2077 Dogwood St, Palm Bay, FL — High-Equity Home Sold During Foreclosure Pressure

Purchased July 8, 2024.

The seller’s situation

The seller’s caregiver contacted us while the seller was hospitalized after surgeries. Medical bills had accumulated, and the mortgage was approximately seven months behind. The mortgage company was threatening foreclosure, although the seller still had substantial equity.

Property condition

The property needed significant repairs, including roof and flooring replacement and interior paint. The cabinets were dated, and the bathrooms needed substantial work.

The transaction and result

This was an outright cash purchase. Required obligations were satisfied through closing, and the seller received the remaining equity from the sale. The buyer renovated the property and later resold it.

What this example shows

Substantial equity does not prevent mortgage delinquency or foreclosure pressure. In this transaction, the completed sale satisfied the required obligations through closing. A completed sale may resolve a pending foreclosure if it closes in time and the required payoff, liens and closing obligations are satisfied. This example does not establish that a foreclosure case had been filed or promise any particular closing speed.

Before and after renovation

The original-condition photos and later renovation photos below show this same Palm Bay property. The finished exterior appears above.

Before renovation

After renovation

Explore your sale options

Read about Florida foreclosure options and selling a Florida home that needs repairs. Each property and transaction must be reviewed individually.