The Orak Team just closed another one.
My buyers were actually going to rent a condo for the next year (they are from Australia), however when they saw the good deals on my website (shameless plug) www.PalmCoastHomesForSale.net they realized it would make more sense to purchase.
The Tidelands Condo
After showing my buyers a couple different condos in Tidelands they chose a 3 bedroom, 2 bath 1461 sq ft townhome style unit in the community of Tidelands in Palm Coast. It was listed at $89,900 and I encouraged my buyers to make a strong offer based on the fact that there were just 8 condos on the market in Tidelands and only 2 or 3 that were distressed properties. Our offer was $85,000. The bank countered at $87,000 and we struck a deal.
The Transaction
Normally the sales process goes pretty smooth on bank owned deals but as with any deal in this market there were some unique challenges to getting it closed.
The first challenge were HOA dues that were in arrears. This is discovered when they pull what is called an estoppel. Usually the bank and the HOA negotiate back and forth until they come up with a number that the bank is willing to pay to settle these HOA back dues thus being able to clear the lien and deliver clear title to you the buyer. Sometimes this can be very quick and sometimes as in this case the process takes longer and was actually escalated to their legal department requiring 2 closing date extensions.
The next challenge we met was something that I have never had to deal with before. The bank asked the buyers to sign a hold harmless agreement because the window treatments in the condo were not conforming to Tidelands rules and regulations resulting in fines assessed on the unit…..solution? We simply refused to sign this agreement and asked them to remove the offending window treatments since my buyer was not particularly fond of them anyway.
The last challenge for us was the fact that my buyers are Australian. They were required to leave town due to Visa Restrictions for 30 days and go back to Australia. This would have been fine except with the closing date extension they would be back in Australia at closing. Solution? They wired funds ahead of time to their attorney here in Florida. The attorney was hired by them for a reasonable $350 to review all closing documents and give advice as well as handle the wire for the closing funds.
Another Tidelands Condo Sold
Once documents were sent back from Australia their attorney wired the funds to the title company and the deal was done. They got themselves a great deal. They will be back in June and the condo will be ready for them to move right in.
The Orak Team would be happy to represent you on your next Real Estate transaction. We are experts at navigating bank owned and short sale deals and are complimented many times on our responsiveness (we answer our phones!!), professionalism and communication.
Check out the deals on Palm Coast Bank Owned Condos for Sale and Flagler Beach Bank Owned Condos for Sale. Nows the time to snatch one of the last good deals left in Tidelands or other communities in Palm Coast and Flagler Beach. Give us a call – 1-800-931-2071 or email us at: info@theorakteam.com.