2bd Condo $5000 Need Advice!

[Nick Abbate]

Here is what I am working with, the owner who lives in a different state owns this condo free and clear but owes about 4000-5000 in back HOA fees.

The condo needs about 1500 - $2000 in work. He says as soon as the back hoa fees are paid I own the condo free and clear it is worth on Zillow about 60k. The other ones in the complex have sold for about 15k recently, but thats ok just looking for the equity and ownership.

Its a really nice secure location and gated in a good area. He will take 450/mo to pay for the HOA fees, taxes and the back HOA fees. As soon as those are paid The Condo is mine free and clear.

I will live in it, to save expenses.

My question is after I get this in writing and I have it on paper can I go to the HOA and renegotiate the back HOA fees? Any input would be fabulous.

Thank you, Thank you :D

[Chris Martin]

Something sounds screwy here. If I weer in your shoes, I'd get a preliminary title search done for $60 or so... before you put any of your money in. Call it insurance. Hard to believe this guy is really just giving away properties after sinking almost $400K in it.