Buying an commercial property from upset sale

[Tom Lam]

Hello everyone,

I am interesting to buy an commercial property this coming upset sale 2023.

still deciding how to prepare myself in the coming auction. So i have a few questions which i can't find answers for them. 

1.  As of right now, i found out from the county website that it has an outstanding lien around $35,000, and i am preparing $60,000. So if i do win, and pay in full. I will take over the current mortgage lien and whatever township lien... How much time i should expect to get all the legal paper work to work out.? assuming the previous owner does not challenge this sale.

2. If the previous owner do come back challenge this sale, how much time they  have to do so? and let say i won the bid by $60,000, how much will i get back from the previous owner by law? principle plus interest ( assuming by law that i have to sell it back to him)?

3. if the previous owner does not come back, then does the mortgage company ( it looks like there is still $280,000 mortgage principle balance) will ask for the whole amount from the new owner (Me) or they more likely to work with the new guy to reconstruct a new mortgage deal. 

4. if the mortgage company does not work with the new guy and forecloses the building, and if the sale price did not meet their mortgage principle number, will the new guy ( me) loss the money which had used it to win bid in the upset sale ($60,000)? 

Any suggestions or comments are appreciated. 

Thank you !