Florida Couple Paid $458,000 for a Florida Condo and May Lose $458,000
This story made headlines today in the Tampa Bay Times. Some like to ridicule real estate agents and REALTORS (R) but this is a classic case of Buyer Beware. While foreclosure auctions can be lucrative for some, there may be liens on the property. In this case the bank had a superior first mortgage.
An excerpt from the story:
"On June 8, a condo overlooking the Gulf of Mexico in North Redington Beach sold at a Pinellas County foreclosure auction for $458,100.
The winning bidders, an Orlando couple, thought they had gotten a good deal on the 1,500-square unit in the Ram-Sea Condominiums with heated pool and Jacuzzi. Owners can use their condos as permanent homes or lucrative vacation rentals.
But the Orlando couple won't do either. After the electronic auction was over and the money paid, they made an alarming discovery: A bank has a superior first mortgage on the condo and could soon foreclose.
That would leave them with no condo and out almost half a million dollars."
We empathize with the buyers. While home buyers would like to save as much as they can and while we do not know the specifics of this transaction, it's one thing to want to get a deal but it's another to be penny wise and pound foolish losing the entire investment. In most cases, it does not cost buyers to hire a REALTOR (R) in the Tampa Florida area. We are typically compensated by the seller. It does not hurt to ask and inquire. A phone call (or email) is practically free.
There is currently one condo that is listed for sale in Ram-Sea Condo. It has two bedrooms and two bathrooms and its listing price is $524,999. There are four other condos for sale in North Redington Beach, Florida listed from $756,800 to $1,095,000.
If you would like any information about real estate in the North Redington Beach Florida area or throughout Tampa, Florida call me directly at 727-376-0530.
P.S. I am also licensed as a managing broker in the State of Washington. When in doubt feel free to contact me about Florida or Washington real estate.