Please be careful of buying foreclosure condo's. There are some great deals out there but there are also some not so great deals. Be sure to check out the health of the homeowner association. Some of the large condo associations do not have enough owners paying into the association to be able to make the repairs they are required to make. They may or may not have paid the insurance they are supposed to be paying for. They may or may not be keeping up with the maintenance they are supposed to. They could either not make the repairs or assess the owners who are paying. This will also make it not very desirable for banks to want to finance them. The insurance company may also feel the same way depending on the association and how much of the property is owned vs. in foreclosure. You could end up buying a place that is not financeable or insurable. Check with your independent insurance agent or your realtor. You can go to www.fastcheapquotes.com to find an agent or to get a ball park price on your home.
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