Did they try to sale the condo before forclosure?
December 31, 2009 by
Filed under condos for sale
If there is a condo for sale that I may consider buying that is forclosed. I am just wondering did the previous owners try to sell it before they let it go to forclosure? So that means it would be hard for me to sell it in the future?
most prudent people try to sell but some just try to think that it just will not happen to them. Besides the past cannot and does not predict the future
They could have tried and short sale the property before the property gets foreclosed. During the short sale process if they did not incur a buyer to buy the property at the new price then it would have gone to foreclosure.
If they ran their course and they did not make their payments they knew they were going to get foreclosed upon within months. This scenario is they did not try sell the property but just waited until they got evicted by the law.
A person might attempt to sell their condo prior to a foreclosure procedure being completed by the lender that is placing the property in foreclosure.
If the sale is complete the lender is paid in full therefore the loan balance would be paid off.
If you were the one that purchased the condo, the fact that the condo was in a pre-foreclosure state at one time would have no effect on any future sale of the condo.
Even if the foreclosure procedure was completed with the lender taking the condo back as a REO property and subsequently selling you the condo this again would not have any affect on any possible future sale of the condo.
I hope this has been of some benefit to you, good luck.
“FIGHT ON”
You have no way of finding out if they tried to sell it before they foreclosed. It does not really matter if they did. That has no bering on anything. How you purchased it has nothing to do with resell.