FLORIDA – Florida couple stunned to learn $458,000 paid for gulf-front condo may be for nothing
CCFJ.NET: Florida couple stunned to learn $458,000 paid for gulf-front condo may be for nothing
Article Courtesy of The Tampa Bay Times
By Susan Martin Taylor
Published July 8, 2017
The winning bidders, an Orlando couple, thought they had gotten a good deal on the 1,500-square unit in the Ram-Sea Condominiums with heated pool and Jacuzzi. Owners can use their condos as permanent homes or lucrative vacation rentals.
But the Orlando couple won’t do either. After the electronic auction was over and the money paid, they made an alarming discovery: A bank has a superior first mortgage on the condo and could soon foreclose.
That would leave them with no condo and out almost half a million dollars.
Foreclosure auctions can be risky, and this couple aren’t the first to learn that the hard way. But the amount of money involved and the circumstances around the sale make it stand out among the hundreds of foreclosure auctions held each year in the Tampa Bay area. Read more: