Are you working with customers that are looking for foreclosures? Probably.
Well, my customers keep asking me about properties that show something like $25,000 owed from a Homeowner's Association and being foreclosed. They believe they can purchase the property that is valued at least 10 times higher for the amount of money owed to the association. I tell them that the mortgage is still owed unless there isn't a mortgage and if there isn't a mortgage I can't believe a property owner would give up their home and lose all their equity over homeowner dues.
So, I did a little digging and found this Washington Post article:
Today I was going to show a townhome that my buyer saw was being auctioned (foreclosed) until I realized it fell under the category above. When the listing agent asked why I canceled, I told her. She was surprised by this information as she did not realize the property was being scheduled for foreclosure. The property owner had assured her she was current with her mortgage payments.
Have any of you had dealings in this area? Please share.
Barbara Jenness takes joy in assisting people in buying or selling their home or land in northeast Florida (St. Augustine, Ponte Vedra, and Jacksonville). She is a community activist and leader serving as President of Friends of A1A 2008-2010, Past President of Scenic & Historic A1A in St. Johns County for over 10 years, and past vice-president of Vilano Beach Main Street (North Shores Improvement Association). She is a past president for WCR in St. Augustine and a member of South Ponte Vedra Civic Association, Porpoise Point, Serenata Beach Club, and Palencia. She founded and is a Past President of the St. Augustine Regional Council (StAR Council) to promote the St. Augustine area to individuals outside the region.
Awards: REALTOR of the Year, Businesswoman of the Year, SPIRIT Award Passion, Five-Star Best in Client Satisfaction-7 Years Winner