daytona foreclosures: Are Foreclosures The Best Deal?
- 07/21/14 07:55 PM
I am getting requests for more information about Hawaiian Inn, a condo-hotel in Daytona Beach Shores. And even though there are 14 condo units for sale in this resort, they are inquiring about unit 308.
Hmm, gotta be the nicest unit?
Then, maybe this is the best-priced unit?
No. Actually, there are 3 one-bedroom units like 308, which are less expensive…
So, why is that all these requests come for unit 308, as if there are no other units in the buildings?
It is simple. It is an REO.
People look on foreclosure sites. And they find it. And they
daytona foreclosures: Where Can I Buy A Dollar For 50 Cents?
- 06/03/14 10:39 PM
An agent calls. She has a customer who is looking for foreclosures. Not REO, but foreclosure auctions. So, she is following the appropriate websites, and for a while can’t find what her customer wants.
Called me to ask about it, because she saw my posts about auctions.
So, what is her client looking for? Oh, that’s simple.
- He is looking for a steal. Something that he can pick for $100K and sell for $200K, and be done within 3 months.
Why does he think that this is possible?
- Because this is the whole point of buying foreclosures,
daytona foreclosures: Screwing the Bank?
- 01/04/14 06:16 PM
A call comes about a property. The caller gives me the address. MLS does not show anything.
But I am used to it. I Google the address and find it on Trulia. From Trulia I trace it to the brokerage and yes, it is listed, but not in Daytona MLS. It is listed in another county’s MLS. And there is no sign on the property…
The property is REO. Listed initially at $199K. After sitting there price was reduced, and then reduced again, and then again…
It is listed at $115K now, and it is severely underpriced at $115K. Actually, initial
daytona foreclosures: Honest Lies
- 09/09/13 11:51 PM
A few days ago I read an article in our local newspaper “Word on the Street: Unruly crowds prompt switch to online auctions”
daytona foreclosures: Tax Deed Auctions and Foreclosure Auctions
- 08/29/13 12:21 AM
Disclaimer: I am talking about Volusia County in Florida, and I am sure there might be slight differences in other counties even in Florida. Also, this is not a course, after which you go and make tons of money. And if you still go, you may as well lose :)
So, here we go...
There are common features, and there are differences.
Both are auctions, both require 5% deposit at time of winning the bid, both give you 24 hours to pay it off in full. Since just a few months ago, in our county they are both on the Internet.
daytona foreclosures: Can I Settle With Underwear?
- 08/09/12 10:29 PM
- I have given them my home back.
The lady on the phone is screaming. She said she gave the house back to lender in foreclosure, and now they are going after her for deficiency.
This is the same lady that told me to get lost when I suggested we could do the short sale. She spoke to her accountant, and then decided going with foreclosure.
She stayed in the house for a bit over 2 years, and got used to it, but finally Flagler County started processing foreclosures. Now she got a letter demanding money. And she is pissed off.
daytona foreclosures: Foreclosure Auctions: Who Buys the Properties at Foreclosure Auction. FAQ
- 06/14/12 11:37 PM
When you plan to buy at the foreclosure auction, do you homework. Try to get as much information about the property going on the chopping block, try to find out whether there are liens, unpaid taxes, association dues, whether there is or may be damage to the property, check whether the city (code enforcement) had issues with this property, etc.
You also need to have understanding of the market and know what you would be able to resell the house/condo for.
You need to set the limit to your bidding. Set the limit BEFORE the auction starts. And then
daytona foreclosures: Who Is Foreclosing? Frequently Asked Question.
- 06/12/12 08:49 PM
The question may sound strange, but it shouldn’t. Who is foreclosing on the properties? Bank is not the only one that does it. While I am not an attorney, and can''t cover all possible scenarios, I am discussing my experience with foreclosure auctions in the Volusia County Courthouse, which I have attended in the last 3 years.
And, of course, in the overwhelming majority of cases the plaintiff is the Lender. But it is not the only foreclosing party. Here in Florida we also see Homeowners and Condo owners Associations, which foreclose for non-payment of Association Dues and/or Special Assessments.
daytona foreclosures: Frequently Asked Questions About Foreclosure Auctions. How the Sale Happens?
- 06/10/12 11:03 PM
When the property goes for foreclosure auction, the information is published in a local paper, but do not expect that it would be in the major newspaper serving the area. It maybe in a newspaper that few people read.
In Daytona we can read it in our biggest daily publication: News-Journal, however they just reprint the list of properties scheduled for foreclosure for the week. You can read it on Sunday (in print or on-line). This information is also can be found on Clerk of the Court website.
They have the list of properties scheduled for foreclosure, and they go by
daytona foreclosures: How To Buy At Foreclosure Auctions? Frequently Asked Question
- 06/10/12 09:22 PM
This is by far one of the most often asked questions. And this is the one, which does not have a simple answer.
We need to know the following:
1. How the foreclosure sales happen?
2. Who and how forecloses on the properties?
3. Who buys the properties at the auction?
4. How to prepare for buying at the auction?
5. How to do the bidding?
With all that said, I am basing my answers on the procedures employed by the Volusia County Court, which processes foreclosure sales for Daytona Beach Area. Rules are slightly different from county to county.
daytona foreclosures: Why Can’t I Buy At Foreclosure Auction? (Frequently Asked Question)
- 06/08/12 09:49 PM
You can. What matters are the results, and, as they say, results may vary. But what can better illustrate the point than a real life example.
