A recent RealtyTrac/Trulia survey revealed that 85 percent of current homebuyers are interested in distressed properties—residences that have been foreclosed or are being offered as short sales. At the same time, the city and suburbs possess a substantial stock of distressed condos, lost either by homeowners or by developers.
But buying a foreclosed condo has its own particular pitfalls. “When you buy a single-family home, you’re in control of your own destiny,” says the Coldwell Banker agent Matt Garrison, whose CondoShark.com aids in foreclosure shopping. “When you’ve got shared ownership, you’re all in it together, no matter what.” That’s why it’s important to remember the following tips from foreclosure specialists when looking for a distressed condo.
via Expert Tips for Buying a Foreclosed Condo in Today’s Market.