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Old 02-19-2011, 06:48 PM
 
Location: tampa bay
6,587 posts, read 6,802,467 times
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I know the housing market has taken a beating in this area, but what's with all the foreclosed waterfront condos on Clearwater Beach? Is it the taxes,insurance or fees that is stopping foreign investors? Any info on whether it's a good time to buy or too risky??
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Old 02-20-2011, 07:46 AM
 
Location: East Tennessee
3,924 posts, read 10,298,254 times
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Actually, the bank-owned properties are selling quickly; many for all cash. It's the short sales that are taking so long. People with $$ ready to purchase aren't willing to wait on a maybe.
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Old 02-20-2011, 08:09 AM
 
25,823 posts, read 39,048,087 times
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Quote:
Originally Posted by Irishiis49 View Post
I know the housing market has taken a beating in this area, but what's with all the foreclosed waterfront condos on Clearwater Beach? Is it the taxes,insurance or fees that is stopping foreign investors? Any info on whether it's a good time to buy or too risky??
Zero down! People who could move in with no money down or perhaps a couple of hundred dollar and mov into hundred of thousand dollar homes without showing clear proof of income...

Liar loans and mortgage brokers who rather collected a big fat commission check than checking if people could afford it!

Maybe 1% or less had a real hardship and lost their home due illness or jobless...some just stopped paying and felt they were underwater, while basically they never paid more than a few bucks....I hope the lenders will go after them since the good people are now stuck in their homes due to these people.
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Old 02-20-2011, 12:18 PM
 
2,710 posts, read 4,390,196 times
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Quote:
Originally Posted by bentlebee View Post
Zero down! People who could move in with no money down or perhaps a couple of hundred dollar and mov into hundred of thousand dollar homes without showing clear proof of income...

Liar loans and mortgage brokers who rather collected a big fat commission check than checking if people could afford it!

Maybe 1% or less had a real hardship and lost their home due illness or jobless...some just stopped paying and felt they were underwater, while basically they never paid more than a few bucks....I hope the lenders will go after them since the good people are now stuck in their homes due to these people.
That's the big difference on default rate with Europe. There, since the banks go after every penny, people do everything to keep the house. Just few days ago NPR highlight a french lady in spain that was about to foreclose. Not only she sold all her personal property to pay the mortgage but also worked all kind of part time jobs and even asked money from her ex-husband to keep the house. Conclusion was if she was here she would have walked away long time ago.
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Old 02-20-2011, 12:59 PM
 
25,823 posts, read 39,048,087 times
Reputation: 13818
Quote:
Originally Posted by MeInDenudinFL View Post
That's the big difference on default rate with Europe. There, since the banks go after every penny, people do everything to keep the house. Just few days ago NPR highlight a french lady in spain that was about to foreclose. Not only she sold all her personal property to pay the mortgage but also worked all kind of part time jobs and even asked money from her ex-husband to keep the house. Conclusion was if she was here she would have walked away long time ago.
I agree, but for the people who are walking away with no clause in the final judgement that they can walk off without repercussion.......they are all on the hook for 10 years.

Banks/Lenders are too busy right now but in the future they will have time on their hands to go after people who lied on their loans and to obtain judgments, or they will sell it to collecting agencies who will keep trying to get the money back...

Will be funny to hear all the excuses....
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Old 02-20-2011, 01:06 PM
 
25,823 posts, read 39,048,087 times
Reputation: 13818
Quote:
Originally Posted by TampaKaren View Post
Actually, the bank-owned properties are selling quickly; many for all cash. It's the short sales that are taking so long. People with $$ ready to purchase aren't willing to wait on a maybe.
I know we see it daily and it would help to speed up the process if the seller is willing to take a judgement for a small part compared to what he owes...and it saves the seller from the lender going after them later on for the full amount...but it seems to be that a lot of people are so greedy and rather think optimistic and "hope" that in the future the banks will be so nice....
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