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Renter living in a property that will eventually foreclose

Hello Zillow,

I am living in a property (Condo) that the Owner has abandoned. I am paying the Association Fee each month directly to the Association but haven't paid any rent in a long time. The owner told me a long time ago that he was letting the property go. I haven't received any notification from lender or anyone else regarding the status of the property. Zillow doesn't even show that the property is in pre-foreclosure yet. If I'm interested in buying the property at some point, how should I proceed?
  • July 24 2014 - Wilton Manors
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Answers (3)

Get a buyers agent to present an offer, or if you want to dig yourself you can find out who the lien holder is, and then hopefully the asset manager. This is who you will eventually be negotiating with to buy the condo. Make sure you can qualify first though. Since many condos do not meet the "warrantable" guidelines you may have issues getting financing through no fault of your own, but due to high number of foreclosures in condo development, poor condo finances, large number of investor owned units etc. Condo's can be tough!

  • July 25 2014
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Profile picture for JamesWalkerRE
Contact a local Realtor and have them represent you as a Buyers Agent when the property is eventually foreclosed on. Make sure that you put some of that money aside for a down payment when you do need to purchase.
  • July 24 2014
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Do you know which Bank is the lien-holder?

Do you know how much is owed?

Can you qualify for a loan? Not paying rent will not help your qualifications.

That's a crazy situation you're in. Do you get the owner's mail from the Lender? Are there letters coming, hard and fast?
  • July 24 2014
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