Homes selling like hotcakes (Tampa, Riverview: short sale, foreclosure, insurance)

[071402]

Originally Posted by spbbound

Just sold a home in Tampa Palms for $50k more than I paid 15 years ago so I feel like things are definitely improving; it's a Lennar too so not exactly the best quality construction. Unfortunately $50k is about how much I pissed away on the ridiculous HOA and TPNOA fees over the 15 year period, so it's a wash. One more to unload and I'll be HOA free, hopefully forever.

Ita. FTR,Note to self: never ever ever buy a Sfh with an hoa.

[spbbound]

Originally Posted by EngGirl

I really like prices of 2000... actually between 2000-2002. Anyone who will be selling from these years will make a profit now days.

Can you describe HOA and whatever other fees you were referring to?

In Tampa Palms you not only have your HOA fees, which were excessive in the neighborhood that house was in, but you've got the Tampa Palms North Owners Assoc fees too, which go towards the happy common areas most people never use, and they still don't get you access to the Club Tampa Palms, which is an additional membership if you're into golf. I paid about $800/quarter. With that, property tax, homeowners insurance and routine maintenance, the place cost me $1200/mo just to hold onto; the rent I was getting covered maintenance and not much more, so I was happy to unload it.

[nmargo17]

Seminole Heights seems to be doing well. We've been shopping there for the past two months and were outbid on our #1 after all our backups went under contract in one day. Since then, we expanded our house range into South Seminole Heights as well, but we're still on the wall about Southeast Seminole Heights. Homes do seem to be moving there as well, but we can't find any info on the current feeling of the neighborhood.

[bentlebee]

There are many zombie homes on the market and buyers seem to make offers very fast. I wonder how happy some are when they find out these homes have sink holes, Chinese drywall, previous leaks that don't seem to be fixed very well.

I guess they don't have someone informing them.

We went to look at a house in Cory Lake Isles and run into a crowd of buyer's and one other agent. People all looked so happy and afterwards I checked the listing a little bit more and noticed that this REO is a sink hole home. Within 3 days the property was pending sale and perhaps an insurance company will inform them they can't get sink hole coverage if they inquire or some how they will figure it out before paying close to $ 400K for a sink hole home that doesn't show to be a repaired sink hole home. Maybe someone for the bank or the listing agent was so smart to open all doors and all cabinet doors so you can see how great everything was painted and looked.

New carpet and shaved doors that will open easily won't give away the sink hole issue right away and many will not look at other things.

I will keep checking what will happen and hopefully the buyer will buy it knowing they are buying a sink hole home since the bank put so many disclosure on the listing protecting them for items they claim they are not aware off.

Buyer be ware and DUE DILIGENCE are the words to remember.

[EngGirl]

Originally Posted by spbbound

In Tampa Palms you not only have your HOA fees, which were excessive in the neighborhood that house was in, but you've got the Tampa Palms North Owners Assoc fees too, which go towards the happy common areas most people never use, and they still don't get you access to the Club Tampa Palms, which is an additional membership if you're into golf. I paid about $800/quarter. With that, property tax, homeowners insurance and routine maintenance, the place cost me $1200/mo just to hold onto; the rent I was getting covered maintenance and not much more, so I was happy to unload it.

These fees sound like CDD on top of HOA. But Tampa Palms is a nice area... at least used to be!

[EngGirl]

Originally Posted by bentlebee

There are many zombie homes on the market and buyers seem to make offers very fast. I wonder how happy some are when they find out these homes have sink holes, Chinese drywall, previous leaks that don't seem to be fixed very well.

I guess they don't have someone informing them.

We went to look at a house in Cory Lake Isles and run into a crowd of buyer's and one other agent. People all looked so happy and afterwards I checked the listing a little bit more and noticed that this REO is a sink hole home. Within 3 days the property was pending sale and perhaps an insurance company will inform them they can't get sink hole coverage if they inquire or some how they will figure it out before paying close to $ 400K for a sink hole home that doesn't show to be a repaired sink hole home. Maybe someone for the bank or the listing agent was so smart to open all doors and all cabinet doors so you can see how great everything was painted and looked.

New carpet and shaved doors that will open easily won't give away the sink hole issue right away and many will not look at other things.

I will keep checking what will happen and hopefully the buyer will buy it knowing they are buying a sink hole home since the bank put so many disclosure on the listing protecting them for items they claim they are not aware off.

Buyer be ware and DUE DILIGENCE are the words to remember.

I started the thread last year on this Tampa forum telling people how they can rule out if the house of interest have major issues like toxic drywalls or sinkhole, but my thread was moved to real estate forum and got lost... have no idea why.

I am not getting who and why are looking into Cory Lakes. It must be someone without Internet access to google search... Besides ridiculously high HOA and CDD fees that community had some major issues with flooding that went back to developer and never were fixed...

[TampaKaren]

The buyers are out for sure. I wish new home prices were more reasonable but I understand building standards have changed (double pane windows - finally!). I had one new home sales agent tell me they were competing for contract trades people just to get the houses built. And let's not forget builder profit - LOL!

There's a shortage of homes for the number of buyers. Recently, there was a little REO house in Northdale that went on the market and by day 5 of the 10-day waiting period, there were 11 offers.

I've spent most of my time in the Riverview/Apollo Beach area for the past month. There are almost as many dump trucks on the road as passenger vehicles. It just amazes me how much the area has changed and I think for the better. It's an easy trip to Holmes Beach.

One good thing is my neighbors who bought in 2005 are now able to sell arm's length and not short sale (her words, not mine). It's not a much different climate though than it was 10 years ago which gives me pause.

P.S. Just wanted to mention I've seen two purportedly unrepaired sink hole homes recently with no visible evidence. I suspected fraud but the homes are stigmatized even if a new geological survey is done. In both cases, the insurance company paid the claim and the sellers are short selling their house(s).

[Irishiis49]

Wow I always thought agents had to disclose sink hole homes...that and if a murder took place in a home...which many buyers would find preferable to a sink hole!!!

[bentlebee]

Originally Posted by Irishiis49

Wow I always thought agents had to disclose sink hole homes...that and if a murder took place in a home...which many buyers would find preferable to a sink hole!!!

Murder doesn't have to be disclosed since it is not a material fact and most likely neighbors will be fast to point it out unless they want the value to go up and not down.

Of course as TampaKaren pointed out there are many sinkhole scams but often you can see some signs of big cracks that if smaller, would be considered settlement cracks.

In one case I noticed the ground settling report showed not signs of sinkhole but 2 years later it was and the other one was a repaired sink hole so ins. Money was used to fix it.

Even with the stigma of being flagged and not a physical sink hole home it will be difficult to sell/buy unless the price reflects that label.

Many homes offered by the banks shows signs of water damage and often painted over it.

Disclosure is not something that banks do and the wording "banks" is already an entity and nobody has a clue who handles the case since they move employees so fast or have only a first name and their contracts are so well one sided written that what can you do if you end up with a non disclosed big issue.

Due diligence and good inspections are advised but often people want to safe money on a mold inspection and ask if a home inspector can conduct a mold inspection and many of them claim to be able to check for mold and a buyer takes that as an inspection but all they do is look if they see mold.

Mold is often painted over or pieces replaced but not the wood behind it and broth starts between walls and invisible for the eye but not for mold inspectors who have the equipment.

[SeaSpur]

Neighbor across the street put a "For Sale" sign in his yard Tuesday...removed it yesterday. That's quick.