There are some great deals in purchasing a property in Florida right now, but often these deals come with major issues.The Sarasota Herald Tribune reported this morning about one individual who purchased a Condo worth $100,000 for 2% of its value ($2,000). Only later did he find out that Wells Fargo Bank did not send a representative to the auction to bid on the property. After he paid the taxes and invested $15,000 to fix the Condo for sale, he learned that Wells Fargo was contesting his auction purchase. In fact, they issued a “lis pendens” on the property stopping the sale of the property and making it appear that the owner is in foreclosure which was not the case. Always have a professional involved in your property purchase to protect your interests!
Tags: Florida Real Estate News, Sarasota Florida Real Estate
