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Foreclosures

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Justin Hutchins
  • Realtor
  • Panama City, Fl.
27
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60
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Company worth millions has a $200k home in foreclosure WTF?

Justin Hutchins
  • Realtor
  • Panama City, Fl.
Posted Oct 10 2019, 15:38

I have been searching the county records for foreclosures and came across one with a $37,000 judgement. This estimated market value on the home is $200k..... The more digging I do I find that the home is owned by a subsidiary to a multi million dollar business.

It is also financed through a very small local credit union.

How or why would a company worth millions have a $200k home in foreclosure??

Also why would they have it financed through a credit union when they could write a check for the entire block??

Just curious if there is a strategy I’m not aware of.

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