Posted by admin | Posted in All About Foreclosure | Posted on 23-06-2010
Tags: home, housing, property, realestate, search, search foreclosure property
I am interested in bidding on a condo at foreclosure auction in Florida.
The condo association is foreclosing for the 10k owed to them in hoa dues. It appears there is still a first mortgage of about 50k, although I have yet to do a title search. The condo is worth about 90k. Will the auction bidding begin at 50k or 10k? If, at auction the bidding starts at 10k, assuming no other liens are attached to this property, I bid 11k and am the winning bidder. What happens with the 50k first lien? Will the 11k bid at auction go to the first lienholder leaving the condo association with nothing? Will I be obligated to make the 10k in hoa dues current? Will the first lienholder enforce a “due on sale clause” or will I be able assume the loan? Please help.
Bidding will start at 60k, even if they state otherwise, that is the minimum reserve amount.
Make sure they are not selling the debt, because they can. You buy the debt, not the condo.
In addition to having your money ready to go you need to verify that they will allow you to rent it out if this is an investment. Many associations limit the # of rentals and you may find that they would require you to live in the property. This is one reason condos are so hard to sell.
Florida Foreclosure Properties – Bayshore Land Group
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