AboutDennis Herman Expertise I can answer questions on Real Estate such as question on writing an Offer to Purchase. What can go wrong after an offer is written? What is Buyer Agency and what will it do for me? What is a foreclosure? What is the difference between a foreclosure, a bank owned property and a short sale? What is the best way to locate a property? What steps can be taken to avoid foreclosure? How do Real Estate Agents get paid? How can I quickly build equity in a home? How do I view homes? What types of homes will have the best prices? How do I choose an agent? What types of financing are available?
Experience Residential and commercial real estate. New home purchases. Buyer Agency. First time home buyers. Foreclosures, bank owned properties, estate sales and short sales.
Organizations Greater Milwaukee Realtors Association
Wisconsin Realtors Association
National Association of Realtors
Publications http://activerain.com/bloghome
Education/Credentials State of Wisconsin Licensed Real Estate Sales Agent
Accredited Buyer Agency Training
Relocation Training
Certified Senior Citizen Representative
Wisconsin Real Estate Continuing Education
Question The condo next to mine is in foreclosure. I was told by the condo association that the foreclosure date is Feb 17 2009, and there is a 6 month period from that before the bank takes possession.
There is a renter still in the property and, if she is just squatting now I would like her out. During this 6 month period, who is responsible for the property: the bank or the former(?) owner?
I also may want to buy the condo. How soon can I make a bid, and how do I best go about it?
Thanks
Answer I am a licensed real estate agent in the state of Wisconsin and not an attorney. I will answer this question based on my experience with condos in Wisconsin. Review your condo documents or contact the association. They will be able to answer your questions. Following are a few points to check.
Most condo associations do not allow owners to rent the property.
If they are allowed to rent the association should be aware of the situation.
Some associations have what is referred to as, "right of first refusal." This means the association has the right to purchase a condo before other buyers. After accepting an offer to purchase the seller would submit this to the association. The association has the right to buy the condo at the same price as the offer or approve the sale.
If you want to bid on the property contact the owner. You may be able to arrange for a sale before foreclosure. A short sale is much better for the owners credit than a foreclosure.
If the condo is foreclosed it may be 3 to 12 months before it goes on the market. This web site may give you an idea of the time involved in your state. http://www.foreclosures.com/pages/state_laws.asp
The contracts of the lease with the renter and the lender will have to be reviewed to determine who is responsible for what. My guess is, the owner is responsible for the payments to the lender. If it goes into foreclosure the sheriff will remove any occupants.
You may want to contact a local real estate agent. They will be able to look up the name of the owner on the tax records, or there may be a local city site supplying the information. A real estate agent may get the owner to sell. A good agent will be able to explain the options between a short sale and a foreclosure and how they effect the owners credit.
Lots of luck. My guess is the renter is not being a very good neighbor.
