HOA Lien is being foreclosed
Property goes to courthouse sale April 7. The HOA lien is $16K, and is subordinate to the mortgage loan. The mortgage balance is less than $7K.
FMV for property is about $45K. Redemption period is 30 days.
I have never done a courthouse sale before. In my area 5% non refundable deposit is collected from the winning bidder on date of sale with balance due in 30 days (end of redemption period).
How would a pro approach this auction? In responding, assume that sufficient cash is available to pay off all liens outright.
I would suggest to make sure you researched the property. Find out what area it is located in if it is easier to rent or sell. Do a quick inspection on the outside of the property. See what kind of repairs are needed, if necessary.
If everything looks good, the numbers work and you have the money, then go for it. That's my opinion.
Tanya
I agree with Tanya...
To your success,
Mike T
[addsig]
Mike and Tanya,
Thank you for your support, but my question is more mechanical. What is the best way to "go for it"?
I have never done a pre-foreclosure, and have never attended a courthouse sale.