosures)
EyemarkRealty.com & www.GainesvilleFloridaHomes.com

What is Foreclosed Property?

          A foreclosure is the legal process in which a lender takes ownership of real property (home, land, or building) from owners who fail to make payments on a loan or fail to follow through on other promises in respect to the property.  The lender then sells the property to gain back the amount still owed to them.  The lender can be any entity that lent the money as a mortgage loan - a bank, savings & loan, mortgage company, any other type of organization, or a private individual. 
            Most foreclosures result from a nonpayment of a mortgage loan or a home equity loan. But the nonpayment of a balloon payment, not paying property taxes, not paying for insurance, or not properly maintaining a property can also result in foreclosure.

The foreclosure process has three (3) parts:

            1. Pre-foreclosure:  This is the time between when the owner stops making payments and when the lender has the county court sell the property at an auction.  The lender must prepare specific paperwork and give the owner certain types of notices concerning the delinquency.

            It can also be the time between when the lender finds out that the owner hasn't paid the property taxes, paid for insurance, or stopped maintaining the property, and when the property is placed for sale at auction by the county court.

            The dispute between the borrower and lender can be settled at any time during the pre-foreclosure period.  That settlement will stop further actions by the lender and the court.

            As a buyer (investor or potential resident owner), you can deal directly with the owner during the pre-foreclosure period.  The owner has the right to sell the property during this time as long as the loan is completely paid off at the closing. 
            If you and the seller agree to a sale price below that which will pay off the lender you have what's known as a "short sale."  In a short sale the lender has to agree to take the loss on the loan before the sale can be closed.  When the lender refuses to take less than the balance owed the property usually procedes to the auction.

            2. Auction: This is the action by which the county court seizes the property from the owner and sells it to the highest bidder, usually at the courthouse.  The county sheriff or a trustee handles this process, depending on the state where it occurs.

            The auction usually occurs on the courthouse steps after the home or other property is advertised in the local newspaper about a week in advance.  You should have cash or a cashiers check with you and be prepared to make a substantial deposit or the pay the entire amount on the spot should you be the winning bidder.  Make sure to have your financing arranged and approved in advance because you will have a limited time to close on this type of purchase.

            You should be careful to do your own due diligence because this sale is "AS-IS." Whatever condition the property is in is the condition you will get.  Neither the owner nor the lender will make repairs and most states don't allow a buyer to inspect the inside of the home or building before bidding begins.  Where inspections are allowed they may only be scheduled for a limited time on a certain day.

            Therefore you should visit the property and try to learn as much as possible from public records and neighbors and other sources.  You could be buying a home or other type of property that has substantial structural problems, termites, toxic chemicals, exposed lead paint, or tax liens.  You also might not obtain clear title because IRS (federal) tax liens and county tax liens are not wiped out by foreclosure.  Delinquent taxes will make it highly unlikely that you will be able to obtain title insurance.
            You should make sure ahead of time that the auction is on schedule.  Sometimes the auction doesn't occur because the owner makes the required payments or resolves the disputed matter at the last minute.  Court rulings and improper paperwork can also stop or postpone the sale.
            There is a statutory redemption period in some states that enables the original homeowner to repay the past-due amount on their loan plus expenses and regain ownership even after the auction is over.  When this happens you are no longer the owner and out whatever expenses you incurred.
            After the auction sale takes place the previous owner (borrower, original owner) must vacant the premises.   When they refuse, the lender (new owner) will institute eviction procedings.  Depending on state law, it might take days to months to evict people.  This is a potential problem in some foreclosures.

            3. REO (Real Estate Owned):  If the property fails to sell at the courthouse auction, or if the lender ends up as the highest bidder, the home becomes "Real Estate Owned" (REO) by the lender or "Bank Owned" if the lender is a bank. If the lender is a bank or mortgage company they then will try to sell their REO properties on the open market, either by themselves, by listing them with a real estate broker, by advertising with a third-party marketing company, or by entering them into additional auctions.

            Sometimes you won't know it is a foreclosure (REO) from looking at the real estate listing unless the bank's name or a government agency is shown as the seller.
            Before buying a home from the lender you should make sure that the previous owner has completely vacated the premises and there are no squatters who have moved into the vacant home illegally.  Otherwise you will have to institute the eviction procedures. 

Why buy foreclosed property?

            The ultimate goal of almost all real estate investments is to buy low and sell high. Foreclosures can provide that opportunity. There is much advertising about the tremendous bargains available and the huge profits to be made by purchasing foreclosed properties at a large discount from market value. It is easy to get caught up in the frenzy to buy valuable real estate for pennies on the dollar or by using other people's money.  But like all other types of investments they can bring you gains or loses depending on your timing and expertise. Many foreclosure deals can sound too good to be true and they probably are.  The higher the potential reward the higher the actual risk.

            It takes much research, knowledge, experience, time, and money to be consistently successful with any type of real estate investing and foreclosures are no exception.  You should learn about the entire process and make sure you completely understand the laws and procedures before bidding on a property.  It is best to begin with the least risky deals even though the return on investment can be low.

            A reputable lender that is selling a foreclosed single-family home is most likely the first lien holder by a first mortgage.  If there was no problem when the home was bought and financed by the previous owner, there theoretically should be no problem with your purchase. In about 9 out of 10 cases you will be able to obtain title insurance.  However, you should beware of bidding on or buying a property in which the lender was a private party, a relative of the owner, or a bank or other type of lender with legal or tax problems.  In those cases there are numerous pitfalls waiting to happen.

