Be careful when buying a condo. The association could be facing foreclosure. Tonight on the news they found many local condo developments now facing foreclosure. It isn't just affecting Sally Homeowner anymore. These are entire communities. Most condo documents have a provision allowing them to assess individual owners for this deficit. Sound familiar?
Anyway, make sure you read those documents carefully and get a copy of the most recent financials and last few meeting minutes.
Worried about financing a condo? According to a Ft. Myers loan officer, you should be.
To search for real estate bargains, visit our website today at www.Florida-Future-Realty.com
Susan Milner
Florida Future Realty, Inc.
(239) 542-8521
Search Cape Coral & other area listings: www.Florida-Future-Realty.com
Yours in Success,
Susan Milner
Florida Future Realty, Inc
http://www.YouTube.com/FloridaFuture
(239) 542-8521
Susan@SusanMilner.com
We also handle Cape Coral Short Sales......
copyright 2008-2012 Susan Milner of Florida Future Realty Inc
Buyer's Beware...Caveat Emptor.
What appears to be a Really Good Deal...may not in fact be that at all.
Great Blog Susan!
Susan, great warning for potential buyers. They really need to be working with knowledgeable real estate professionals in this market. Good job! ;-)
Today your HOA could be $250 per month and the next $500. This could price you out of your home. It's sad but most of the HOA delinquencies are from "investors" who while trying to flip, got caught in the market downturn. Now the owners of primary residences have to pay for it.
We all need to be on the look out for this from now on. Thanks for the post!