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Updated almost 2 years ago on . Most recent reply
Auction property - foreclosed due to HOA - try to bid or stay away?
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!