Legal Question in Real Estate Law in Wisconsin

One big concern is who ends up paying all the common expenses if some of the owners can't pay them. This is a huge problem all around the country. And each condo can have different types of expenses that are common expenses. Some have even had to sell off their golf courses or other assets to try to remain solvent, leaving owners without a golf course that they thought they had paid for.

So I would say that the bank fears that you may be one of the few owners who will pay the monthly expenses and be forced to pay way more than you should because others can't do it.

I agree with Attorney Schober, but would add that any purchase of bank owned property is a risky proposition which should not be attempted by amateurs without close consultation with an experienced bankruptcy/insolvency lawyer. Such property sales are often limited on the deed transferring the property "as is, where it is," meaning that the bank (or government owner, such as the FHA or VA) is making no warranties regarding the property, either as to price or as to the marketability of title. In some bank owned property situations, the owners even have longer periods to redeem the property even after a sheriff's sale, which can reverse a purchase at any time. There are numerous other title issues which can come up; meaning that your owner's title insurance policy needs to be very carefully crafted in order to protect you. My comments here are not legal advice, nor do they create an attorney client relationship between us. However, you are welcome to contact my office to discuss retaining me or to set up a free initial consultation at my office in Racine.