I need a honest, patient realtor... (Lake Mary, Clermont: short sale, foreclosure, HOA fees)

[Vellamint]

Originally Posted by annerk

I understand what you're looking for. You're looking for a modest but nice home (without major issues like mold or major termite damage) in a community that offers some amenities like a pool.

You're either going to be dealing with a ramshackle house, places with mold issues, or a "small town urban" setting with on street parking and no pool in that price range. You flat out aren't going to get what you are looking for (especially a place with a pool or community pool) in Clermont without raising your price range by $40K or more.

Okay, point taken.... I never said I was set on Clermont?? It is really difficult to shop from 1200 miles away and all we have to go by are the photos and descriptions provided to us on the internet......if Clermont is out then Clermont is out.....it would have been nice but Lake Mary looks nice also.....and is still not too far from the central attractions....

[annerk]

Originally Posted by Vellamint

Okay, point taken.... I never said I was set on Clermont?? It is really difficult to shop from 1200 miles away and all we have to go by are the photos and descriptions provided to us on the internet......if Clermont is out then Clermont is out.....it would have been nice but Lake Mary looks nice also.....and is still not too far from the central attractions....

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.

[MovedfromFL]

I laughed when I read "Lake Mary looks nice too." If you can't find something in Clermont for that price, you sure as heck won't find it in Lake Mary. LM is a hot market and the prices reflect that.

I just did a quick MLS search for Lake Mary, priced up to $65k and found no results.

If you are looking at condos, you need to consider the monthly fees. Those can get very expensive.

Perhaps searching from 1,200 miles away is not the best bet. Can you make a visit and get a feel for the area that way? If you propose to spend a good amount of money, it would make sense to spend a little bit to come and visit.

[MovedfromFL]

Try this website to search the MLS (Multiple Listing Service) in Florida:

www.myfloridahomemls.com

I found some condos but the taxes were between $2,000 - $3,000 per year and the monthly fees were $200 - 360. It looks like in Lake Mary, you need to start around $85,000 for a condo and expect high property taxes.

[annerk]

Originally Posted by MovedfromFL

Try this website to search the MLS (Multiple Listing Service) in Florida:

www.myfloridahomemls.com

I found some condos but the taxes were between $2,000 - $3,000 per year and the monthly fees were $200 - 360. It looks like in Lake Mary, you need to start around $85,000 for a condo and expect high property taxes.

I'm not sure you'll find an unemcumbered condo that you'll be able to get clear title in that price range in Lake Mary, but who knows. The problem is that by the time a property goes into foreclosure there is a mortgage lien and HOA liens, and these days HOA's aren't budging on their lien position.

[44nutman]

If you want a condo in Lake Mary try Notting Hill. Good location, near Alaqua lakes golf course and you can get a condo cheap in there. They were selling for high 200k to low 300k about 3 years ago and now there is 5 units with 2 bedroom and 2 bathrooms under 65k available right now. Since the place has such a high foreclosure rate you will have the complex to yourself.

[annerk]

Originally Posted by 44nutman

If you want a condo in Lake Mary try Notting Hill. Good location, near Alaqua lakes golf course and you can get a condo cheap in there. They were selling for high 200k to low 300k about 3 years ago and now there is 5 units with 2 bedroom and 2 bathrooms under 65k available right now. Since the place has such a high foreclosure rate you will have the complex to yourself.

The last thing you want is a complex with a high foreclosure rate.

• Empty units means more crime.
• Maintenance still needs to be done and someone needs to pay for it. When you've got over half the units sitting as foreclosures, no one is making those payments (the banks don't pay HOA fees) and the burden is palced on those who are paying their fees. Additionally with taht rate of foreclosures, there are probably another 10-20% of units that haven't actually foreclosed, but aren't paying dues.
• If the complex doesn't recover, eventually the HOA will go bankrupt and once that happens it's very likely that condemnation is next.

Buying into a community of SFH's with a lot of foreclosures is risky, but at least you can still keep your own property up. Buying into a condo complex full of them is a major financial risk that you should think twice about.

[MovedfromFL]

Plus no bank is going to loan you money for a condo in a complex with a high level of foreclosure or rentals. Condo values are in flux right now in Orlando and banks don't want the risk.

If you have cash, that would be your choice, but I would be very, very careful. If many units are empty, that means your monthly assessment could rise from the $250 (or whatever) normal amount to $500+ (or whatever it takes) because all of the vacant unit assessments have to be paid by the occupied units! Not a good situation at all.

[annerk]

I would think (hope!) that anyone looking at $65K second home condos is a cash buyer. If you need to finance $65K for a second home purchase, you probably should be thinking carefully about your decision.

[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.