Why are all of these in foreclosure? Chinese drywall?

Asked by suarezchristina, Tampa, FL Fri Feb 22, 2013

This question was asked from this property: http://www.trulia.com/property/3109726337-9008-Lake-Chase-Is…

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Lynn Brock’s answer
Lynn Brock, Agent, Sarasota, FL
Sat Feb 23, 2013
Suarezchristina, At this writing there is only one for sale the remainder are under contract. Chinese drywall was an issue that emerged in the mid 2000s. This issue has been resolved by builders. It is rare to find a tainted home or condo in today's market.

If you are interested in the complex best to move quickly as most have been contracted.

Best regards,
Lynn Brock
Brock Realty Inc.

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Alma Kee, Agent, Tampa, FL
Fri Feb 22, 2013
This is the only property available to buy in this complex. You will most likely have to pay ALL CASH. The HOA is solvent and VERY aggressive and will foreclose on owners if they are late paying so it's actually a good thing because it protects the paying members. They are also pretty good at collecting the back due fees after a lender forecloses.

This is a short sale with a non-approved asking price so it may require a price above $65k. Below are the sales in the past 12 months of 1 bedroom units with 904 sf and they were all CASH purchases. I'm sure they probably have multiple offers at this point and the Seller is probably deciding which buyer to select :

T2509928 SLD $43,225 9844 LAKE CHASE ISLAND WAY # 9844 1 1/0 904 $43,000 11/15/12 T2514135 SLD $39,900 9026 LAKE CHASE ISLAND WAY # 9026 1 1/0 904 $46,000 08/02/12 T2500588 SLD $39,900 9024 LAKE CHASE ISLAND WAY # 9024 1 1/0 904 $51,000 06/11/12 T2528088 SLD $42,800 9366 LAKE CHASE ISLAND WAY # 9366 1 1/0 904 $53,000 10/19/12 U7535390 SLD $49,900 9558 LAKE CHASE ISLAND WAY # 9558 1 1/0 904 $56,000 09/04/12 U7550529 SLD $63,900 9110 LAKE CHASE ISLAND WAY # 9110 1 1/0 904 $63,900 08/29/12 T2541854 SLD $74,900 9664 LAKE CHASE ISLAND WAY # 9664 1 1/0 904 $66,000 11/16/12

All the best,
Alma Rose Kee, PA
Future Home Realty
0 votes
Jenn Cook, Agent, Tampa, FL
Fri Feb 22, 2013
No, there was no Chinese drywall in these properties. Most of owners are investors that bought at the peak of the market. They were expecting a huge return on their investment and now they are paying the consequences and foreclosing instead. This townhome is actually located a nice community and in a great location. I would be happy to show you any homes in that area. Feel free to contact me at 813-810-7454. Thanks and hope to hear from you!
0 votes
Josh Barnett, Agent, Chandler, OK
Fri Feb 22, 2013
The developer or builder may have ran over budget. Chinese drywall is just a disclosure of where the drywall came from.
Web Reference:  http://www.GetSoldOKC.com
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