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Old 04-28-2013, 03:13 PM
 
Location: on the edge of Sanity
14,267 posts, read 16,571,609 times
Reputation: 7919

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Will somebody please explain this to me? What will the new owners owe on the home? Nobody has ever contacted me about a deal like this one. I realize it will cost to fix up the home to get it back to move-in condition, but who pays other debts? I mean, even if you had to pay $50,000 to remodel a home like this, it would be worth every penny, unless there's something seriously wrong with it. Watch the video.


[url=http://www.abc-7.com/story/22092287/cape-coral-home-sold-for-4k#.UX2OXbXFTGc]Cape Coral home sold for $4K - ABC-7.com WZVN News for Fort Myers, Cape Coral & Naples, Florida[/url]
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Old 04-28-2013, 05:42 PM
 
9,441 posts, read 20,740,784 times
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There isn't anything wrong with the house, it just needs to be cleaned. The former owners stopped paying their mortgage FIVE years ago and continued to live in the home. The bank was supposed to pay some fees to the City of Cape Coral and they didn't, so the home was auctioned off for the balance owed.

The new owners shouldn't owe anything on that home, the purchase price took care of the money owed to the City of Cape Coral. There might be some unpaid taxes they inherited, but I didn't read anything about that.

I dont' feel sorry for the former owners...they lived in that home for free for over five years...the new owners bought this home over 100 days ago and the former owners JUST moved out. I think the new owners were more than kind to the former owners.
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Old 04-28-2013, 08:32 PM
 
549 posts, read 403,665 times
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I’m not an expert, but AFAIK, when a city forecloses a home for unpaid taxes, it doesn’t clear it from the liens of other parties, for instance, mortgages and outstanding HOA fees. They mention two banks in the video: Chase and Deutsche, so it’s safe to assume the previous owner had sizeable mortgages that the new owner will be responsible to pay off.
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Old 04-28-2013, 08:33 PM
 
Location: The Conterminous United States
22,564 posts, read 48,717,951 times
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Quote:
Originally Posted by justNancy View Post
Nobody has ever contacted me about a deal like this one.
Just do what they did.

Quote:
The new property owners, the men who invented Bagel Bites, found the listing on the clerk of courts website.

Foreclosed homes are listed there every day--you can even bid online.
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Old 04-28-2013, 09:06 PM
 
549 posts, read 403,665 times
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Here it is: Lee County Property Appraiser - Online Parcel Inquiry
The previous owners purchased it with $400,000 mortgage. The balance can be well over $300,000, and now it is a responsibility of the new owners. I hope they knew what they were doing purchasing this house.
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Old 04-28-2013, 10:00 PM
 
Location: on the edge of Sanity
14,267 posts, read 16,571,609 times
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Quote:
Originally Posted by hiknapster View Post
Just do what they did.
That's true. I guess I stated that poorly or should have used an emoticon! The video indicates that the new owners only had to pay $4,000 cash and owned the home free and clear, which is what I meant to write.
Quote:
Originally Posted by Kim in FL View Post
I dont' feel sorry for the former owners...they lived in that home for free for over five years...the new owners bought this home over 100 days ago and the former owners JUST moved out. I think the new owners were more than kind to the former owners.
I agree.
Quote:
Originally Posted by vvega View Post
I’m not an expert, but AFAIK, when a city forecloses a home for unpaid taxes, it doesn’t clear it from the liens of other parties, for instance, mortgages and outstanding HOA fees. They mention two banks in the video: Chase and Deutsche, so it’s safe to assume the previous owner had sizeable mortgages that the new owner will be responsible to pay off.
That's why I posted the video. The report indicated that the house sold for $4,000 as if that was the only amount due at closing.
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Old 04-28-2013, 10:25 PM
 
549 posts, read 403,665 times
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Quote:
Originally Posted by justNancy View Post
The report indicated that the house sold for $4,000 as if that was the only amount due at closing.
The sale was through a quit claim deed, which means the city sold to the new owners only its (city’s) interest in the property. The new owners don’t get title insurance and are responsible for the outstanding debt. Good luck to them.

Conclusion: don’t trust the media.
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Old 04-28-2013, 10:42 PM
 
Location: on the edge of Sanity
14,267 posts, read 16,571,609 times
Reputation: 7919
Quote:
Originally Posted by vvega View Post
The sale was through a quit claim deed, which means the city sold to the new owners only its (city’s) interest in the property. The new owners don’t get title insurance and are responsible for the outstanding debt. Good luck to them.

Conclusion: don’t trust the media.
Here's an article from the News-Press.

[url]http://www.news-press.com/article/20130426/NEWS0101/130426025/1002/RSS01[/url]

I thought the home was originally $400,000. But this article says it listed for $1.2 million.

This article also indicates that the banks no longer own the house because they didn't pay the impact fee.

So it's possible the new owners don't owe the back mortgage payments and bought it for $4,350, but I doubt if this battle is over. This is probably why auctions aren't for the faint of heart. LOL At least they can afford a good attorney!
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Old 04-28-2013, 10:51 PM
 
Location: on the edge of Sanity
14,267 posts, read 16,571,609 times
Reputation: 7919
Quote:
Originally Posted by Kim in FL View Post
I dont' feel sorry for the former owners...they lived in that home for free for over five years...the new owners bought this home over 100 days ago and the former owners JUST moved out. I think the new owners were more than kind to the former owners.
When I wrote "I agree" earlier, I didn't realize the former owners are over 80 and in poor health. I'm not saying they should live in the house for free, but there's probably a lot more to this story than we know. I couldn't buy a home and evict 2 elderly people, even if I got a bargain and thought they should leave. They could have tried to sell it for years and were victims of the housing market.
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Old 04-28-2013, 11:46 PM
 
131 posts, read 174,372 times
Reputation: 56
Quote:
Originally Posted by justNancy View Post
Will somebody please explain this to me? What will the new owners owe on the home? Nobody has ever contacted me about a deal like this one. I realize it will cost to fix up the home to get it back to move-in condition, but who pays other debts? I mean, even if you had to pay $50,000 to remodel a home like this, it would be worth every penny, unless there's something seriously wrong with it. Watch the video.


Cape Coral home sold for $4K - ABC-7.com WZVN News for Fort Myers, Cape Coral & Naples, Florida
Lucky bastards; even if the home weren't in livable conditions the land itself is worth over $4,000. The home itself would take a few thousand to repair but nonetheless its a bargain.
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