Definition

Foreclosures that represent condominiums being sold instead of houses or other residential structures. Condo foreclosures are often worth less in a typical market than larger structures.

Condo Foreclosures Provide Huge Discounts

Huge discounts on condo foreclosures make it easy to live the condominium lifestyle. Nothing beats the carefree lifestyle you get from condo living. It gives you all the freedoms of apartment living, combined with the equity and investment growth potential of home ownership. But why pay full price when you can get foreclosure condos for up to 50% less than the current going rate? Whether you’re looking for a basic condo home, a luxury condo, or anything in between, our foreclosure listings will help you find what you want for less.

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FAQ about Condo Foreclosures

Are condo fees higher in a building with a lot of condos in foreclosure?

In many cases, yes. This is because a high number of defaulting homeowners and vacant condo units mean fewer fee payments. Condo owners either have to pursue collection through legal means, which can be difficult, or have to increase fees to make up for the loss in income.

Can banks foreclose on a condo due to a lien?

Absolutely. If any kind of property has a mortgage and has a lien placed on it, failure to pay off the lien can result in foreclosure from banks or lenders. The same general process applies to condos as it does to other types of residential properties.

How does a wrap-around sale work for a condo?

A wrap-around sale is a sale in which the owner of a condo essentially sells the condo to a buyer while keeping the original mortgage. The buyer pays the owner monthly, and the owner uses the monthly payment to pay for the original mortgage. These cannot work if the original mortgage has a due-on-sale clause.

Is it easy to be approved to buy a condo unit when foreclosure is high in the complex?