›

Interesting note from Mish

Dan C.Dan C.
edited June 2007 in Housing Bubble
Condo Spillover – Here's one you will not hear from many folks. When units in a condo are foreclosed there is no unit owner to pay the Condo Association Fees for maintenance, taxes, insurance, utilities, etc. The burden falls on the folks that did close and are still alive. If you have a building with a 50% foreclosure, that means the COA fees double for the remaining owners. This will have a domino effect on foreclosures, sales prices and overall sales.

I didn't think of this aspect of condo foreclosure. I am sure this may have a big effect on the flippers present in our downtown condo market. Anyone have any experience with this yet?

Comments

  • EconEEconE
    wouldn't the bank that holds the condo after foreclosure be responsible for paying the dues? :?:
Sign In or Register to comment.