Monday, March 5, 2012

Today there is a new Owner of condo #601

UPDATE:
I was watching the auction today in real time and as I guessed BAC has picked up the unit for $100.  I know that we all would like to bid on these things, who wouldn't want a condo for $100, but I understand from the clerks at the courthouse that if these banks and mortgage firms encounter competing bids, then they will just keep bidding up to the amount of their note.

So if you were to bid then likely they would just keep raisisng their own bid.  It will be interesting to see what  will happen on March 30th when 4 of our units come up for auction.
 
2 have no other foreclosures but ours and 2  do have (705 Reyes has Deutsche Bank and 702 Ussery has BAC Home Loans), the 2 that don't have any foreclosures pending but ours are 306 Smith and 401 Thomas.
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Auction Sold
03/05/2012 11:25 AM CT
Sold To: Plaintiff    Amount: $100.00
Auction Type:FORECLOSURE
Case #:10002061CA
Final Judgment Amount:$164,387.46
Parcel ID: 40000-100-058
Property Address:601 CAPE COD DR 601
PANAMA CITY BEACH, 32413
Assessed Value:$77,675.00
Plaintiff Max Bid:Hidden

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Probably BAC HOME LOANS who will then list it with a realtor for about half of the $163,100 that Karami paid for it 6/11/06.

Auction Starts 03/05/2012 11:00 AM CT
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Auction Type: FORECLOSURE
Case #: 10002061CA
Final Judgment Amount: $164,387.46
Parcel ID: 40000-100-058
Property Address: 601 CAPE COD DR
Owner:   Alamdar Karami PANAMA CITY BEACH, 32413
Assessed Value: $77,675.00

You can keep up with sales at NCC on this site or at: www.bay.realforeclose.com/index.cfm  or even register with the County and bid on them yourself.

See also Karami post of 1/24/12:  http://nautiluscondosrules.blogspot.com/2012/01/601-karami-foreclosure-completed-by-bac.html