Condo Fee Foreclosure

[Bob Couture]

Situation: Condo is paid off, but there is $7K in condo association fees outstanding. Condo association is trying to foreclose. Condo needs about $10K of refreshing/updates. ARV estimated at $105K. Monthly condo fees are $320. Area rents are b/w $900-1200. This is a Western Massachusetts condo.

- What would you do/offer?

- Can they not sell the condo on MLS or FSBO if the condo association is filing for foreclosure?

[Mark Gallagher]

How's the overall condo community? If it's strong and desirable I'd try to hold it. If it's so-so, something like this I'd offer $45K to seller, buyer pays the closing costs. They'll have comfort in knowing $45K is going in their pocket. I wouldn't offer say $60K and let the costs come out of that. I feel people wouldn't understand what amount they'll actually get. If they know they're getting $45K, they'll understand. Close, put it right on the market as-is for $90K, and hope to walk away with at least $20K in less than 45 days.