This F@cked Buyer bought his first Lighthouse Point property in December 2006 using 100% financing with an interest-only ARM. Then, only one month later, he bought a second Lighthouse Point property also using 100% financing with another ARM.
In just two months, this person bought 2 homes for a total of $2.81 million -- with not one cent of his own as a downpayment. Now, only nine month after his first purchase, both homes are on the market listed as pre-foreclosure properties. The collective loss on these sales are projected at $977,940.
These transaction perfectly illustrate the excesses of the real estate market -- excesses that were still occurring just a few months ago.
HOUSE # 1
3001 NE 47TH ST, LIGHTHOUSE POINT, FL 33064
- 4 Bed, 4.5 Bath SFH
- Bought in December 2006 for $1,460,000
- On the MLS for $1,100,000
- Days on the MLS: 49 Days
- Loss before the Realtor® commission: $360,000
- Loss after the Realtor® commission: $426,000
House # 2
3821 NE 27TH AV, LIGHTHOUSE POINT, FL 33064
- 3 Bed, 3 Bath SFH
- Bought in January 2007 for $1,350,000
- On the MLS for $849,000
- Days on the MLS: 49 Days
- Loss before the Realtor® commission: $501,000
- Loss after the Realtor® commission: $551,940
I need your help with this daily feature. Do you know of a F@cked Buyer? Just add the MLS number or the FSBO link in the comments section and I will add it to an this daily update in the future.
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12 comments:
Correction, the 27 Ave house was bought in 2004, not 2006.
I was struck by the sales history on the 47 St home. It was quite high for this area.
For the most part, these canal homes were selling in the mid to upper $200's to $300's prior to 2000. Then they started jumping into the $4's and $5's.
That one was $500's in the 1990's. Very rare, so I went through the house last week and although it was larger and nice, I couldn't see the extra value. Not to mention that the canal is narrower than some others in the area and the rear yard faces North, not the first choice for a waterfront.
Personally, I see this home as a $4-500k home.
The 27th ave LHP house is another Adrian Sabatino deal, that was his personal home last year. I did some work for him at that house.
Re LHP, the PB Post says if there is a foreclosure within an 1/8 mile of a house, decreases the value of that house by 1%, 2 houses 2% and so on. that means, that LHP is a mine field, so to speak. I found lots of NFB preforeclsoures,auctions,bank owned, foreclsoures on just about every street. source realty trac.problem is I havent found any that arent upside down.
signed: Ms. Jupiter. 8:)
What's the deal with the F@cked Buyer transfering these to a trust?
His name is still on the mortgages, so it doesn't seem like that is going to do any good.
I have seen a few people do this without any success. Needless to say, when the banks start the foreclosure process they primarily sue the original mortgagee and simply add the trust as another defendant.
Here's what's really interesting about this property. Check this out:
VILER CHERISOL'S PRIMARY RESIDENCE
You can tell this is his primary residence since it is homesteaded.
In other words, this guy is living in a $122,000 condo in Lauderhill. Yet, he's going out and buying $3M in homes in Lighthouse Point.
How f@cked up is that?
Adrian Sabatino, accrdng to records owns 2370 n.e. 49th st bought in 05/for 849, it also has lien for non payment of counter tops, if I read the record correctly, also owns 2831 n.e 32st bought in 5/16/05 for 422k. wells fargo filed real property foreclsoure on 10/16/07 but I havent research which property.
fyi....
should be 2831 n.e.33st. not 32nd. sorry
Makes you wonder if these were "cash out at closing" scams.
3831 NE 27 Ave which is next door to the 3821 NE 27 Ave home mentioned by 140 currently in pre-foreclosure will also be a foreclosure soon.
Although it is currently listed on mls for $1,099,000 which is above the $950,000 purchase price, the current owner is mortgaged/heloc'd to $1,150,000. This owner has 4 upside down homes in LHP on the market all listed below the purchase price and mortgage amount. Two of the four properties still owe the 2006 taxes which means all four will soon become delinquint on the 2007 taxes. This owner likely got enough cash back at closing that he does not really care what happens next. Unfortunately, he will bring the entire neighborhood down another 20%.
Reply to anon about carpenter's 4 homes.
(why don't you guys get a handle? too many anon's. you don't have to sign in, just click the center radio button when you comment and make up a name)
Doe's anyone know anthything about this outfit? I've seen their name befor selling obscenely priced homes in LHP after owning them just one month.
TURNKEY PROPERTIES INC
REMI DEVELOPERS
Anonymous said...
3831 NE 27 Ave which is next door to the 3821 NE 27 Ave home mentioned by 140 currently in pre-foreclosure will also be a foreclosure soon.
This one is owned By Carpenter, who owns 3 others in LHP. Now 3 of them he bought from Plath. The 4th from Remi Properties.
I wonder if these were all cash at closing deals? The prices are 3-4 times what they were in 1999.
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