Wells Fargo files on #509

The original owners of #509 (a 2/2, 2nd floor unit) William and Lana Goldston, of Virginia Beach, Va., were filed on 3/28/13 by Wells Fargo in a Foreclosure action.  The 30 year mortgage was originally by Wachovia for $139,400. 

The unit was purchased 11/16/06 for $154,900.

I regularly look at the Consumerist.com site and found an interesting article about HOA's that put me in mind of what I have heard about the problems at NCC. Here is the link to the article and video.

HOA Bans Just About Everything Fun A Kid Might Do Outside

http://consumerist.com/2013/03/18/hoa-bans-just-about-everything-fun-a-kid-might-do-outside/

Fortunately I am now gone from NCC these last 2 months so I don't have any real imput into what has been going on with 'our' kids, except that it seems they have gotten out of hand again. Yes, again, we had problems around 2008/9 when there were a group of older teens on the property and were also causing problems. 

If you have an interest in this take a look at this site for details on NCC's kids particularly the 2/22/13 post and reply to it:
  http://www.apartmentratings.com/rate/FL-Panama-City-Nautilus-Cove-Condominium-1602143.html#axzz2NuWWJNze

#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

#705 As Is, REO/Foreclosed

You might recall that unit #705, a 3/2 ground floor parking lot side, was very briefly 'our' unit, when we stepped in front of Deutche Bank and took it over for past due condo assessments. Now this old Reyes unit is back on the market under MLS #607197 and is offered at $81,370. It will probably sell for less than this but go quickly. 
Here are just 2 prior posts about #705:
http://nautiluscondosrules.blogspot.com/2012/10/the-chickens-are-coming-home-to-roost.html and
http://nautiluscondosrules.blogspot.com/2012/11/nov-28th-ncc-will-lose-condo-705-at.html

Foreclosure filed on #104

Green Tree Servicing filed 'Lis Pendens' 3/1/13 on Unit #104, Roberta Jones, Case Number: 13000418CA. 

Increasingly the 'old' owners at NCC are simply letting their units go as many have become dissatisfied with the condo and of course many have mortgage payments greater than what they can rent out their units for. 

I have said for years that it makes no sense at all to deplete your savings by pouring money into units that are in many cases worth only half (or less) than what you paid for them. 

This particular unit had been on sale and listed with a broker for some time and the price has gradually come down but not enough to compete with those similar units which were foreclosed and going at 40% of original price.  The 4/3 unit was purchased 12/12/06 for $184,900.  It was as low as $89,900 (48.6% of OSP) and was unsaleable even at that price.

I was fortunate that my run for the 2013 Board resulted in the developer deciding to buy me out for 93k (56% of OSP) when such units as mine would probably bring only 80k. So despite taking a 78k loss on my unit, I ended up much better off than most owners who would like to sell but can not find a buyer.