Investors are getting Rich in Florida

[Floridagail]

Investors are buying up houses in florida. My Uncle had bought his grown daughter and her husband a home in florida near Ft Meyers in 2009 for 79K ( it was a grow house they found out later) He just recently added them to the title, he was making payments. She suddenly decided she wanted to move to North Florida , so they moved a few wks ago. sticking Uncle with the mortgage.

Believe it or not they put the house in hand of realtor and she sold it right away. I looked up records it show sold for
82K. The owner got a mortgage for 123k. So he pocketed 41K.

[AngelinaCatHub]

That is good the guy didn't get stiffed after all. In our area NOTHING is selling and I would guestimate about 1/4 houses and businesses are empty and abandoned. Putnam County. The poorest county in the State. I see nothing selling here and every day another empty. 'Hub

[Freddy03]

In my area of Florida houses are selling but they are selling for dirt cheap!! Hope this isn't the start of another bust!

[frogger]

I looked up records it show sold for
82K. The owner got a mortgage for 123k. So he pocketed 41K.

Interesting.... in our area, the days of cash back on a mortgage have been over. It takes cash down now.

[TheBajan]

I looked up records it show sold for
82K. The owner got a mortgage for 123k. So he pocketed 41K.

Getting cash back that you have to pay back is NOT getting rich... it's being house rich and money poor. Bad investment idea.... he/she is already upside-down.

[Floridagail]

the new owner borrowed 123K USDA,according to the online records, tell me how he got that much of loan on a house worth 80K? I figure he will default soon, as several cases in my area with investors. My Uncle, seller put down 20K on the house so he lost it.

[tobee43]

i know here the houses are beginning to creep back up s l o w l y.

when we first moved most houses that USE to be in the 300k range where down to between 60-90k (although those houses the old owners took the kitchen sink, cabinets, bathrooms, you get the idea). actually, i know the house down the street which once sold for 315k sold for 69k, but they had to put everything in it, it immediately was a quick 50k. unless you didn't want to cook or go to the bathroom lol!

now i'm seeing the same houses creeping up in the local papers to the 120s, 140s, but they are selling. i know here, in this area, the banks are still not lending.

that is GREAT news that the house sold for that and the mortgage was most likely paid at the closing table along with who's ever name was on THAT mortgage rec'd any payment by way of check for the overage. or should have. i doubt very much if the lenders put that money in your uncle's daughter and sons names. so hopefully he did ok. unless there was a profit and then there may be capital gains involved.

oh!! and let me add around some of these lakes here you should see the houses going up they have to be millions or maybe not and that's why people are able to up them up now.

[Floridagail]

TB
No my uncle made no money on the sale just sold for what was owed , (he is out the 20K down pmt in 2009) The Investor borrowed 123 so the investor got the 41k overage. My uncle feel lucky to gotten rid of the house. But this is the 3rd house he has helped his daughter buy. I am sure now he will help her again. Wish I had a Dad like that.

[tobee43]

TB
No my uncle made no money on the sale just sold for what was owed , (he is out the 20K down pmt in 2009) The Investor borrowed 123 so the investor got the 41k overage. My uncle feel lucky to gotten rid of the house. But this is the 3rd house he has helped his daughter buy. I am sure now he will help her again. Wish I had a Dad like that.

oh!! i got it. what a scam ...and rich just keep getting richer. i missed the fact the money went into their pockets.

me too!! i wish your uncle was my dad but, you know it's hard to see him do it again for her, but daddy's and their daughters, it's just a thing that many times makes no sense. (not even sometimes to us mommies).

and what i do not get is what the lender did that??? it must be who you know because you know as well as i do, banks simply are not lending to most. see who's getting the mortgage money..people that do not need it.

[Floridagail]

I will look it up again, I noticed it said USDA, so I was shocked they are lending money to investors.

[tobee43]

yes, i know you mentioned USDA and as far as i know, and actually, i only know of one person that rec'd a loan from them, but it just seems unlikely they would allow something like that to happen. i can't believe they would imply hand over a check, unless, of course, it was some type of construction loan for completion of some type of essential work for the house?