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Should I except inheritance gift of condo?

Bankruptcy and Debt 7 views 2 answers
I stand to inherit a condo but am not sure if I should say yes. The condo is worth about $92,000. but there is $148,000. still owing. I've talked to the bank and they said any one who "inherits" the property will have to get their own financing that the loan is not assumable and are unwilling to negotiate a fair market value with me. I am also the Executor of the estate. If I let it go into foreclosure because its a condo won't the "condo association" have to approve the buyer or will any one be able to purchase it at auction?

Attorney Answers

2
Shawn Alexander ·
I agree with Mr. Nelson's assessment of the facts you provided. If the unit is worth less than is owed it may just be a liability to the estate and to you. Also the dues will also become a lien on the unit. Maybe you should just list it for sale under the estate and see what happens. You should also have a lawyer to help you deal with the complexities of the estate. Good Luck
0 upvotes
Eric Nelsen ·
If the condo is valued at $92,000 and there is a $148,000 mortgage, it doesn't sound like there is any value to inherit. Condo Associations typically have no right to approve or disapprove of a buyer--that would be very unusual and likely unenforceable in many situations, even if the Condo Declaration tried to impose such a kind of restriction on sale. So at foreclosure, most likely anyone could buy it. But with that much of a debt overhang, I think it's much more likely that the lender will end up getting it at the foreclosure. If the court has appointed you a Executor under a Will, you do have authority to negotiate with the bank. You also have duties that mean you must act carefully to protect yourself from liability if you do decide to let the property go to foreclosure. If you don't have an attorney assisting already, I would strongly suggest you consult with a probate attorney for this issue.
0 upvotes

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