So, you do not really own the property. If the owner has not paid the HOA dues, he is probably not paying the mortgage either and will be foreclosed upon. In this case, the future owner will be the lender.
Your goal is to either pursue ownership (short sale purchase) from the lender or evict whoever is living in the unit and rent it out to recoup your "purchase" price before the bank forecloses on the property, resells it and evicts the occupants.
You just bought an extremely high risk investment and if not handled properly, you will most likely lose whatever you paid.
Simon Campbell - http://www.bankforeclosuressale.com
My email is Dyanahomes@gmail.com if you send me a message I'll get you his information.
Florida Executive Realty
Purchasing the HOA lien and wanting to do a short sale with the owner are unrelated "events". Purchasing the HOA lien does not provide you with leverage to force the owner into a short sale. The HOA lien, is not in first position as a lien holder. The first mortgage lender is the first lien holder, only a tax lien jumps in front of the first mortgage lender holder. This is why banks pay the property taxes to avoid this situation.
As mentioned you have a lien on the title but you fall in line with other creditors to be paid.
If you'd like to approach the owner regarding a short sale, you will have to utilize a realtor to handle the transaction.
Did you read a book or attend a seminar on wealth in real estate? Did you read the whole book or attend the entire seminar? You have spent money on a lien that created a mess rather than launching you toward real estate riches.
Check with a real estate attorney how you can be resolve the HOA lien acquisition and then find a realtor to assist you with approaching the property owner regarding a short sale.
Brock Realty Inc.
If you'd like to search the MLS like an agent in real time, you can visit our website and sign up for a free Listing Book account. You will be able to change the search criteria to suit yourself and received morning reports regarding new listings, price changes and recent pendings.
What you need is a Florida Real Estate Attorney to sort this out.
Looks like you are holding a bag, question is . . . what is in it, and I think I know.
If you've watched the news this week. you will have met a fellow who purchased as you did, tricked it out to the max and was foreclosed on. Left with nothing but memories.
What you are attempting to do is possible, but there is so much we do not know.
When I do a short sale I always settle with the second lien holder first, which may be the same process you are using. The big clue we all see is your "NOW WHAT DO I DO?" question.
No one can give you actionable data. It is important to know what, if any options you have created or eliminated or compromised.
We don't know what, if any, agreement you have entered into with the owner.
We don't know what, if any, experience, credentials or resources you have with which to work.
The best, next step, truly depends on your knowledge and capability. What you will attempt to do is contact the bank. Doing this, unprepared, will make the outcome predictable.
The safest next step is to call Dyana.
No, don't use that 'contact' button.
No, don't use Trulia email.
IF you are serious, and this IS a serious situation, you will acknowledge this by picking up the phone and calling.
Best of success to you.
Liane Jamason, REALTOR, CDPE
Smith & Associates Real Estate