Monday, September 24, 2012

Buyers Beware of Properties Owned by HOA's

I recently had a buyer that inquired about purchasing a downtown Orlando condo, in which the previous owner wanted to do a short sale, but condo association actually owned it.  More and more condo and homeowners associations are exercising their rights to foreclose on homeowners that do not pay their monthly fees.  While the HOA may foreclose and get certificate of title, there maybe unsatisfied mortgages on the property. Because mortgages are first position lien, the lender can foreclose on the property again.  Regardless, if you buy a property at foreclosure auction be aware they you maybe buying unsatisfied mortgages, taxes, hoa fees, and other unpaid items attached to the property.  Calls us to sort out all your home buying options and avoid problems.