Hi my name is Susie. I wanted to know about renting a condo/townhome that is in preforeclosure.
The HOA has evicted the homeowner for not paying HOA dues. I dont know when the homeowners bank will actually foreclose on the property however. Can an HOA actually rent out a unit if it doesnt own it? the board does have right of first refusal. I suppose it depends on whats in the bylaws- but wanted to get as much info as I possible can here.
I want to try to buy the unit in a few months- I just am unable to do so now. What happens if the unit is sold or foreclosed on before I am able to buy it- is that an automatic eviction for me? is there a place I can turn to to help make a decision if I want to do this or not to ensure I dont get screwed.
Never ever give anyone money for rent on a foreclosure. You will regret it. The best thing that you can do is to get the Property index number, and go downtown to find out what's on title. Get the chancery number from the public records, it look like this 09ch ****. Go to the Daley Center, and check chancery court on the 8th floor, ask for the the file that has this chancery number. Check to see when the sale date is. But even then, don''t give up any money, unless the seller can gurantee in writing and prove to you that you won't lose your money.
Please call me and we can talk more 847 710-0865 Gerry Marzillo
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