Home Buying in Miami>Question Details

Rebeccalavi, Home Buyer in Roslyn Heights, NY

could someone help me to understand, let say i bought a property(Condo) at foreclosure, do i need to get approve from the board before to move in?

Asked by Rebeccalavi, Roslyn Heights, NY Thu Aug 22, 2013

could someone help me to understand, let say i bought a property(Condo) at foreclosure, do i need to get approve from the board before to move in?

Help the community by answering this question:

Answers

10
Good Morning Rebecca,

As you can see the answer to your question is a yes. Whether your purchased this property on the courthouse steps or from the bank as one one of their Real Estate Owned (REO), condo developments do require that any purchaser be approved. The approval process really is not that difficult, the main goal is to ensure that someone coming in is aware of the rules and regulations, and the bylaws. For the most part you would be required to submit an application that requests some information such as your place of employment, past residences, credit history and some also require a criminal background check.

Please note that each condominium have different restrictions that must be adhered to. They can range from not allowing pets at all to just up to certain weights, the parking of commercial vehicles, your ability to rent out the property if you purchased this condo as an investment. You will definitely want to contact the condo management office to get copies of the condo documents and review them.

Good luck.

Lila Lopez
RE/MAX Advance Realty
305-772-2521
homesbylila@yahoo.com
0 votes Thank Flag Link Fri Aug 23, 2013
Yes. If the condo association by laws require it you have to follow them.

You should contact the condo association directly and request a copy of the condo docs.

If you bought a foreclosure that was listed then it will be a condition of the contract to purchase.
Web Reference: http://www.realtyempire.net
0 votes Thank Flag Link Thu Aug 22, 2013
I went through all answer and everybody is correct you need to be approved on most of the cases.
But like I said before your question is not complete.
There is a foreclosure sale called Bank owned, REO or Foreclosure.
and the other is when you buy the property directly from the Courthouse just called Foreclosure.

Some communities do not required the purchaser to be approved by the HOA.
and this is one of the reason you have to be carefully and read the condo Docs must be provided by the seller. is the law regardless how many disclosures you sign denying this step on the purchase. ( if you never received them you can seek legal advice )

But before you do that there is other ways to resolved this issues easily
0 votes Thank Flag Link Thu Aug 22, 2013
thanks for information,
Flag Thu Aug 22, 2013
Foreclosure you mean at the court house?
Did you obtain a certificate of title or Warranty deed?

Both are different type of transaction:

1- Courthouse, If you bought the condo throughout this system there is not way for you to be approved before buying the property so explain that to the HOA and try to pay the fee and get the approval.

2- If you bought it by another agent and they forgot to obtain the HOA approval then it is your agents fault and they should take care of it.

There is not other way you can go throughout all this.

click on thumbs up if you like this response.

Thank you,.
0 votes Thank Flag Link Thu Aug 22, 2013
If approval is required you must apply and obtain approval otherwise you will not be able to close on the property.
0 votes Thank Flag Link Thu Aug 22, 2013
Hello,

You definitely need to get board approval almost 99 percent. There is the minor exception. Your purchase is always contingent on board approval. The title company should not have closed.

Regards,


Pablo Torres, MBA
AF Realty,LLC
786-205-6988
pabtorres@aol.com
http://www.miamibuyproperties.com
0 votes Thank Flag Link Thu Aug 22, 2013
Yes, Yes, and Yes otherwise the Condominium Association can put you out. Read, Read, condominium Rules and Regulation. There is all you need to know. Need help 305 519-3199
Condominium have First Refuse any one who move at unit without complete the process established by Rules and Regulation.
0 votes Thank Flag Link Thu Aug 22, 2013
Yes, everyone must be approved, so if your credentials are shaddy be carefull...you must be approved before closing.Good luck.
0 votes Thank Flag Link Thu Aug 22, 2013
Almost all condominiums associations you will need to get approved before you purchase Also if its for investment purposes you will need to check with the association to see if they are allowed the property to be rented.
0 votes Thank Flag Link Thu Aug 22, 2013
Rebecca,

Most of the time when you buy a condo in foreclosure, the offer will be made contingent on condo board approval. There are RARE exceptions.

Ann Ryan
Keyes Real Estate
786-332-7042
0 votes Thank Flag Link Thu Aug 22, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer