Foreclosure in 33618>Question Details

Keyss, Other/Just Looking in 33618

There is a condo in Magdalene Court in foreclosure with Deutsche Bank. How can I find out the status of the foreclosure?

Asked by Keyss, 33618 Tue Dec 27, 2011

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Steven Pahl’s answer
There appears to be at least three units in that complex which are in pre-foreclosure status, Deutsche Bank filed a Lis Pendens on the unit at 3209 on 6/6/2011. There are also some code enforcement liens by Hillsborough County which would have to be cleared up also.
1 vote Thank Flag Link Fri Dec 30, 2011
To do a public record search is pretty easy in Hillsborough County. Go to Hillsclerk.com and do an online search of the Official Records. You will need the owners name and the legal description to do this search. First document is a lis pendens which is the start of foreclosure action. The second document you look for is a Final Judgment of foreclosure. If you don't see one then it is still in foreclosure and not bank-owned. Good-luck.
1 vote Thank Flag Link Wed Dec 28, 2011
Hi Keyss,

Alma's right. When a bank forecloses on a home they will auciton it for sale at the county court house. However, if the property does not sell at auction, it may be a year or more before the bank lists the property with a real estate broker to sell. Instead of focusing on foreclosures you may want to broaden your search for all types of properties like short sales, REO Bankowned properties, and regular sales that are neither a foreclosure or a short sale. There are some great bargains to be had.

Also, you will need to check to see if you can get a mortgage if you're not paying cash for the home. And, what you really need to do is to talk with a real estate agent for advise on purchasing a home.

You can also check out all listed properties in Hillsborough, Pasco and Pinellas counties by signing up for a "Free Listingbook Account", click on the link below. Call me anytime at 813-406-8504 if you have any additional questions. Take care.

Cheryl Bailey
Charles Rutenberg Realty
813-406-8504
1 vote Thank Flag Link Wed Dec 28, 2011
Hi Keys,

Deutsch Bank will first auction it at the courthouse to ALL CASH buyers. They may not offer it for less than the full final judgement amount. You can pull up the history at the Clerk's website if you have ALL CASH and are willing to take the risk of buying a property without title insurance and not be able to inspect.

Otherwise you will have to wait until Deutsche Bank lists it with a Realtor. You need to align yourself with an active Tampa Realtor that will submit your offer the first day it comes on the market or you may miss out.

Let me know if I can help.

All the best,
Alma
Alma Rose Kee, PA
Future Home Realty
813.244.9898
http://www.SoldOnTampa.com
1 vote Thank Flag Link Tue Dec 27, 2011
This is partially correct. I work directly in foreclosures and can tell you that a bank may set their highest/maximum bid at any amount up to what the courts have determined to be the total debt owed. The banks use a number of resources to determine what amount they would like to bid. Usually, they take into account the total debt owed by the borrowers and the bpo or appraisal value of the property. Also, the loan type and whether or not the property is covered under mortgage insurance plays a major factor. If the loan is a fnma and/or fhlmc loan, then those agencies have the final say on what the maximum bid will be. No mortgage insurance on a fnma/fhlmc loan means that the maximum bid will be set at bpo value or total debt, whichever is less. Everything else Alma stated is correct. HTH.
Flag Sun Jun 15, 2014
All of the foreclosure activity can be found in public records online.
0 votes Thank Flag Link Thu Jun 19, 2014
Hi Key,

They're selling for about $30k to $40k in that complex and most likely will require 100% cash to buy one.

Are you an ALL CASH buyer? If not, you may need to narrow your search to townhouses because most condo complexes are not approved for financing so that's why the prices are so low.

All the best,
0 votes Thank Flag Link Wed Jan 4, 2012
Check with any local agent/realty office, they all have access to the same information....
0 votes Thank Flag Link Tue Dec 27, 2011
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