Are there a lot of condos in foreclosure? Bet your bottom dollar there are. The banks are even more likely to foreclose on a condo than they are on a “normal,” stand alone home, because there are likely to be less issues with maintenance as long as there are other tenants/owners in the building. Some sales portals are claiming to have foreclosed condominiums by the hundreds of thousands on their listing books, but the actual number available is pretty opaque.
The problem with back dues then becomes something the other owners may eventually have to deal with and the law is not clear as to who becomes responsible for any homeowners association fees, but usually the rest of the owners are forced to take up teh slack. In fact – almost as many homeowners associations are foreclosing as banks are.
Some owners are attempting to avoid the foreclosure process by filing chapter 7 bankruptcy, but this merely serves to delay the process as inevitably, more debts are incurred after the filing, and these will become a new debt that is not discharged with ethe chapter 7.
Chapter 11 offers little respite either – as long as there is equity, the court trustee will seize the property to free up any equity and use that to pay the debts (after fees), so most people who are well behind in payments, either to the bank or a homeowners association, are walking away becaus ethey are often in a “upside down,” situation of owing more than the property is worth.
Exactly how many condominiums have been foreclosed on, or are in the process of being repossessed is hard to determine. Many condo associations are now in financial difficulty because of the amount of condos in foreclosure, which naturally brings down the value of all the others in the block.
Recent news about this issue suggests that things are not getting any better:
A former president of a condominium association was arrested on fraud charges Friday after police said she swindled nearly $300,000 by trying to sell condos that were in foreclosure or off the market. Source.
Canadians shopping for bargain condos for sale in Florida are wary of the “Chinese drywall,” issue with many properties built between 2004 and 2007:
It’s a reminder never to make a decision based on low price alone. Instead, for the one in five Canadians who, according to a recent Leger Marketing poll, are considering buying U.S. real estate, veteran realtors like Moore advise a detailed, step-by-step approach to evaluating deals in Tampa, Vegas or Scottsdale.
“Air conditioning, electrical and plumbing systems will be toast. You can have trouble breathing, and MLS may not tell you about any of that,” Read more: http://www.calgaryherald.com/business/place/4855618/story.html#ixzz1OTPpKxd1
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