Innovative Strategies
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated over 1 year ago,
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!