| A Foreclosure sale is not
much different than a regular real estate sale from a private
individual. The only difference is that the bank is
selling the property to the Buyer, instead of the previous
private owner of the property prior to repossession by the bank.
The difference is usually in the paperwork for the contract.
Foreclosures usually have more disclosures for the Buyer to
sign. Also, Banks selling foreclosed property generally
make fewer repairs and sell the property "As Is". Some
banks will make concessions for repairs in the price rather than
fixing the items. Many Buyers think foreclosures mean that
the property is in bad condition. This is not usually the
case. Most Owners leave them in okay condition.
Occasionally, an Owner will take out everything of value before
being evicted, like the refrigerator, light fixtures and even
granite, leaving damage in the wake. In the
case of a condo foreclosure, any past due HOA fees from the past
owner prior to the foreclosure are written off by the HOA and
can not be recovered. The bank is responsible for the HOA
dues once they foreclose, not for the time prior to that.
As a Buyer of a foreclosure, you will take over HOA dues from
the date of closing forward, as well as property taxes. |
