I need a honest, patient realtor... (Lake Mary, Clermont: apartments, rent, condos)

[annerk]

Originally Posted by Johnny Davis

I found some houses/condos you may be interested in. There is a 3/2 in Lake View Heights (Clermont) for $58,795. A condo in the Hillside Terrace Community (Clermont) for $65,000. A unit in Vacation Village (Clermont), where I personally know the owner and no evidence of mold is found, for $69,900. A house in the Hillcrest Subdivision (Minneola) for $69,900.

Hope this info helps you out a little.

He wants a pool. The only one of those that will have a pool is Vacation Village, and that place is pretty run down looking, and with the mold problems in many of the units, I suspect many will walk away and leave the HOA a financial mess over the next few years. The other two in Clermont are in so-so areas--my son looked at a unit in Hillside Terrace, great for a 23 YO first time buyer, not what I'd consider a vacation property or someplace you'd want to retire to.

I'd also like to know if any of those are shorts sales, and how much encumbrance will remain the responsibility of the buyer even after the first mortgage is paid short.

None of those are on the MLS, so I'm not sure where you are getting your info.

[Dee2e]

Originally Posted by **NoodLes**

You will not find any such place for $65,000. Gated? Keep dreaming.

Actually, in the Central Florida area, a condo in a gated community for that price is possible. Unbelievable as it may sound but all those condo conversions that sold primarily to investors have many of those properties back on the market for 25% or less of the original cost.

While condo fees are higher due to all those that are not paying, the sales prices are very low.

[Dee2e]

Originally Posted by annerk

Clermont was one of the places you mentioned, just thought I'd save you the trouble of spinning your wheels. In all honesty I'm not sure you're going to find what you're looking for in Lake Mary either (be careful with short sales, the amount you pay isn't always enough to lift all liens), although I'm not as familiar with that area as I am with Clermont.

In a Florida short sale, you want to be sure to get a warranty deed which transfers clear of liens. The buyer gets a copy of the title report before closing. (The agent gets the report and should be reviewing it with the buyer.)

Notting Hill in Lake Mary has a gated side with many condos. Two 2/2 1400SF units recently sold for $65K in the gated side. There are 17 listings at 65K and under, over half are on the gated side of the community.

[Guntersville Boomer]

I noticed you were in this thread, did you look at them, they are well within your budget:

Regency Park at Lake Mary Condo's ( 1 2 3)
Guntersville Boomer

[annerk]

Originally Posted by Dee2e

In a Florida short sale, you want to be sure to get a warranty deed which transfers clear of liens. The buyer gets a copy of the title report before closing. (The agent gets the report and should be reviewing it with the buyer.)

Notting Hill in Lake Mary has a gated side with many condos. Two 2/2 1400SF units recently sold for $65K in the gated side. There are 17 listings at 65K and under, over half are on the gated side of the community.

I guess my point is that the listed sales price is often not going to be enough to get clear title. Just because the 1st lien holder (usually the first mortgage) is willing to sell for that, it doesn't mean that all lien holders will be willing to release and get nothing, or release for less than the full amount owed. What it's listed for and what it will actually take to buy it can be tens of thousands of dollars in difference.

[Dee2e]

Originally Posted by annerk

I guess my point is that the listed sales price is often not going to be enough to get clear title. Just because the 1st lien holder (usually the first mortgage) is willing to sell for that, it doesn't mean that all lien holders will be willing to release and get nothing, or release for less than the full amount owed. What it's listed for and what it will actually take to buy it can be tens of thousands of dollars in difference.

All lenders must agree to lift the lien, other liens must be cleared before the title is transferred when you are getting a warranty deed, which is a deed that is free and clear of liens and has insurance against clouds on the title.

While listing prices are not enough to satisfy the lien, the lender negotiates a price, sometimes giving a low interest or no interest loan to the seller(s) in exchange for clearing the title. In a short sale, the lender(s) pay the other liens or negotiate them. Taxes and HOA fees are paid before the transfer. For instance, the second lien holder might be owed $50,000 and settle for $1000 which is paid from the closing funds. Why would a 2nd lienholder do this? Because if the house goes to foreclosure, the second lienholder will get nothing anyway.

The cost of foreclosure is about $50-60K according to several foreclosure attorneys. The lender will buy the property at the foreclosure sale usually (unless outbid buy another buyer). Then list and sell. They won't recover all their money but often their is mortgage insurance that helps.

Your last sentences is true of all listings. Just because you list at a certain price, it does not mean the house will sell at that price. In my market, the normal sale is a short sale or foreclosure. Unfortunately, this seriously decreases property values for everyone.

All buyers should be sure to review the title report and get a warranty deed at closing in all sales to be sure the deed is free of liens. Be sure to get title insurance to pay for any liens that happened after the title report was done and have not been recorded.

[Johnny Davis]

Originally Posted by annerk

He wants a pool. The only one of those that will have a pool is Vacation Village, and that place is pretty run down looking, and with the mold problems in many of the units, I suspect many will walk away and leave the HOA a financial mess over the next few years. The other two in Clermont are in so-so areas--my son looked at a unit in Hillside Terrace, great for a 23 YO first time buyer, not what I'd consider a vacation property or someplace you'd want to retire to.

I'd also like to know if any of those are shorts sales, and how much encumbrance will remain the responsibility of the buyer even after the first mortgage is paid short.

None of those are on the MLS, so I'm not sure where you are getting your info.

They are all on the MLS. I checked my MLS this morning and pulled them for the poster.

[Johnny Davis]

Also, to answer your other question, non of those I listed are short sales.

[annerk]

Originally Posted by Johnny Davis

Also, to answer your other question, non of those I listed are short sales.

He wanted a pool, which only Vacation Village has, and it's not all that nice. Like I said, that place looks very run down and with many units having mold problems, I would have grave concerns over the long term viability of the HOA. Nothing personal to your friend.

[Johnny Davis]

No biggie, the poster wanted info on homes in that price range. The only way for them to know for sure if they like them or not is for them to see them.