Buying a Foreclosed Condo

[Matt Frey]

Hi there,

I am new to the community and still haven't invested in any real estate yet. I am just wondering what everyone's thoughts are on investing in condos? What caveats should I be aware of? I know that condo fees can rise over time and that if major repairs are needed, the Board can ask for this money with relatively short notice.

I had viewed some condo units before and there had been a levy fee of $20k, for repairs and unit upgrades. This deterred me from purchasing the unit and had changed my opinion on Condos as rental property, but I still feel there is potential for these types of rental properties.

I have been eyeing a few up and have reached out to an agent with some listings of foreclosed condos in Edmonton, AB, Canada. I asked for some more information regarding the reserve fund but I was informed that I needed a pending offer to obtain that information. Is there another way to obtain it, and should I contact the Condo Board directly?

Also, should I get general liability insurance if I obtain the property or would the Condo Board have some form of insurance in place?