Ft Meyers

[MadJack]

plus you might have to wait for a year or more waiting for the foreclosure to go through because they will give the owner every chance to stay.

then, there is a whole line of people like you waiting to get it for that price and it will get bid up.

 

[MadJack]

Why be so cynical all the time?

i'm being serious. i've probably spent $150 joining those sites over the last 4 years and you STILL don't get any clear information.

it's bullshit.

 

[Woodson]

Florida coastline line catch = $$$ Hurricane insurance + property tax + Condo Association Dues. + Add the assessments from foreclosures of other properties w/i the coa. I looked into it while I was down there for 18 months. Currently I have a family member with a place in Bonita Springs that is holding on but getting creamed with depreciation...

Take that at 50,000 feet as its a general statement.

 

[NySportsfan]

very true woodson, as kosar can attest to that too......closer to the water, worse it is....property taxes are actually pretty low down there, if you got the place a while ago......but homeowners and hurricane insurance in certain areas, "fuggeda-boutit" can be a shitload

 

[DOGS THAT BARK]

I don't understand why you'd have to join site if you have steet address? couldn't you call real estate agent or bank?
If you can find out anything on this Matt--and it is legit and close to that price I'll be down there and look at it and give you $2,500 for finders fee if purchased.

I understand things that look to good to be true--usually have a catch--but like I said before--you could find good couple someone knew that would take care of it and give them good deal and still make 10% return on money.
Had same snow birds from Canada that rented condo from Dec thry Feb every year. 1st year he rented he called and ask if he nade some repairs if I'd pay for supplies. Make long story short he turned out to be ace handy man and gave him one month free till sold it.

On getting trapped. ben and I found what seem to be too good a deal on piece of land--he had his real estate agent check on it before we bought from another agent and found out it was in what they call flood zone--you can build but not purchase insurance on property.

Here one that was to good and was true.

Was in investment club with fellow that was 1/4 owner of our office bldg. I decided to get out of club and had bout $11,000 invested--when we found guy that wanted to buy in Bill brought me my check from club and said he'd take that for my share of office bldg. We only had bout 2 1/2 years and building would be paid for at the time--and building was about 12 years old and worth bout $180,000--I said ok -and to this day don't understand why he did that.

--and club shares tanked right after that and doubt my shares would be worth $5,000 now

If you live right good things happen

 

[BADTODABONE]

J...but it would have to be pretty much destroyed for that not to be a great deal.

The cheap deals are for the most part wrecks. A cheap buy if you have the $$$ to fix 'em up. People were ripping all the fixtures out and having 'yard sales'.

 

[MadJack]

wayne, there are people that buy foreclosures for a living and get the inside track through their bank contacts.

plus, real estate people get inside info on the good deals way before they are made public.

IOW, it's hard to get a really good deal and most go to auction and get bid right up to around the true vaule anyway.

then you're buying "as is" without any guarantees on anything including a clear deed. not to mention you sometimes have to wait 6 months to a year to give the present owner a chance to get it back, whether it be back taxes or making a new deal with a bank loan.

good luck, i'm sure there are good deals out there but they've already been sifted through, that's for sure.

oh, and most of the deals you're going to find are deals where the people owe more on the house than it's worth so have to jump through a lot of hoops to get the bank to take less than is owed to them.

i'm no expert by any means but i do know it's a hassle for joe blow to make these deals especially a long distance deal like you're talking about.

 

[BADTODABONE]

Key West Mayor is in trouble

http://www.keysnet.com/212/story/71167.html

 

[DOGS THAT BARK]

wayne, there are people that buy foreclosures for a living and get the inside track through their bank contacts.

plus, real estate people get inside info on the good deals way before they are made public.

