Craziness Going On In My Old Neighborhood! (foreclosures, investment, mortgage) - Real Estate -Brokers, appraisals, development, lease, investing, relocation, apartments, houses, condos, values, mortgages, loans... - City-Data Forum

ylisa7 · 09-20-2008, 08:57 AM

I was checking the new listings today in my old neighborhood and I came across something I don't understand.

The house is listed at $459,900(which is still way overpriced for the area).

Anyway here is the history.

Sold in May 1993 WD $186,500

Sold in June 2007 WD $599,900

Sold in July 2008 CT $0 to an investment company. What is CT?

I know there are a lot of short sales and foreclosures in this neighborhood. But what kind of deal is this?

Lisa

susan17 · 09-20-2008, 09:01 AM

Where do you live?

ylisa7 · 09-20-2008, 09:53 AM

Quote:

Originally Posted by susan17

Where do you live?

I don't live there anymore. Sold out during the peak

. Anyway the area is New Port Richey, FL. 35plus year old waterfront homes originally built for smaller winter and retirement homes.

The homes went through a huge boom and they weren't worth it.

Lisa

FLBob · 09-20-2008, 10:13 AM

This is a legal document prepared by a attorney or title company that defines the current conditions of title to a property. The certificate of title should define all liens, encumbrances, and easements on a property

ylisa7 · 09-20-2008, 12:57 PM

Quote:

Originally Posted by FLBob

This is a legal document prepared by a attorney or title company that defines the current conditions of title to a property. The certificate of title should define all liens, encumbrances, and easements on a property

OK, I'm still not following. According to the county records no money changed hands. What happened to the previous mortgage?

Lisa

FLBob · 09-20-2008, 01:03 PM

Without looking at the certificate I'd just be guessing, but my guess is that the "bank" has assumed the title. The owner may have simply turned the property over to the "bank" in lieu of foreclosure. Where the "bank" is the investment company you referenced.

ylisa7 · 09-20-2008, 02:16 PM

Quote:

Originally Posted by FLBob

Without looking at the certificate I'd just be guessing, but my guess is that the "bank" has assumed the title. The owner may have simply turned the property over to the "bank" in lieu of foreclosure. Where the "bank" is the investment company you referenced.

Oh, the times we live in. A lot of bad times for a lot of people. I find it really strange because this house just came on the market this week, after the investment co.(bank?) owns it. The people that I'm guessing got into trouble never listed it. Seems strange to me.