Buying Florida Condo Liens
I am noticing more condo liens being filed and was wondering whether it makes sense to acquire these liens and if the condo associations will sell them via their attorneys?? Does it make sense to acquire and then buy higher priority liens?? I am aware of that some condo associations limit the # of leases and length of leases?? Thanks for your replies.
Are you trying to use this as a way to gain ownership or just earn a good return on your investment?
Assuming control...why buy the liens and then buy the higher priority liens. By higher are you indicating ones that are more senior to the lien you would be buying? If so, why would the lien holder sell?
John
[addsig]
Indirectly this was the motivation for my post:
2nd Allowed To Buyout 1st(may Be A State To State Issue)
I 100% agree if you can get the 1st go for it, but I think there are good reasons for buying junior leins (see the other thread)
as for the FL opportunity specifically, watch that they are not timeshares.
Thanks for your reply. The first lien holder will not sell. The second lien is the condo fees lien. If I buy the junior lien I assume in Florida I can buy the senior lien. Facts:
FMV=$575,000
Ist lien in LP is $310,000
2nd Lien ( Condo) is $14,000
Taxes current
Can sell property quickly. Help!!!