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That is correct what Chase told you - they do not sell property. They hire an asset management company and a local agent to do that,
Do your condo docs have any provisions for first right of refusal?
i spoke to someone in the foreclosure department at Chase. i asked if we could make them an offer to purchase the property. the reply was, "Chase does not sell property".
'bring mortgage current with escrow money'?? what escrow money? whose escrow money?
the balance on the mortgage is $107, 000 +/-.
i called the city of Salem assessor's office. property taxes aren't being paid on the unit, right? they had no information for me & don't care.
so...i am assuming that a buyer would expect to make an offer of $110,000+? to cover the mortgage & delinquent taxes & condo fees?
it's only a 4 room/1 bedroom condo, but it's in immaculate condition & it's 3 houses from the ocean in a very desirable neighborhood.
if it was listed for $125,000, it would sell in a week!
Condo associations typically have 1st right of refusal as well.
Harmon Associates, PC in Newton, MA is the lawyer representing Chase. The woman I spoke to there about the matter was down right nasty!
I guess the answer that I was looking for is....how long in the foreclosure process before the unit goes to Auction or gets turned over to a real estate agent to sell it. 1 yr? 3 yrs? 5 yrs?
We thought about letting a 'squatter' live in the unit for really cheap rent so that the condo association could collect SOME money. But, decided against it because there is no homeowners insurance on the unit.
National Grid has NOT shut off the electricity! Both heat & lights are working. We've received several notices stating that someone would be by to change the locks & check the condition of the unit. That started about 9 months ago and...you guessed it! No one has been by.
our lawyer HAS put a lien against Chase to collect delinquent condo fees, but no word yet from him.
it's just frustrating!
The condo association can foreclose on the unit to recover delinquent fees. Your attorney is the best to handle this. I'm sure it will be more complicated because of the fact that the owner is no longer alive and it may have to go through probate. Again, the association's attorney should handle this, and hopefully is knowledgeable in this area of the law. Typically, a lender will not pay more than 6 months of fees when then foreclose, which is running about 18 months from the time the owner is first delinquent on mortgage payments. If you really know someone who wants to buy the unit then you may want to contact the foreclosure attorney to find out when the auction will be held. A good real estate estate agent should be able to investigate it for you. Good luck.