IOW, it's hard to get a really good deal and most go to auction and get bid right up to around the true vaule anyway.

then you're buying "as is" without any guarantees on anything including a clear deed. not to mention you sometimes have to wait 6 months to a year to give the present owner a chance to get it back, whether it be back taxes or making a new deal with a bank loan.

good luck, i'm sure there are good deals out there but they've already been sifted through, that's for sure.

oh, and most of the deals you're going to find are deals where the people owe more on the house than it's worth so have to jump through a lot of hoops to get the bank to take less than is owed to them.

i'm no expert by any means but i do know it's a hassle for joe blow to make these deals especially a long distance deal like you're talking about.

I'd say your absolutely correct on all counts Jack.

If this guy only owed $50,000 he could have sold it on his own for double that minimum regardless of economy.

Probably the best bet for someone looking for property there would be spending a few days driving around and look for property for sale by owner.

 

[MadJack]

I'd say your absolutely correct on all counts Jack.

If this guy only owed $50,000 he could have sold it on his own for double that minimum regardless of economy.

Probably the best bet for someone looking for property there would be spending a few days driving around and look for property for sale by owner.

real estate agents have that covered too :mj07:

i guess i'm on the negative side because i have tried but never found anything worthwhile and it was a huge hassle.

maybe it's getting easier because there are a shitload of houses for sale that aren't moving. it's like that around here anyway.

 

[kosar]

I don't understand why you'd have to join site if you have steet address? couldn't you call real estate agent or bank?
If you can find out anything on this Matt--and it is legit and close to that price I'll be down there and look at it and give you $2,500 for finders fee if purchased.

I understand things that look to good to be true--usually have a catch--but like I said before--you could find good couple someone knew that would take care of it and give them good deal and still make 10% return on money.
Had same snow birds from Canada that rented condo from Dec thry Feb every year. 1st year he rented he called and ask if he nade some repairs if I'd pay for supplies. Make long story short he turned out to be ace handy man and gave him one month free till sold it.

On getting trapped. ben and I found what seem to be too good a deal on piece of land--he had his real estate agent check on it before we bought from another agent and found out it was in what they call flood zone--you can build but not purchase insurance on property.

Here one that was to good and was true.

Was in investment club with fellow that was 1/4 owner of our office bldg. I decided to get out of club and had bout $11,000 invested--when we found guy that wanted to buy in Bill brought me my check from club and said he'd take that for my share of office bldg. We only had bout 2 1/2 years and building would be paid for at the time--and building was about 12 years old and worth bout $180,000--I said ok -and to this day don't understand why he did that.

--and club shares tanked right after that and doubt my shares would be worth $5,000 now

If you live right good things happen

I don't think there was an actual numbered street address, Wayne, but I can go to that street and look for a 'for sale foreclosure' sign on a lawn and go from there.

 

[DOGS THAT BARK]

Man Matt --things must be tough there--just finished reading this article--

WASHINGTON ? Home prices fell in nearly nine out of every 10 U.S. cities in the fourth quarter of last year as low-cost foreclosures flooded the market and the housing market's decline spread nationwide.

The National Association of Realtors said Thursday that median sales prices of existing homes declined in 134 out of 153 metropolitan areas compared with the same period in 2007. Sales fell in all but six states.

Nationwide, the median sales price was $180,100, down 12 percent from a year ago. But price declines of 30 percent or more were found in much of California, plus parts of Michigan, Florida, Arizona and Nevada. The biggest drop, of more than 50 percent, was in Fort Myers, Fla.

 

[kosar]

Man Matt --things must be tough there--just finished reading this article--

WASHINGTON ? Home prices fell in nearly nine out of every 10 U.S. cities in the fourth quarter of last year as low-cost foreclosures flooded the market and the housing market's decline spread nationwide.

The National Association of Realtors said Thursday that median sales prices of existing homes declined in 134 out of 153 metropolitan areas compared with the same period in 2007. Sales fell in all but six states.

Nationwide, the median sales price was $180,100, down 12 percent from a year ago. But price declines of 30 percent or more were found in much of California, plus parts of Michigan, Florida, Arizona and Nevada. The biggest drop, of more than 50 percent, was in Fort Myers, Fla.

Ummm...yeah

That was kind of my point in my response to you mocking the people who spoke up about their problems here.