Foreclosure Financing

If you’re looking at foreclosures in Clearwater, just make sure the pool is up and running! There is a nice selection of pool homes in Pinellas County and many of them are lacking amenities from refrigerators to range hoods; but I kid you not, if the home you’re buying has a pool that is boarded up, then you’re going nowhere with your mortgage loan. This is a situation where I can assure you, the lender won’t lend.

Florida foreclosure opportunities are abundant, but this situation will stop your transaction in its tracks. The logic is that the value of the pool as a feature can’t be assessed if it is not operating.

I actually had one underwriter tell me that she “didn’t care if the pool was filled with concrete” but for safety reasons it had to be fixed or filled.  I know, you say what if the pool is boarded up? And I say, so what.  Once the loan closes and the homeowner takes off the cover and does not put water in, it creates a hazard. 

While I don’t suggest that a Tampa Bay mortgage should be obtained at the hands of a cement mixer, there are alternatives like filling the pool with sand. Bottom line… it can’t be boarded up or empty, it has to function.

With the chance of a great real estate deal at stake, you just gotta do whatever it takes. Whether the listing agent or the potential buyer does it, someone has to get in touch with a pool maintenance company and the utility providers to get the pool cleaned, running, and up to blue and sparkly standards. 

Stay tuned for some more heads up advice on how to obtain a home mortgage loan for foreclosures and call me if you have any questions.

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