Florida Couple Paid $458,000 for a Florida Condo and May Lose $458,000

By
Real Estate Broker/Owner with Aloha Kai Real Estate

Florida Couple Paid $458,000 for a Florida Condo and May Lose $458,000

 

North Redington Beach Florida Real Estate

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.

 

 

Posted by

                                              

Lana Robbins - Licensed Real Estate Broker and Sales Manager

Aloha Kai Real Estate

Direct Line: (727) 376-0530

Email: Lana@AlohaKaiFlorida.com

 

Florida Real Estate

 

Ed Hinman - Vice President of Residential Real Estate Division

 Ed
Copyright © 2008 - 2019 Lana Robbins. All Rights Reserved


Fair Housing We are committed to Fair Housing Laws and are an Equal Opportunity Employer.

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Tags:
tampa florida real estate
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Ambassador
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Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

I saw this on the news.  Glad to see this couple has "lawyered up".   But even if they win the case, they will still be out a lot of money in legal fees!   

Jul 06, 2017 05:57 AM #1
Rainmaker
3,926,771
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Lana Robbins Realtor ® Licensed Real Estate Broker ,

OMG.....I hadn't heard this story but thanks for posting about it. I was glad to see your post featured in Carol Williams "Second Chance" Saturday series. I too empathize with them.

Jul 08, 2017 05:13 AM #2
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Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Lana. I think this story is telling and scary. You had better know what you are doing.

Jul 08, 2017 06:37 AM #3
Rainmaker
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Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Lana - that is an extreme case of what can happen when you don't have representation.  They are paying legal fees now unfortunately.

Jul 08, 2017 08:54 AM #4
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Jeff Dowler, CRS
eXp Realty of California - Carlsbad, CA
The Southern California Relocation Dude

Hi Lana

I hadn't seen this story but it's a sad tale about the potential risks of not having representation by a Realtor. I would think a title search would have revealed the potential issue.

Jeff

Jul 09, 2017 08:50 AM #5
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Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Wow! What a blow! Not good news for them at all! I hopethings can work out for all parties! YIKES!

Jan 07, 2018 11:46 AM #6
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Lana Robbins Realtor ® Licensed Real Estate Broker

Licensed in Florida, Washington, and Hawai'i
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