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Couple might lose $458K after botched real estate transaction

Florida real estate can be a lucrative investment whether it is to be in business for oneself or just to own a property and reside there. However, there are often traps that many people fall into and can be avoided if they are protected by a legal professional experienced in real estate law. Regardless of the type of real estate transaction it is, there is always the potential for unforeseen problems. Such was the case for a couple who purchased a property and later found out that there were unknown issues with the previous property owner and the sale.

A couple purchased a condominium for slightly more than $458,000 at a foreclosure auction. The unit, 1,500 square feet, had numerous amenities. This type of property can be used as a vacation home or to rent out and make money. However, the couple found that there was a superior first mortgage on it and foreclosure is imminent. This was after they had paid the money for it in the electronic auction. If this goes through, the couple will be deprived of their money and they will not have the property.

There is danger with a foreclosure auction, but this amount of money is unique and there are certain aspects of this case that are unusual. The previous property owner seemed to be double-dipping in it even after it had been sold. A final judgement for foreclosure had been made, but it was not only on the amount for the condominium, but for other properties the owner and his companies had. The lawyer who represented one of the owner's companies had been suspended for misconduct in a separate foreclosure. An attempt is being made to vacate the sale and have the money returned to the couple who purchased the property.

As this case shows, there are a multitude of risks when purchasing real estate, especially in a foreclosure. The couple thought they were getting a good investment, but they have found themselves in a legal quagmire as they try to get a significant amount of money back. Those who are considering purchasing a foreclosure property or are taking part in any other real estate transaction should be represented and advised by a legal professional to avoid this type of situation.

Source: tampabay.com, "Florida couple stunned to learn $458,000 paid for gulf-front condo may be for nothing," Susan Taylor Martin, July 3, 2017

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