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November 29, 2022, 10:41:34 pm
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November 29, 2022, 10:41:34 pm
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Author Topic: Bought a condo  (Read 9704 times)

Offline gino

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Bought a condo
« on: November 01, 2016, 09:31:13 pm »
Bought a condo at county auction, association foreclosed for HOA non payment from the owner, turned out the condo has a mortgage on it.
A contractor in the flipping business offered me my money back plus some profit if I do a quit claim deed to him, is it safe for me to do that?

Please help quickly.

Offline Bill H

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Re: Bought a condo
« Reply #1 on: November 02, 2016, 08:41:03 pm »
Another case of lack of due diligence.  HOA Liens and foreclosure never wipe the mortgage off the proerty.

Question is ...do you want to live in the condo....can you afford the mortage payments, the HOA payaments , etc.

If the answer to all of the is not a very positive YES, then give him the QCD, take your  profit and  move on.

Offline caroline

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    • Caroline Allison
Re: Bought a condo
« Reply #2 on: July 24, 2017, 04:31:03 am »
Hi Gino,
I totally agree with Bill H. If you can't afford mortgage payments then get your profit and move on.
Thanks!!

marksmith

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Re: Bought a condo
« Reply #3 on: August 06, 2017, 08:24:02 am »
Hi,
I also agree with Bill H, take your profit and move on.
Thanks!!

Offline Dmccright

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Re: Bought a condo
« Reply #4 on: August 11, 2017, 02:15:36 pm »
The thing with condos is the HOA rarely let's you rent out. Might have some options if you could pay down the mortgage and make a small cash flow but they will cut your leg out from under you. HOA foreclosures are useless in my opinion.

Offline BoNJ

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Re: Bought a condo
« Reply #5 on: September 18, 2017, 11:54:47 pm »
Some good advice here. Good luck.

 




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