Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Innovative Strategies
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 1 year ago,

User Stats

5
Posts
0
Votes
Margo M.
0
Votes |
5
Posts

Auction property - foreclosed due to HOA - try to bid or stay away?

Margo M.
Posted

I have an opportunity to bid (by 5pm today) on an HOA foreclosed property as a post-auction owner-occupier. Do I proceed? Here are the problems:

1). The foreclosed owner has 45 days to redeem the property by paying around $20k to the HOA. (She is in a fight with them-I don't know her.)

2) the first lien/mortgage is doable as a pay off at $210k. Property is worth $600-630k.

3). city mandates it rents to low-income/moderate and/or may require a $90k payout under rent control

4).auction winner is an LLC owned by a foreclosure pro and has already filed a lawsuit on it at $375k to cloud the title.

Try to bid or stay away? Thank you!

Loading replies...