Question Details

Vickie, Home Buyer in Southfield, MI

I am currently leasing a condo that was foreclosed on? If I purchase the property do you think the bank will sell it at a reduced price?

Asked by Vickie, Southfield, MI Thu Jan 24, 2013

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When I obtained the lease from a member of the Condo Board Association, she indicated that the condo would be up for sale within a year and at a reduced price. That is all the information that I have. The properties in the building originally sold for $150,000 and up before the economic bubble burst within the housing market. Secondly, the Association never had renters before two years ago and I do not know what bank is holding this condo. I appreciate your answers.
0 votes Thank Flag Link Thu Jan 24, 2013
I have a few questions, first, has the bank offered to sell the condo? Second, reduced from what price? The amount they were owed? The bank will probably, eventually, sell the home for a price that is as close to market value as they can get. Generally, yes, there is a bit of a discount, depending on the condition of the property. The issue for you will be getting them to make the condo available for purchase in a timely manner.
0 votes Thank Flag Link Thu Jan 24, 2013
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