Pompano Beach Couple Saved From Foreclosure

Real Estate Agent with Prudential Florida WCI Realty

I saved a young couple from foreclosure, last week.  What a great feeling!  We started planning about 9 months to a year ago.  They had assets that we had to retitle, wait for them to mature and then we put our plan into motion.  Durng this time they spoke to several attorneys to be sure of their position.

They were a victim of a builder situation.  The property was an eight unit townhouse complex.  The builder still owned 4 units which were going into foreclosure - the other units were short sales.  Water was a frequent intrusion in the early days.  Most units had mold that had to be remediated at the owners expense.  No builder warrenty!  Early this year, the officers of the homeowners association resigned, there was no money to operate, the electric & water to the common area was turned off.  The insurance expired.  What a mess!  Because of this sitation and the market, values dropped 50 to 75% .  The four owners were simply a victim of circumstances.

We found an investor for all 8 units; however, the builder would not cooperate;  because he wanted to do a Deed in Lieu.  What a surprise!  He continues to cause pain to the purchasers in his complex. The investor proceeded to attempt to purchase the 4.  We closed the first one last week.  My sellers were thrilled!  They thanked both Realtors for doing such a great job.  Lots of stress; but the end result was fabulous.

What a great feeling!  A real natural "high".   Thank you for asking me to help you.



Comments (2)

Susan Emo
Sotheby's International Realty Canada - Brokerage - Kingston, ON
Kingston and the 1000 Islands Area

Congratulations Elaine!  Thanks for sharing your happy ending with us.

Nov 16, 2009 12:30 PM
Michael Bergin
Coldwell Banker Residential Brokerage - ABR - SRES - Alexandria, VA
Northern Virginia Real Estate

Nice job Elaine. Any time we can correct the injustices caused by the money grubbers we are better off.

Nov 16, 2009 12:33 PM