Condo Foreclosures

Condo Foreclosures

Definition

Foreclosures that represent condominiums being sold instead of houses or other residential structures. Condo foreclosures are often worth less in a typical market than larger structures.

Condo Foreclosures Provide Huge Discounts

Condo Foreclosure

Huge discounts on condo foreclosures make it easy to live the condominium lifestyle. Nothing beats the carefree lifestyle you get from condo living. It gives you all the freedoms of apartment living, combined with the equity and investment growth potential of home ownership. But why pay full price when you can get foreclosure condos for up to 50% less than the current going rate? Whether you're looking for a basic condo home, a luxury condo, or anything in between, our foreclosure listings will help you find what you want for less.

Easily Find Condominium Foreclosures Anywhere

Our experienced real estate professionals scour multiple sources every day to bring you the best listings of condominium foreclosures available anywhere. Finding and buying the perfect property has never been easier because we've simplified the search process of foreclosed condos. All you need to do is point and click your way through all types of condo foreclosures. Use our simple custom search tools to pinpoint exactly what you want.

FAQ about Condo Foreclosures


  • In many cases, yes. This is because a high number of defaulting homeowners and vacant condo units mean fewer fee payments. Condo owners either have to pursue collection through legal means, which can be difficult, or have to increase fees to make up for the loss in income.

  • Absolutely. If any kind of property has a mortgage and has a lien placed on it, failure to pay off the lien can result in foreclosure from banks or lenders. The same general process applies to condos as it does to other types of residential properties.

  • A wrap-around sale is a sale in which the owner of a condo essentially sells the condo to a buyer while keeping the original mortgage. The buyer pays the owner monthly, and the owner uses the monthly payment to pay for the original mortgage. These cannot work if the original mortgage has a due-on-sale clause.

  • It can be difficult to get approved for a condo unit that is in a complex with a high rate of foreclosures. Getting a FHA loan, for example, depends on the complex being on the FHA approved condo list – and those high in foreclosures are not likely to be on the list. Check with your lender; their decisions and regulations will vary.

Go to the Foreclosures FAQ page

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