Quiet title on a property to acquire it free & clear?

[Account Closed]

Hi readers,

So an HOA here in Phoenix presented a condo deal in great condition to me for only $10,000 ! HOA owns the property, last owner lost it to them due to lots of fees he was behind (Unpaid HOA fees). But he also owed the bank $40,000 that he stopped paying, the bank has not yet taken any foreclosure action on it, so I was told by my escrow agent that I can acquire this deal with a "Markeatable title" at this moment, but he can not insure it until I get a quiet title ? Once I get a quiet title he will be able to insure it, my questions are

-How risky is this ?

-Will the bank foreclose on me later on ?

-What is your advice on a deal like this ?

-Has anyone ran into these type of deals ?

-Will this property be able to sell without an issue ?