What is the name of your state (only U.S. law)? Florida
We're intersted in purchasing a condo that is in the final stage of the foreclosure process. The court has scheduled a sales date for the unit. The bidding will be done online via the court web site and it is open to the public. The highest bidder will receive a Certificate of Title after full payment of his/her bidding amount. We already contacted the Condo Association and found out that the owner haven't paid the condo maintenance fees for more than a year so the condo association recorded a lien on the property.
We would like to know what are the risks in purchasing the condo unit at the court auction? What other costs should we take into consideration?
Will we have to pay all the past due maintenance fees to the condo association if we purchase the condo in court auction?
Thanks in advance.
We're intersted in purchasing a condo that is in the final stage of the foreclosure process. The court has scheduled a sales date for the unit. The bidding will be done online via the court web site and it is open to the public. The highest bidder will receive a Certificate of Title after full payment of his/her bidding amount. We already contacted the Condo Association and found out that the owner haven't paid the condo maintenance fees for more than a year so the condo association recorded a lien on the property.
We would like to know what are the risks in purchasing the condo unit at the court auction? What other costs should we take into consideration?
Will we have to pay all the past due maintenance fees to the condo association if we purchase the condo in court auction?
Thanks in advance.
