liability: Foreclosure liability
- 06/06/08 02:29 AM
I had an interesting conversation yesterday with a seller. The seller owns property in Florida which was purchased as an investment. The property's just value according to the property appraiser is about $225,000. The owner owes over $400,000. The proeprty has been listed for some time and I was discussing the possible opportunity of a short sale. The seller's intent was to allow the bank to foreclose with the expectation that she would be finished with it. Unfortunately, she didn't understand that the bank has rights beyond the mortgage. Specifically, that the bank has the right to come after a seller … (1 comments)
This blog is intended to update people who are interested in buying and selling homes, condos, or other real estate in the Volusia and Flagler market. While it is called Real Estate in Daytona Beach Area we will address statistics ranging from New Smyrna to Palm Coast and west to include Deland, Deltona, etc. I will also cover topics regarding investing in residential and commercial real estate. I encourage comments from everyone and am very interested in feedback and opinions.
I had an interesting conversation yesterday with a seller. The seller owns property in Florida which was purchased as an investment. The property's just value according to the property appraiser is about $225,000. The owner owes over $400,000. The proeprty has been listed for some time and I was discussing the possible opportunity of a short sale. The seller's intent was to allow the bank to foreclose with the expectation that she would be finished with it. Unfortunately, she didn't understand that the bank has rights beyond the mortgage. Specifically, that the bank has the right to come after a seller … (1 comments)
;)
;)
