Florida couple stunned to learn $458,000 paid for gulffront condo may be for nothing

On June 8, a condo overlooking the Gulf of Mexico in North Redington Beach sold at a Pinellas County foreclosure auction for $458,000.  The winning bidders, an Orlando couple, thought they had gotten a good deal on the 1,500-square unit in the Ram-Sea Condominiums with heated pool and Jacuzzi. Owners can use their condos as permanent homes or lucrative vacation rentals.  But the Orlando couple won’t do either. After the electronic auction was over and the money paid, they made an alarming discovery: A bank has a superior first mortgage on the condo and could soon foreclose.  That would leave them with no condo and out almost half a million dollars.     Read the article……………


Related Articles

Weathering costs, the elements: Four tips for an association’s landscaping

Landscaping can consume a huge chunk of a community association’s budget, and hot, dry seasons are rough on that investment.

Minnetonka lawsuit shows struggle for homeowners associations in Airbnb era (MN)

Many groups don’t have rules to address short-term renting and usually require rentals to be at least for a year.

Should community volunteers be paid for their services?

Q. Our homeowners association (HOA) has a social committee of volunteers who are performing daily pool testing procedures when the