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08-10-2007, 06:28 PM
| | Junior Member | | Join Date: Sep 2005
Posts: 15
| |  Condo foreclosure
What is the name of your state? FL
A condo building in my town is being foreclosed upon. I am thinking of buying a unit at this "preforeclosure" stage, which they have dropped prices. But, someone told me maybe I should wait until it "goes to the courthouse steps." I heard from an attorney, however, that the bank will sell the entire NOTE it won't sell individual units on the "steps" and I just wanted to know how to verify that will be the case. When a developer owns a chunk of units like that (and some have already sold), is that the basic option...whoever buys that note from the bank won't be reselling the units at these preforeclosure prices because he/she will have to hold the units to eventually make some money on them, right?
What usually happens, if the units go into foreclosure? |
08-10-2007, 06:37 PM
| | Senior Member | | Join Date: Feb 2002 Location: Bikini Atoll
Posts: 4,944
| | Quote:
Originally Posted by BeachLuva  What is the name of your state? FL
A condo building in my town is being foreclosed upon. I am thinking of buying a unit at this "preforeclosure" stage, which they have dropped prices. But, someone told me maybe I should wait until it "goes to the courthouse steps." I heard from an attorney, however, that the bank will sell the entire NOTE it won't sell individual units on the "steps" and I just wanted to know how to verify that will be the case. When a developer owns a chunk of units like that (and some have already sold), is that the basic option...whoever buys that note from the bank won't be reselling the units at these preforeclosure prices because he/she will have to hold the units to eventually make some money on them, right?
What usually happens, if the units go into foreclosure? | Are you confusing condo foreclosure with dissolving the condo association?
__________________
It's no wonder that truth is stranger than fiction. Fiction has to make sense. ~ Mark Twain |
08-15-2007, 01:45 PM
| | Junior Member | | Join Date: Aug 2007
Posts: 1
| | here's a good link regarding the basics of foreclosures.. 
[url]http://www.ez-mortgage-calculator.net/stop-foreclosure.asp[/url]
Last edited by JStrong1; 08-15-2007 at 01:52 PM.
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