New investor - Need help about buying a foreclosed property

[Mallika Akkala]

Hi.. I have been looking to invest in a condo. I currently rent an apartment, so i thought of starting out by owning a condo to live in. I live in New Jersey and i am looking to buy a condo with attached garage in North Brunswick area. My plans are to rent it out eventually, an year or two later. This is a bank owned foreclosed property, which is completely renovated and seems to be a very decent buy (in good location, close to transportation). This being my first property, a bunch of questions are running in my mind. I would really appreciate if someone can help me with this. 

1) In general, i believe foreclosed properties would be listed way under the market price, but this one here is almost close to the comps in the neighbourhood and its renovated and move in ready. Why would someone renovate the property and lose it to the bank? Are there any chances that the bank renovated it? 

2) I am not buying it off of an auction, rather i got this through my real estate agent. Should i be concerned about tax liens? Should i approach the title company to check it for me?

3) This is a 1970's built condo, should i be worried that this is an old prop? 

I really appreciate any comments.