Assignment of Bid

[Shai Neubauer]

I have been in the RE business for 6 months now buying mostly out of state turnkey properties.  Last week I went into contract for "assignment of bid" through a company that from my research is an arm of Bank Of America and sells Tax Lien Forclosure properties.  The property is an indoor garage and driveway that is 1 block away from my home.  It is part of a condominium complex.  I was told I will receive the property free and clear at time of closing in about 30 days.  I will need to "evict" the current occupant of the driveway.

The price of this driveway was at $3,500 and I have several friends that live in this complex.  There are 2 driveways attached to every 3 apartments so its first come first serve option to those who want to purchase this driveway.  One friend purchased one for $18,000 30 years ago and the other for $20,000 15 years ago.  The apartments go for between $300-500k depending on size.

I went with my gut here and the information I have in hand I just hope I didn't miss anything here.  Is this standard procedure for a foreclosure?  I know its a bit different with it being a driveway.  It just kind of sounds too good to be true if I can resell these for 10x what I paid.  Parkign spots are also hard to find in this area and can easily go for $200-250 per month.