Foreclosure in 33139>Question Details

R. Davis, Both Buyer and Seller in Miami Beach, FL

What happens if a condominium building goes bankrupt? What happens?

Asked by R. Davis, Miami Beach, FL Wed Apr 29, 2009

to the owners and their properties? Do they have to filr bankrupt also?

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Answers

2
Mr. Davis, typically buildings may go in resevership and the office of the Ombudsman in Tallahassee may provide additional information.

By all means, seek the advise of a competent real estate attorney (I can provide you with one if you write).

Meanwhile, kindly let us know where things stand since your original post.

Whatever you do...don't just sit there - Do something and keep in mind that time is of the essense.

All the best.
0 votes Thank Flag Link Wed May 13, 2009
Back in the 1990's is when I saw some of these type situaitons. It depends how big of complex is and how the management can get back on track. It also depends on how many of the units are in default or has been foreclosed. The owners of existing units should get a attorney to determine there options.

In the past I have seen complexes that were smaller be converted back to apartments because so many of the units became foreclosed on and the values kept dropping.

It all gets down to someone has to be paying the expenses for the common areas in a condo complex or there will be no maintence of the property and no utilities to address common needs. When this happens there is a downward spiral.


I wish you luck and get the association to get an attorney that can explain the options for the association and for the indiviual unit owners.

Keith Manson
First Weber Group
Certified Distressed Property Expert
Greenfield,Wisconsin
0 votes Thank Flag Link Fri May 1, 2009
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