Reduced Foreclosure on LeJeune Road
March 30th, 2009 | categories: Buying Real Estate in Coconut Grove
It seems to me that we have seen a slowdown these past few weeks of new foreclosures coming on the market. This foreclosure on the Grove side of LeJeune Road was just reduced to $534,900 from $729,900. It has 2,337 square feet of interior space, an 11,000 square foot lot and a pool. There are 2 bedrooms, 2 baths in the main house and 1 bedroom, 1 bath in the guest house. Aside from the missing appliances (common in foreclosures), this house is in generally good condition.
One thing that I have learned about foreclosures is that if they are priced right, they sell within days here in Coconut Grove. However, if they are on the market for awhile and have no other offers coming in, there can be an opportunity for someone who has some time and patience to negotiate a great deal with the bank.
Details of 3671 LeJeune Road:
- Came on market in January of 2009
- 2,337 square feet of living area
- 11,000 square foot lot
- House and Guest House
- Pool
- Circular Driveway
- Tile and Wood Floors
- Listed by Keller Williams Realty
I have showed this house several times to my clients, and it is very easy to show. If you are interested, I would be happy to arrange a showing for you. Just send me a note here, or call at 305.342.1623.
Click here to read more information on Coconut Grove Foreclosures.
[...] Reduced Foreclosure on LeJeune Road [...]
What is the current climate regarding the seasoning issue and REOs. In the past, lenders usually required some signifcant amount of time to pass before a new owner could sell the property. With the glut of REOs in the lenders’ inventories, has there been any trend toward reducing the “seasoning” period in the case of REOs? Thanks
Robert,
Thanks for your comment. I spoke with our mortgage expert here at EWM and they told me that there is no way for a lender to to prevent you from reselling a property at whatever time you deem necessary. The biggest concern would be that if you purchased a property and told them that you were taking it with owner occupancy and then quickly put it back on the market as a FLIP, there is a possibility that a bank could call the loan if you are not truly living there. As for the next buyer, they would have no trouble in getting a loan for that property, it would be as if they were getting a loan for any other property.
Robert,
I checked with some other lenders and apparently there is a 90 day requirement for the first owner if the new buyer is trying to get FHA financing. But if you are the first owner of the property, you can sell it the next day as long as you do not have a prepayment penalty in your clause. Otherwise, you should be able to sell your foreclosure whenever you want without any problems.