Hoa fee liens?

[Doug Ruddle]

The below auction sold property was a condo that had a lien from the condo assoc. of $8,456 there was a lis pendens filed on 5-1-12 by Fifth Third Bank. The property is worth around 70,000. I have no numbers on the mortgage loan and I was wondering how you buy this property not knowing the arrears on the mortgage?

Auction Sold

01/04/2013 10:52 AM ET

Amount

$8,500.00

Sold To

3rd Party Bidder

Auction Type:

FORECLOSURE

Case #:

522012CC003746XXCOCO

Final Judgment Amount:

$7,361.40

Parcel ID:

24-31-15-47313-000-1000

Property Address:

552 PLAZA SEVILLE CT 100

TREASURE ISLAND, 33706

Assessed Value:

$82,306.00

Plaintiff Max Bid:

$8,456.10

[Account Closed]

Originally posted by @Andy Mirza:

@Account Closed I love NPN's as well and we co-own 4 NPN's with a full time note investor.

I posted this on the other thread about HOA liens and I'd be interested in your response:

"Every HOA seems to treat their properties acquired through HOA lien foreclosure differently. Some rent them out while others do nothing with them and wait until the bank forecloses.

Given the latter response, I've approached the HOA management company in the community I live in with the idea of trying to buy any HOA foreclosed property from them that was a problem. They were pretty ignorant of possible solutions to HOA acquired property and appreciative to hear about other options that were available to them. Since HOA's tend to move slow, I'm still waiting to get an answer but I'm hopeful about the idea of approaching other HOA's about this.

Has anyone tried something like this? Have any of you tried to buy directly from the HOA when it made sense equity wise or cash flow wise? Did you have any success?"

I saw this in the other thread. There are a couple of attorneys where I am that work for many of HOAs. They are the ones who advice the HOA when to foreclose. If they got a property back at sale, I think I'd have little chance of getting them to sell to me. They are very, very shrewd and not open to deal making. I have enough trouble just getting payoff amounts from them and getting them to release court cases.

Now, if it was a smaller HOA without professional mgmt and collections, that would be worth a try.