Government Agency Foreclosures:

            Several government and quasi-government agencies can also foreclose on homes and put them up for sale.  These agencies will have financed the home directly, guaranteed the mortgage, or bought the mortgage from a lender, usually a bank, before the loan became delinquent.

            Some federal agencies to research are:  HUD (Housing and Urban Development, VA (Veteran's Administration, Fannie Mae, Freddie Mac, and USDA (U.S. Department of Agriculture).  There are others that specialize in certain types of properties.

            Many government auctions are conducted online under contract to a private company. You will be allowed to tour and inspect these homes in advance and most of the time these homes will qualify for title insurance.  You have much less risk in government auctions so the prices will be much closer to market value.  These types of auctions are usually better if you are buying a home for your own use than if you are an investor looking for a quick profit.

Finding Foreclosures: 

            Foreclosures provide the potential of turning another person's misfortune to your benefit.  Basically you are trying to find a bargain without getting burned by the risks, dangers, and difficulties involved.
            Take a look at educational materials and numerous foreclosure properties by clicking on any of the banners, links, or the map on various pages at EyemarkRealty.com.

Sell each lot separately for $7,500.

•  lot / land - MLS® $15,000 - Scarce 2 Adjacent Lots

Florida, United States  -  2 lots in an attractive, quiet area of mixed mobile homes and site built homes in Interlachen Lakes Estates in the Lake Region, Florida. Seller will sell each lot separately or both together. Mostly cleared with a few nice trees - high and dry.

Convenient to community shopping in the City of Interlachen and numerous fishing and boating lakes. Easy drive to Gainesville and Palatka.

Contact Listing Broker for directions.

Property information

University Commons, Gainesville  -  FOR RENT - A Bedroom in University Commons Condos at 2601 S.W. Archer Road, a 4 bdrm - 2 bath multiplex "Next to Univ of Florida Campus.". Now $325 USD Monthly per Bedroom - Low Price, Great Location.
Top floor (3rd floor).  No noise above, good view.  Many amenities - pool - fitness.
Walk , Bike, Bus to University of Florida Campus in a few minutes.
 

Property information

HOW - Home Owner's Warranty
(Home Buyer's Protection Plan)

            A Home Owner's Warranty is a protection plan (a type of insurance policy) that protects you, as the buyer, from incurring high costs of specified repairs after you purchase your home. Most companies offer plans for site-built homes only, but there are a few companies that offer plans for condominiums, mobile homes (trailers), and manufactured homes.

            This type of warranty is different from a Builder's Warranty on a brand new home.  With new construction the home builder typically warrants the entire home and all systems for 1 year.  A home buyer's protection plan is limited in scope and only covers specific items. 

 

            It typically is purchased by a seller as an incentive to induce a buyer to make an offer on a home for sale. But, in some cases it can be purchased by the buyer of a home when the seller doesn't include it. Some protection plans can include coverage for the seller during the listing period.

            Most companies offer a standard coverage paid for by the seller. Then you have the option of increasing the coverage by purchasing different levels of upgrades. When the seller is paying, payment is made at the closing from the proceeds of the sale. When the buyer is paying or obtaining upgrades the payment is included in the buyer's closing costs.

 

            Coverage for existing homes typically extends for 12 or 13 months depending on the company. Some plans will offer you a renewal before it expires. There are a few companies that offer plans to cover the years 2 - 4 of new home construction which protects you after the builder's 1 year warranty expires.

 

            As with other types of insurance there is a deductible, usually $50 - $100 per repair that is paid by you at the time of the repair. Costs over the deductible are paid by the home warranty company. There is a 24 hour - 365 days a year toll-free phone number to call when you need service and the warranty company will send you one of their certified insured contractors.

 

            Different plans cover different items so make sure you read the list of coverage very carefully.

 

            Usually the following items are included in standard plans:
                        Central Air Conditioner-Heat Pump, Gas-Oil-Electric Heater-Furnace, Ductwork, Plumbing System, Water Heater, Instant Hot Water Dispenser, Toilets, Sump Pump. Bathtub Whirlpool (Spa) Motor-Pump, Kitchen Refrigerator, Dishwasher, Oven-Range-Cooktop, Garbage Disposal, Built-In Microwave Oven, Trash Compactor, Electrical System, Exhaust Fans, Ceiling Fans, and Central Vacuum.

 

            Premium plans include everything in a standard plan plus some of the following items:

                        Washer, Dryer, Swimming Pool, Well Pump, Garage Door Opener, Septic System, Limited Roof Leak, Pest Control, Hauling Away Debris, and Permits.

 

            Some companies include, for an additional fee, items such as faucets, registers, and grills-racks.

 

            As you can see, a Home Owner's Warranty (HOW) can increase your comfort when buying your new home. You will be protected against potentially huge repair bills for covered items. All you pay is a nominal service fee per repair call. So, it is in your interest as a first time home buyer to request that the seller provide this kind of an incentive when you make your initial offer on a home.

5. Short Sale Odds.

           
            Why do only a small percentage of short sales close?

            Everyone involved is:

                        Short on Money.

                        Short on Time.

                        Short on Patience.

                        Short on Knowledge.

                        Short on Experience.

                        Short on Paperwork.

                        Long on Odds that it will close.