Friday, June 25, 2010

How Not To Buy A Destin Florida Foreclosure




Do you think you're clever? Do you think you're gonna save a bundle and make a steal on a Destin Florida foreclosure? Are you skipping the real estate agent (ha ha - save on the commission) and saying "fuhget about" using an attorney? Please don't make the mistake one of my friends just did. He bought a Destin Florida foreclosure at the courthouse steps and it's all downhill from here.

Today I got a call from, I'll call him Kyle, to desperately and quickly sell a Destin property. The disaster story unfolded.... (Why didn't he call me before he did this? I don't know! But it's too late.)

There is a $10,000 association lien on the Destin house he just bought at auction. HE DIDN'T KNOW! Not only that, there are $300 per month association fees due - that he is now responsible for. HE DIDN'T KNOW!!! Now Kyle is in trouble. The association is demanding he pay up or they will take legal action to get their money. Of course, he did not budget for an extra $300 in monthly expenses to cover association fees. And past due monies are from the PREVIOUS DEFAULTING OWNER, not Kyle (but now it's his problem).

What did Kyle do wrong? How do I begin? When you buy a home at the courthouse steps, the court is not going to do a title search for you! Okaloosa County Florida says that is your problem. They even have a WARNING on their website:

BUYER BEWARE! All properties are sold "AS IS”. Bidders are responsible for conducting their own research as to the property being sold, its location or condition, the condition of any structures or fixtures thereon, its marketability, potential uses, zoning, or whether any other potential liens or other defects in title that may exist.

Guess what? Kyle messed up. Big time. He did not consult an attorney. He did not research the Destin subdivision. He did not conduct a title search to make sure there were no liens. Too late. He owns the property.

Now I have to sell it. Quick.

If you are buying a Destin Florida foreclosure - remember this: Do your homework. Hire an attorney. Hire a title agent. Consult with a Destin real estate agent who specializes in foreclosures.

Don't make the same mistake.



It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

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