Today's F@cked Buyer (Miami)

This F@cked Buyer is following the market down. He listed the home 111 days ago for $1.3M. Since October, he's been reducing the price by $10,000 every two weeks. How low will he go? At only 36% off his 2006 purchase price, I think he's got a long way to go.

3921 SW 130 AV, Miami, FL 33175

• 4 Bed, 4.5 Bath SFH
  
• Bought in August 2006 for $1,320,000
  
• On the MLS for $839,000
  
• Days on the Market: 111
  
• Loss before the Realtor® commission: $481,000
  
• Loss after the Realtor® commission: $531,340

Today's F@cked Buyer (Coral Springs)

This is a classic F@cked Buyer. At the end of 2006, this couple bought the house using a 80/20 piggy-back loan -- of course, with no money down. The primary mortgage was an interest-only ARM. What's interesting about this house is the timeline of the inevitable foreclosue. First, the ARM was not due to reset until January 2009. So, the homeowners defualted long before the loan ever reset.

The homeowners received their notice of default (Lis Pendens) of February 22, 2008. The final judegment on the case was on April 22, 2008 (surprisingly fast). However, the house is just now being listed on the MLS -- nearly 11 months after the first notice of default and probably 14 months after the couple missed their first payment.

Now the house is being sold for 55% off its original late-2006 purchase price.

11061 NW 41ST CT, Coral Springs, FL 33065

• 4 Bed, 2 Bath SFH
• Bought in December 2008 for $387,000
• On the MLS for $174,800
• Days on the Market: 2
• Loss before the Realtor® commission: $212,200
• Loss after the Realtor® commission: $222,688
  

New request: I am looking to add "buyers" that have multiple distressed properties for sale. If you know of any, please provide a link or MLS listing to one of their properties. I want to highlight some of speculators that were caught holding multiple properties.