Friday, March 15, 2013

#705 goes back to the mortgage holder

 
As is quite normal for such sales when the foreclosure is done by a bank or mortgage company the condo went to the mortgage holder.  Now and then you will get a 3rd party who will place a bid, however the bank or mortgage firm will always counter bid, right up to the amount owed on the loan.

Usually the foreclosure will go for a token $100 to the mortgage holder.  When the Assn. filed foreclosures, 2 of 7 units were purchased by individuals bidding on them and paying the past due condo fees, but when the foreclosures are done by banks or mortgage companies they want the units back and will keep bidding for them.

Now this unit will be placed with a local realtor and within 20-30 days you can look it up on various realty sites and see what the price being asked will be.  It should be about the $80,000 range.  Such low ball prices on foreclosed units make it impossible for other owners to sell their units.  So if you have a 3/2 where you paid $165,900 before the realty bubble burst and you are now willing to take a loss and try to sell for $100,000 you won't sell it.  You are in competition with those foreclosed units and there seems to be no end to them.  Here is the next auction FYI:

Auction Starts 03/26/2013 11:00 AM CT
Auction Type: FORECLOSURE
Case #: 12000819CA (Neicy Diniz)
Final Judgment Amount: $154,401.16
Parcel ID: 40000-100-052
Property Address: 13700 PC BCH PKWY 403
PANAMA CITY BEACH, 32413
Assessed Value: $78,400.00
Plaintiff Max Bid: Hidden

Additional Info lower down this blog at:
http://nautiluscondosrules.blogspot.com/2013/01/foreclosure-filed-for-105.html