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Foreclosure Sales in Costa Rica
 
Lucky, the Foreclosure Dog.

Lucky wandered into The Oaks, www.theoaksrentals.com, in search of food last week. We adopted him, are feeding him and will put him up for permanent adoption by one of our owners as soon as he is in shape. The economic crisis has caused some Costa Ricans to stop feeding their pets. With a world economic crisis, there simply is not enough money for some families to feed both their pets and their children.
Can a smart broker get lucky, too? I think so. Every week we get wind of distress sales, which are snapped up quickly when they are real. Just yesterday I had a call from an acquaintance in Tamarindo who has to sell his two bedroom, two bath condo in town. He purchased it two years ago for $155,000 and is now willing to sell it for $80,000. Of this amount, $70,000 is represented by a 7% assumable mortgage. HOA fees are $350 a month and taxes are about $20 a month. This is an excellent rental property, walk to the beach, that probably will return at least a 50% profit in two years. Rental income probably will fall short of carrying costs ... more

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