# The Foreclosure from Hell



## Larry6417 (Jan 27, 2010)

One reason why U.S. real estate is still in trouble. See http://online.wsj.com/article/SB10001424052748703865004575648900250047766.html


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## Jungle (Feb 17, 2010)

Second reason how real estate has troubled the US.

Two Canadain aquires 3.82 acre Daytona Beach front land for $2.5 million. Sold for $26 million in 2006.. 



http://www.thestar.com/article/901111--where-canadians-are-buying-u-s-real-estate


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## kcowan (Jul 1, 2010)

Jungle said:


> Second reason how real estate has troubled the US.
> 
> Two Canadians aquire 3.82 acre Daytona Beach front land for $2.5 million. Sold for $23 million in 2006...
> http://www.thestar.com/article/901111--where-canadians-are-buying-u-s-real-estate





> He says he expects to sit on the property for at least five years before he sees some kind of turnaround in the Florida market.


I knew Greg Wolfond many years ago. His dad financed his early business dealings. He was developing banking software for PCs.

The five year hold sounds about right. Anyone buying now is taking high risk in the US. We still have the Alt-A and ARM Resets bubble to work through the mortgage system.


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## Four Pillars (Apr 5, 2009)

Larry6417 said:


> One reason why U.S. real estate is still in trouble. See http://online.wsj.com/article/SB10001424052748703865004575648900250047766.html


Wow, that's some foreclosure story!

I hope they can get the thing done. She's just gaming the system to get a free house. Kudos to her for being successful at it, but ultimately she should be booted from the place.


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## kcowan (Jul 1, 2010)

*Google map of foreclosures. Google is becoming a great tool for speculators.*


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## Jungle (Feb 17, 2010)

I would like to buy that one bed condo listed at $15,000 in Miami. I will start my offer at $8500. 

Wow those prices are TEMPTING!!


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## the-royal-mail (Dec 11, 2009)

Good job embedding the map in a post. Wow.

But I would be very careful with this. There was a documentary recently about the many bungled US foreclosures and it lead me to believe that any CDN who gets into this had better do their homework first. A lot of these places were not properly foreclosed and they have several years of court cases to try and sort out this mess. You definitely don't want to get involved with a property that's involved in this type of litigation. The fees and costs and travel expenses could eat you alive. Not to mention any foreign ownership costs levied by various agencies. Many CDNs have noticed these deals and have bought themselves a whole lot of trouble. And good luck selling when YOU want to sell. You could lose a lot of money.

Also, Miami is a big city with a lot of crime and poverty. Think Jane and Finch.

Just be careful is all I'm saying.


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## kcowan (Jul 1, 2010)

the-royal-mail said:


> ...Also, Miami is a big city with a lot of crime and poverty. Think Jane and Finch.
> 
> Just be careful is all I'm saying.


Yes Miami was just an example of the tool. I wondered if it would find the property from the OP? 

Those prices reflect the amount of risk involved. The other thing with condos is that the building may be having problems with non-payment of maintenance.


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## marina628 (Dec 14, 2010)

We have been looking at a short sale online for 13 months ,since that time the price has dropped $46,000.I would never buy a foreclosure in Florida ,seen some stuff about mold issues as the houses are sitting there empty.Short sales at least owner seems to be maintaining it well.I will take my changes on waiting another year or so.


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