Colli Real Estate

Are there risks to buy a condo that has been taken by the bank through a deed in lieu of foreclosure?

I'm interested by purchasing a condominium in a building of 12 units which has been or is being taken by the bank that the funds loaned to the developer who has recently changed ownership. I'm not sure whether or not a deed in lieu affect the ownership of property in a manner similar to that of a foreclosure would. Furthermore, I am curious if this scenario is uncommon and if I have to be directly affected other issues relating to the property if the developer is no longer involved. The units are finished and reasonably (but not expensive), fitted with wooden floor and tile everywhere. It's just a case of the developer was unable to capitalize on their investment quickly enough to handle the payment of their loans? Should I worry or should I take advantage of relative urgency of the bank in the sale of units left?

A deed in lieu of foreclosure simply means that the owner wanted to avoid the stigma of exclusion and turned their backs on the property the lender voluntarily. You have the title insurance to make sure you buy a title proper (unless you are very stupid.) If the previous owner was a developer who was remodeling of a building and could not move fast enough or have suffered a fall in the market may be some manufacturing problems. You should insist on an inspection drive to convince you that there are no defects that are stuck with, or at least can live with.

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