Condominium foreclosure listings are often goldmines for investors, as condos are often cheaper to procure than single family properties and can be easier to lease out. However, it's important to keep on top of news affecting the market, as failure to do so could cost your company large financial losses. There are some markets in which condominium investment isn't the best option, either due to the market's current condition or the prevalence of condos in the area. Since these factors can change regularly, it's imperative that you keep up to date.

Look for news sources that are updated regularly with the latest information on the condo foreclosure market. Most in-print publications are outdated almost as immediately as they're printed. While there are many options available, a source that's regularly updated as well as being reputable can be difficult to find. You can find information on condominium foreclosure news and trends in a variety of places, including:

1. News sources that offer unbiased information on the condo foreclosure market.

2. Blogs that include condominium foreclosure news.

3. Magazines that discuss foreclosures and other condominium news.

Action Steps
The best contacts and resources to help you get it done

Read news articles that discuss condominium foreclosure news

There are many options for finding news and information about condominium foreclosures. By finding regularly updated news sources, you can stay on top of the market through unbiased news organizations. These organizations often avoid the opinions that infiltrate other sources.

I recommend: Bankrate.com offers regular, unbiased information on the condominium foreclosure market. MortgageDaily.com helps to keep you up to date with regular news on mortgages and how condominium foreclosures affect the mortgage market in general.

Find blogs that cover condominium foreclosure information

Bloggers are often able to get updated information to their readers in a timely manner simply due to the medium. Since blogs are all online and available on a continuous basis, you're able to get the latest information on condominium foreclosures almost as quickly as it happens.

I recommend: ForeclosureWarehouse.com offers a blog that covers condo foreclosure information. The Las Vegas Real Estate Blog highlights information on condominiums in Las Vegas, one of the biggest markets for both condos and foreclosures.

Locate magazines that include condominium foreclosure news and trends

Virtual magazines can help you to keep up-to-date on condominium foreclosure information. Since online magazines aren't typically put out as often as other information sources like blogs, it can be easier to keep up on your reading of these magazines and prevent falling behind on the news your company needs.

I recommend: EForeclosureMagazine.com highlights the news that's affecting the condominium foreclosure market. Multi-Housing News offers a regularly updated source of information on the effects of condominium foreclosures on the multi-housing market.

If you are a real estate investor looking to add one or more condominiums to your roster of properties, your first stop should be a condominium foreclosure list. By purchasing a foreclosed condominium, you will be paying a lot less, allowing your potential for profit to increase considerably.

While searching for condominium foreclosure properties may be time-consuming, it may be well worth the effort. Foreclosed homes across the nation sell, on average, for about 22% less than the rest of the market. There are three stages of condominium foreclosure to consider:

1. Properties can be purchased during the pre-foreclosure period granted by the state.

2. Find condominium foreclosure options at an auction at the end of the pre-foreclosure period.

3. If the property is not sold at auction, or if the bank is the highest bidder, it will be put back on the market.

Action Steps
The best contacts and resources to help you get it done

Research condominium foreclosure laws in your state

The process of purchasing foreclosed property differs from that of standard investments. Foreclosure laws also vary widely from state to state; it's best to know as much condominium foreclosure information before making a purchase. Investors will also benefit from becoming familiar with laws in different states in which you may be interested in building your portfolio of properties.

I recommend: Foreclosure.com lists the basic steps to condominium foreclosure so investors can understand the process. RealtyTrac compares and contrasts foreclosure laws around the nation to provide an understanding of how widely the laws vary.

Seek out condominium foreclosure properties before they hit the market

Hire or consult with a preferred condominium foreclosure provider to seek out the foreclosed condos before anyone else. Developing a relationship with a condominium foreclosure provider will enable you to get insider information and advice that may not be generally available.

I recommend: FindMeDistressedHomes.com and Preforeclosure.com are two resources which specialize in helping investors locate properties in pre-foreclosure.

Use a condominium foreclosure directory for bank-owned condos

Condominium foreclosure lists detail seized inventory under bank possession. While investors may have to negotiate more and compete with contending parties in the market, the savings should still prove better than a new purchase. A condominium foreclosure directory also enables investors to compare properties in areas of interest to develop a personal list of potential purchases.

I recommend: Find condominium foreclosure information on sites like Foreclosure Warehouse, ForeclosureListings.com and condo.com; all have condominium foreclosure information.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  A condominium foreclosure may have extensive damage. Whenever possible, try to have a housing inspector check out the property before purchasing the home to evaluate the cost of the repairs.
• •  Try to steer clear of a condominium foreclosure in a complex where there are several properties also going into foreclosure. If there are several similar properties, chances are that the homeowner's association isn't collecting dues from them, which means the complex might not have enough money for routine maintenance.

Condominium foreclosure laws vary from state to state. Individuals who will be exposed to the ramifications of foreclosures in these units or who wish to purchase these foreclosed units should consult with an attorney prior to doing so. It is important to understand the condo association's requirements and state laws governing the situation.

Condominium foreclosure laws and regulations state who is required to be notified of the pending foreclosure. They also provide information on how the foreclosure is handled within the condominium association. Keep the following in mind when looking for information regarding these laws and regulations:

1. Realize that state laws supersede any condominium association's regulations in condominium foreclosure.

2. Know that, in most cases, the mortgage lender is required to notify all parties who have an interest in the condominium of the pending foreclosure.

3. Determine if the association will purchase the condominium foreclosure directly, which is often the case in larger complexes.

Action Steps
The best contacts and resources to help you get it done

Consider state condominium foreclosure laws and regulations

It is particularly important to learn the state's laws regarding the sale of condominium property through foreclosure. Lenders often have the right to sell such property, but the process of notifying and following the condominium association's requirements may different from one state to the next.

I recommend: Learn about the state's condominium foreclosure laws. The State of New Jersey defines the laws regarding mortgages on condominiums in detail at their website. The Arizona State Legislature provides various condominium rulings including the rights of the lender. To see them, scroll down to Chapter Nine of Title 33.

Investigate condominium foreclosure laws and regulations through attorneys

Attorneys can help a business, a lender or a consumer learn their rights in the foreclosure process. They also enable parties to come together to determine the best outcome in the situation. Some attorneys specialize in condominium association laws, including foreclosure laws and regulations.

I recommend: Examine options in the situation with an attorney. The Law Offices of Elliot Green specializes in foreclosures in New York. They work with the property owner to find a solution available to them when facing imminent foreclosure. For those in Illinois, the Law Offices of Katie Newsham helps individuals and property owners to handle foreclosures on residential properties including condominiums.

Work with groups and attorneys specializing in condominium foreclosure and laws

Some groups work closely with individuals, condominium associations or the lenders of condominium loans to help ensure their clients are well represented. Those who need help oftentimes require immediate, specialized help to resolve conflicts quickly and legally.

I recommend: Seek out trusted and experienced professionals in condominium law. Kaman & Cusimano works to defend homeowners' associations and condominium associations in Ohio. They specialize in aiding condominium associations to resolve foreclosures and other legal requirements. In Michigan, Pentiuk, Couvreur & Kobiljak provides aid to boards of condominium associations and their management companies in all aspects of condo law, including foreclosures.