Question about a foreclosure condo. I put in a bid for a condo on auction.com in NY that has $1,300 in back association fees. I'm waiting to hear back from the management company. Will these back association fees be my responsibility or will they be wiped away since in foreclosure? The association company does have a lien on the property.
@Chris Lawrence Before you close your attorney/title company will do a title search and if done correctly the lien will show up. In my experience it should not be your responsibility to pay the lien, it will get paid off prior to or at close.
With that said, I have represented buyers and have personally purchased properties off of all the auction sites here in CT and in a lot of the cases the title did not come back clean initially. This is why you have a title search done though, just make sure whoever you hire as an attorney/title company is thorough.
First figure out whether this is a foreclosure or an REO. Nobody can give you a correct answer until that fact is known.
Updated 12 months ago
The point being Auction.bomb conducts both actual foreclosure auctions as well as auction sales of bank-owned properties... and the answer depends on that distinction.
In NJ condo fees do not get wiped out by foreclosure.
Ask a lawyer. You can call one with a simple question and they will answer it.
Thanks everyone for the information!
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing