Is It Possible to Buy Foreclosed Condos in Florida?


Quick Answer

It is possible to buy condominiums in Florida that have been foreclosed by lenders or homeowner associations. Nolo specifies that foreclosed condos are put on sale between 20 and 35 days after the date of foreclosure.

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Full Answer

When a condo is foreclosed by a homeowners association, this may not clear the first mortgage or other liens on the property. The buyer of a foreclosed condo may become responsible for an existing mortgage, which may also be in the foreclosure process at the same time. The buyer may also owe outstanding assessments to the homeowners association. Because of this complication, Florida attorney Margery Golant advises buyers at foreclosure sales to use caution.

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