Florida foreclosed condos
Question Details: I am considering buying a foreclosed condo in Florida for cash. What risks am I taking? What happens when the HOA does not have adequate monies to maintain the units and property?
Real Estate Law Answers
It sounds like you already know the risks--if the HOA can't maintain the units and property, you will see a sharp decline in both the value of your investment and your ability to sell it at will (i.e. its liquidity). It is not impossible that you may see both go essentially to zero--in what's already an overbuilt and distressed market, in a state that is seeing a net loss of population and major problems with school systems and services, who would buy a condo whose common area, etc. is not being maintained and which is not providing the services it should?
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