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Foreclosures

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Sam Leon
  • Investor
  • Fort Lauderdale, FL
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Probate, Probate, Probate...

Sam Leon
  • Investor
  • Fort Lauderdale, FL
Posted Sep 26 2014, 06:20

I own a small 2/1 condo that used to be part of a fourplex then they turned it into four condos and created an actual condo association.

I bought it in 2012 and as far as I know the unit next to me has been vacant and under contract.

It is a short sale contract and buyer is the owner of another unit, who also happen to be the condo association president.

The short sale has been going on forever, since 2012, and each time I inquired there has been an issue or delay, meanwhile we are getting no monthly fee from that unit, and with only 4 units total we have been hit with several assessments just to pay insurances.

Yes, seller being the condo assoc president who takes part on the payoff negotiaion with the bank is a conflict of interest.

What makes this drag on for so long is the original owner is a foreigner from Australia, he died so they had to so a probate, his dad.  Then his dad died, so they had to start over again, his mom, and my understanding is his mom had a stroke.

Finally, I heard that bank is going to foreclose next month.

Meanwhile, I have been urging the buyer, condo association president to take possession on behalf of the association and rent it out month to month cheap just to get some income, any income, and it looks like his lawyer said it is something they can do, but the bank may object.

Any thoughts?

Should we do a short term rental right before a foreclosure?

If the bank foreclosed it, it may sit on the property for a while and not even put it on the market right? Is the bank required to list the property on MLS or could they try and strike a deal with the short sale buyer?

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