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Florida Real Estate Deal.. for real!

Bigdawg

Bigdawg

Just Me
The house a couple houses down from us in our lil hood has been for sale for a while. Guy bought it 5 yrs ago for $104,000 and did a balloon mortgage (I am guessing). He gets married - they rent the house to a various assortment of no-goodniks who didn't pay. He gets laid off his job -house goes into foreclosure.

So my husband talks to him a few months ago and he mentions if he could get $15K cash for the house - he'd take it. We didn't know at that point it was in foreclosure and looking for a short sale. Actually thought he was being sarcastic - you know - like he was just sick of dealing with it.

So my mother-in-law (in Kentucky) calls about the house -but there's already an offer on the table - just waiting for them to show financing. RE agent tries to contact the people and the phone is shut off - mail returned to sender. Come to find out that's the SIXTH offer on the house that has fallen through because the buyer couldn't come up with the money.

MIL offers bargain basement $14,000 to the bank for a cash sale. She has never seen the house... we sent pictures of it to her and recommended that she jump on it. The bank accepted her offer Friday. Paperwork on its way for her to return with the check.

House is in good shape - it's little, but not too little. And at $14K it was a real steal. Guy owed the original $104,000 on the loan and the bank settled for $14,000 and is providing a clear title. You don't get much better than that!
 
G

GypsyGraphics

New Member
wow... that's a scream'n deal!!!

my oldest son, just yesterday, mention wanting to buy a house. he had a good job that he just left for a great job. his plan is to save up enough for a hefty down payment. i wonder if there are deals like that around here?

you knew about the house because it was a neighbor, but how did those other people know to make an offer?
 
B

bernie

New Member
If the bank now owns the house - they have dealt with clearing the title. They are
in first position and anyone else is screwed. Unless its different in your area, clear
title is part of transferring ownership and I'd trust the bank to have dealt with this
long before some homeowner. You may ask to verify this though.

What an incredible purchase!

In Seattle - I have not seen the banks rolling over to this degree.

Bernie
 
njshorts

njshorts

New Member
bernie said:
If the bank now owns the house - they have dealt with clearing the title. They are
in first position and anyone else is screwed. Unless its different in your area, clear
title is part of transferring ownership and I'd trust the bank to have dealt with this
long before some homeowner. You may ask to verify this though.

What an incredible purchase!

In Seattle - I have not seen the banks rolling over to this degree.

Bernie
Click to expand...

Dunno how it is up there, but down here... gotta check for 3rd party liens, HOA/CDD responsibilities, etc. the banks are very shifty and a lot of individual research is needed.
 
Bigdawg

Bigdawg

Just Me
It's all clear. Clear title, no second or third liens... no worker's liens (like roofer or ac). Just an incredible deal in a depressed little neighborhood. Taxes are paid and the owner has actually had to keep the lawn and stuff up because of the housing codes. Everything is good. Went through it with our AC guy and the general contractor. Basically a good solid house with some cosmetic problem that can be cheaply fixed.

Now to deal with MIL spending half her time down here in Florida!
 
njshorts

njshorts

New Member
Bigdawg said:
It's all clear. Clear title, no second or third liens... no worker's liens (like roofer or ac). Just an incredible deal in a depressed little neighborhood. Taxes are paid and the owner has actually had to keep the lawn and stuff up because of the housing codes. Everything is good. Went through it with our AC guy and the general contractor. Basically a good solid house with some cosmetic problem that can be cheaply fixed.

Now to deal with MIL spending half her time down here in Florida!
Click to expand...

good deal! glad to hear it, and there are still some good deals!
 
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