So, here is the story that happened today.
Yesterday we wondered about a deal where the association was foreclosing on the condo-hotel unit with the judgment of only a bit over $7K. We smelled the catch, and we found it. It was a pretty good catch, a $270,000 lien from IRS. So, we did not go to the auction.
When we do not go to the auction, my assistant (and wife) has a habit of
daytona foreclosures: It Was Close...
- 06/07/12 11:18 PM
In a few hours there will be a foreclosure auction in the county court. My assistant, who surfs all foreclosures, alerted me to this deal, as it is a condo-hotel unit in Oceans Jewels, no mortgage, being sued by the association for non-payment of monthly Association dues.
No mortgage makes it easy. There might be some bidding, but it is unlikely to have a lot of competition.
There is $1,300 tax, but together with the judgment, it is still under $10K.
Final preparations, and I ask to double check again. Asking to watch whom the court notifies.
My assistant checks
daytona foreclosures: What Difference Does a Good Offer Make if Nobody’s Listening?
- 06/01/12 09:54 PM
Friday is the day when the County schedules foreclosures for Daytona area properties. Used to be 2 days a week on average 30-35 properties a day. Not anymore. Today after a few cancellations, which is very common, there were only 5 properties left on the foreclosure list.
I drove all the way to Deland, our county seat, because there was one condo-hotel unit in Oceans Jewels Club going on the chopping block. The foreclosing bank is known for the deepest discounts, starting from 10 cents on a dollar of the balance of the loan. I did not expect 10%, but I
daytona foreclosures: Renting in the Times of Foreclosures
- 05/19/12 02:22 PM
I have posted Tenants in Foreclosed Properties. Myths and Reality It was about tenants taking advantage of the situation and stopping making payments to the landlord. Here another side to the story. It is about tenants, who learn that the property in pre-foreclosure, and walk away from the lease. Whether they learn it from the landlord or received a copy of the Notice of Default delivered by Sheriff.
There is often indignation involved. Tenants blame the landlord. They persuade themselves that this gives them the right to break the lease and leave at will.
For the tenant, who terminates the lease,
daytona foreclosures: Tenants in Foreclosed Properties. Myths and Reality
- 05/16/12 10:45 PM
There is a lot of discussion of tenants in properties that go into foreclosure, and a lot of it is plain balderdash (learned this new word to me from Lenn Harley). At least here in Florida.
Here is why. When the Lender files Notice of Default, the Sheriff will bring a copy to the property and wake you up at 6 AM in the morning and will give it to whoever is in the house or condo. If you look at who is being served, there is usually a line: unknown tenants.
So, trying to hide that fact that the landlord
daytona foreclosures: Market is Changing
- 02/26/12 11:11 PM
We have been watching foreclosure sale at the county court. When we have the client, we go and bid, if not, we keep track of some of the properties, which we find interesting.
This over 3,000 sf house on Daytona's beachside attracted our attention because it had a lot of character. It is unfortunate that it belonged to a Real Estate broker and his wife, an agent, who buckled under the pressure of the market.
They have heavily invested in the house, added second story, made it a Spanish styled home with beautiful tiled floors throughout, a lot of cast iron (fences
daytona foreclosures: Short Sale Going Bonkers... Need Advice
- 12/21/11 01:18 PM
We got this listing and thought that we would just find the Buyer and run it with Boa VIA Equator, and be done with it.
And then the Seller has received a letter that she was chosen to participate in Co-Op Short Sale Program, and there were quite serious perks to jump on it. No deficiency, stopping foreclosure, $2,500 allowance...
So, she filed her paperwork, we did ours and submitted it all to those Dignified Solution's people. They acknowledged that we are OK. We had a bunch of showings, reduced the price a few times, and the contract came at $80K.
daytona foreclosures: Anybody Managing Paradise?
- 12/15/11 10:43 AM
I am working with a client on a short sale of a piece of land. They bought this lakefront half-acre lot at the height of the market for $220K, but since then her husband died, and she is loosing every property they bought. We are negotiating an offer for 13% of that.
At one point I asked her about her primary residence, as I knew she stopped making mortgage payments. She said she was not interested to keep it, as there were repairs needed and she did not want to deal with it. Hmm, the house is 15 years old,
daytona foreclosures: $450,000-Long Story…
- 03/04/11 08:41 PM
This story started December 6, 2010, when we saw that a penthouse unit in Bella Vista Condominiums, a really luxury oceanfront condo in Daytona Beach Shores, was scheduled for foreclosure auction (read Daytona Beach Shores Penthouse on Chopping Block)
For me it is interesting to go back and read what I wrote then. To see what I thought might happen, and then look at it from today’s perspective. It shows whether I was naïve, or foolish, or insightful. It is a terrific learning tool.
At this point there was a unit scheduled for the auction, the Listing agent, who was adamant
daytona foreclosures: Pride And The Hole From The Bagel
- 03/04/11 12:24 AM
Doing short sales of condo units has its own nuances. Our short sale was not supposed to be a out of the ordinary. But it came with a twist…
We work with a buyer, so the ball is not in our court. Checking properties going for foreclosure auction, we notice that this unit is going into foreclosure. And it is not the Lender; it is the association that forecloses on the unit. Not being paid in years, they just got frustrated and decided to take action.
We are calling the listing agent. Of course the agent has no clue about foreclosure. We