I’m looking at some great foreclosed properties in Chicago. I will buy the units and resale them to end-buyers (retail customers that will live in them).
Many units in the buildings themselves have foreclosed so the HOAs either have debt or doesn’t exist.
I want to know if lenders/ underwriters see no HOA in place or HOA with debt as a red flag or issue and would be unwilling to finance my end-buyers because of it. Does anyone have any experience or insight on this?
Thanks.
Herman