Expired listing and HOA? (foreclosed, mortgage, mortgage, sale)

[only1beebs]

Hi,

So I found this condo that I really really liked. Hardwood or laminate floors, beautiful stainless steel appliances, it's in the area I live now, and the outside reminds me so much of my current and last apartment. I was instantly in love. I contacted my realtor to schedule a visit. Then, I decided to call the actual listing agent. When I did, they told me the place just went under contract in the last few days. I was seriously bummed because it had all my checkboxes filled. But then I decided to check into the other condos in the building. I found out the one right next door had an expired listing. I did some further checking through looking up the tax records and found the Homeowner's Association for that condo paid the taxes for it this year. So I guess that means the Homeowner's Association bought it..? I'm not really sure. I called the management services for the Homeowner's Association and they said they would do some research and get back to me. Do you think they'd still be willing to sell this place? I've never heard of the Homeowner's Association buying a condo. Does this happen often? I forgot to mention that it was a short sale before the listing expired. I'm wondering why they didn't just let the bank take over the property. Why buy it back? I've only been looking for a home for the last few months so all this stuff is new to me. Anyone have any thoughts about what's going on with this property?

[NinaN]

It's anyone's guess. The condo association might have foreclosed due to back HOA dues. Just ask the owner of record if they are willing to sell it. Chances are they are willing. But the price will have to be market price, not the listed short sale price.

[399083453]

Originally Posted by only1beebs

Anyone have any thoughts about what's going on with this property?

If I were to guess.....

- Homeowner bought condo in 2006 for $300,000
- Stopped paying mortgage and HOA fees for whatever reason
- HOA foreclosed on condo
- HOA started renting out condo and keeps money, maybe for years
- HOA pays property taxes to keep rental income flowing
- HOA is just waiting for the bank to foreclose on it, in the meantime its collecting rental income to make up for the loss it took from the previous homeowner.

NEXT STEPS.......
- Bank forecloses
- Lists it with a local real estate office for $120,000
- Sells it
- Taxpayers everywhere pay for the loss because these mortgage backed securities are guaranteed by fannie/freddie/ginnie.

END.