All Forum Posts by: Theresa Matella

I think for the most part, a rental anywhere in the central Florida market would be wise. I would suggest that in the Kissimmee/ Poinciana area to have your agent pull a report of what has rented out recently and for what prices. Overall, I know the rental market in my area is very good, especially if the homes are priced right. Here on average people will rent for 2-3 years+ while they are trying to get used to the area or to improve their credit.

Just an idea, why not try the Davenport, Clermont area, still close enough to Disney, but you might be able to pick up a rental that is zoned short term rental, which opens more options for you.

Good luck on your home search! I think that any way you look at it, you are making a good decision to invest in a home here, especially since you can't build them for the price that they are selling them for in the Central Florida area.

I have used this agent before, she was wonderful!
Cara Ameer
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Thanks for replies! Yes, the HOA fees do live on after the foreclosure if you are a third party bidder at auction(courhouse foreclosure sale), but not in the case of buying a REO that is listed on the market.

So the issue that I have run across too many times to count is that there is one law firm in particular that has ridiculous crazy fees for not doing ANYTHING at all! They label the account for their fees, just because it was foreclosed on. Attorneys fees aren't regulated, and they do not have to give you a breakdown on what they have done for the file. An attorney can charge $6,000/hr if they want to and they don't need to prove anything to anyone! (even if the statute says "reasonable attorneys fees") My understanding is that if the attorney that is charging them, feels they are reasonable, then he can charge them.

In my situation, I have come across this 1 time too many with this law firm, it is so outrageous on what they charge in comparison for services that were done. ie, NOTHING but answering a motion on behalf of the HOA.

So, when a bank takes possession of the home after auction, they can only go back one year for HOA fees, but when a third party bidder buys it at auction, they can charge whatever.. example: Lien 2 months before foreclosure for $100. I tried to get an amount owed for 20 days from the attorney, after the HOA member insisted that she needed to forward file for review with attorney(because it was a foreclosure) then I get the bill almost a month later.. drum roll... $4368. owed, when I asked for a breakdown they refused to give me one, and then I ended up paying it, because it costs more to fight it then pay it.

Just the other day I came across one that was $1,000 past due and NO LIEN recorded, and the fee owed on estoppel $6900. yes.. this is what I call CRAZY fees! This is what has been happening on every transaction with this attorney, and sometimes they only have the file for 15-20 days. So over it! I don't think any investor has a problem with paying HOA fees, but when they add those attorneys fees they are killer! That is why I am wondering about REO aquisition if you all have had luck with that. Let me know please :)

I am located in Florida & I have had so many issues with HOA attorney fees on past due assessments on properties that we purchase at Foreclosure Auction Sales. Has anybody had any luck fighting these impossible & ridiculously high fees in Florida? There is no regulation on attorneys fees, & YOU HAVE TO PAY or you can't close on the home! If you want to fight them, then you need an attorney that will charge you MORE than the fees, & you still end up paying them.. CRAZY!!

Considering looking to purchase bank owned just to avoid this nightmare of past due assessments. I noticed on BP that many people purchase short sales and bank owned at discounts and rehab.. can anyone tell me if that is better than courthouse auctions? Thanks so much everyone, your opinions are greatly appreciated!

Great Answer Mike! My Canadian buyers are always cash buyers.

We do extensive research before purchasing any home at auction and usually the home that we purchase needs only minor repairs, and cosmetic rehab, ie. Painting interior & exterior, landscape, appliances, fixtures, flooring, etc. for a newly renovated home that is move in ready.

We normally purchase newer homes, so there aren't any major issues that I personally have come across.

In the event that there is anything that materially affects the home(defects of any sort) they are disclosed on my sellers addendum. I have not had any issues with the homes that I have sold, they are always beautiful and move in ready...

This is just my opinion & my experience.

I have heard that the Canadian foreclosure market is tough because the government controls the bank reduction resale amounts from some family that lives in Ontario. They decided to invest in the US because the banks have reduced the homes so drastically here.

For Example: If you are looking for a home that you can rent weekly-monthly, etc. then why not look in Central Florida Disney area? I saw a home a couple of days ago that was 4 bed 3 bath over 1900sq ft. with a pool, fully furnished vacation home for $134,950. Homes in this area were selling for over $400,000 back in 2006.

Great Rock Bottom Deals to invest in Florida, if you don't find any great ones in Canada! Good Luck on your future investments!

Hi, if you are talking about property taxes, then those may be higher if your investment property is not your primary residence. In Florida, if the property is not your homestead, then you miss out on a homestead exemption deduction, therefore your taxes will be higher.

If you are talking about Canadian taxes.. I just sold 4 homes to Canadian buyers recently in Florida and they said that they have already paid tax on their money in Canada, and they don't need to pay tax on it again, after purchasing a US home. I would talk to your attorney, accountant, or financial advisor for the best answer.

:) Good Luck!

Hi Mike, as a Realtor, we have some "general disclosures" ie., lead paint, chinese drywall if applicable, affiliated company disclosures, etc. that are automatically added to all of my transactions. On normal sales we have a sellers disclosure that is several pages long that the seller fills out and signs (concerning every detail of the home and if there are any issues).
When I sell a flipped home that i have not occupied I do not sign a sellers disclosure, but I do sign a Seller's Addendum to Contract in addition to the previous disclosures that I mentioned. My sellers addendum is to protect me as the investor/seller, I have run into problems when I filled out the sellers disclosure, because I don't know much about the condition of the homes I aquire through foreclosure auctions, and I have no contact with previous owner, I can't disclose there are no issues, if I don't know if there were any. I have on my addendum that is recommended to have the home inspected within the due diligence period.
I have checked with attorneys and the sellers disclosure is not required, as long as there is a sellers addendum to note that you have not lived in the property, therefore can not provide an effective disclosure of its condition.

When I rehab homes, if there is a visible defect that materially affects the home, I always note in my sellers addendum that is added to the contract. Thanks for the concern.. Do you sign the seller's disclosure? If so, have you run into any issues?

In my county I can search public records online by using the county clerk of courts website. If I am searching a recent auction sale, my usual place is searching the court records under the foreclosed persons name. The new owner name and certificate of sale is recorded usually same or next day. Hope that helps!