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Updated almost 8 years ago,

User Stats

24
Posts
5
Votes
Michael Ansley
Pro Member
  • Professional
  • Bronx, NY
5
Votes |
24
Posts

Is Buying A Foreclosed Condo Better Then Buying a Foreclosed MF

Michael Ansley
Pro Member
  • Professional
  • Bronx, NY
Posted

Hey BiggerPockets Community  I was wondering if buying a foreclosed condo would have as many or more traps associated with it then buying a foreclosed multifamily would? Some questions I have are:  I can see how how one could get a sneak peak at a house that is up for auction to see what kind of condition it's in but, how would you do that with a condo in a high rise secured building? Do foreclosed condos have the same amount of horror stories associated with it as a foreclosed house would? A foreclosed condo SEEMS like it would have less headaches attached with it and less money for repairs needed if a former tenant destroys the property. A foreclosed condo seems like it would have better value if brought at the right price in the right neighborhood. Also what is the typical condition of a condo that was brought at an auction or foreclosure? Educate me BiggerPockets.

  • Michael Ansley