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Updated over 8 years ago,
Georgia - Sheriff's sale - judicial foreclosure..next steps?
Hi BPers,
So i bought a condo at a sheriff's sale yesterday - it was a judicial foreclosure from the HOA on unpaid assessments for 10.9K...i paid 11k.
I did some preliminary title inspection before and it had two 80/20 mortgages from 2007 totaling 54k, no other liens besides the HOA one.
I have bought many trustee sale auction properties but never a sheriffs sale one. I am unsure of what the next steps are to get a marketable title?
The sheriff's office has told me i will get a sheriff's deed in 30 days after being recorded. Do i have legal ownership of the property TODAY so i can go talk to the tenant/owner about rent and if it doesnt work out start eviction TODAY if necessary?
I am not sure if there is a right of redemption for a judicial foreclosure?
I imagine i need to get the 80/20 security deeds paid off? How do i contact the bank and find balances? Ive heard they dont talk to anyone besides the primary on the loan.
Do i need a quiet title in this scenario? I've contacted some attorneys and i've gotten mixed responses?
Thanks for the input!