I want to buy my neighbors Condo!

Buying & Selling Real Estate
4yFollow

I want to buy my neighbors Condo!

Fillip Nelson
Member since 2021 · 10 posts · 1 vote

My neighbor is $5,500 in back taxes on her Condo

She is $40,000 behind on condo fees.

She paid 200k for it in 2008, and now they are selling for 182k

The Association has filed a lien on the property 

 What is the best and creative way to obtain the property? 

0Reply
26 views

Most Popular Reply

Theresa HarrisPro Member
Member since 2019 · 15k+ posts · 11k+ votes
4y
Originally posted by @Fillip Nelson:

I'm wondering how do I convince her.

Every time I run the numbers I wonder what's in it for her.

$185k Value

$155,000 mortgage

$43,000 condo lein

$5,500 in taxes

-$68,000

I'm wondering what deal I can work out.

The bank and condo association don't care what is in it for her.  She owes them money and isn't paying it, they just want their money back.

1Reply
See this reply in the discussion

8 Replies

Jump to latestLatest
  • Wayne Brooks
    Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    4y

    You to make a deal her for at least enough to cover the mtg, hoa debts, taxes and closing costs.

    0Reply
  • Fillip Nelson
    OP
    Member since 2021 · 10 posts · 1 vote
    4y

    I'm wondering how do I convince her.

    Every time I run the numbers I wonder what's in it for her.

    $185k Value

    $155,000 mortgage

    $43,000 condo lein

    $5,500 in taxes

    -$68,000

    I'm wondering what deal I can work out.

    0Reply
  • Theresa HarrisPro Member
    Member since 2019 · 15k+ posts · 11k+ votes
    4y
    Originally posted by @Fillip Nelson:

    I'm wondering how do I convince her.

    Every time I run the numbers I wonder what's in it for her.

    $185k Value

    $155,000 mortgage

    $43,000 condo lein

    $5,500 in taxes

    -$68,000

    I'm wondering what deal I can work out.

    The bank and condo association don't care what is in it for her.  She owes them money and isn't paying it, they just want their money back.

    1Reply
  • Clint G.
    Rental Property Investor · Corpus Christi, TX · Member since 2019 · 306 posts · 176 votes
    4y

    @Fillip Nelson

    Buy it for what's she's asking if it makes sense. The title company will take care of paying off all the liens before she gets a dime. If you want it, get it under contract ASAP, and work it out later.

    0Reply
  • Fillip Nelson
    OP
    Member since 2021 · 10 posts · 1 vote
    4y

    Very true Theresa...

    0Reply
  • Don Gouge
    Specialist · Johnson City, TN · Member since 2021 · 139 posts · 146 votes
    4y

    The question is does she want to sell? She can probably live there right now and the cost is less than rent. I believe if the bank forecloses then the HOA lien gets wiped out. Your best bet is to wait until bank forecloses and buy it from them.

    0Reply
  • Fillip Nelson
    OP
    Member since 2021 · 10 posts · 1 vote
    4y

    Don, you are correct. Her mortgage right now (minus the condo fees cause she can't pay) is way cheaper than rent.

    She will not have any place to go, but she may be able to salvage her credit if she sells to me.

    Landlords will become even more strict when screening after the rent moratorium ends.

    I just refinanced, my mortgage is really low.

    I was also thinking buying her unit, living there, and she can rent my unit, as an option if she brings up being priced out of rent market.

    0Reply
  • Wayne Brooks
    Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    4y

    There is no deal here.....she owes $203k on something worth $185k.

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free