Since you know that the bank filed foreclosure it's just a matter of how much time you have. Are you trying to get the property and hold it as long as possible while collecting rent? Keep in mind that HOA most likely will have it rented already. Depends on how much it will cost you all together will all the court fees.
The key point it to investigate the bank case, see if there is a sale date scheduled with the court.
It would serve you well to spend some time with a trusted advisor regarding the purchase of properties at the courthouse steps. There is a peeking order on liens and if you are buying a foreclosure of a junior lien, it could lead to an unpleasant experience. In addition, things that do not automatically go away at foreclosure -- IRS liens, property tax liens, code enforcement liens and HOA liens. I was working with a seller who got foreclosed on and sold at the courthouse. The buyer was then responsible for a $50k tax burden....surprise. You need to do your due diligence on each foreclosure file and pay special attention to the parties contacted in the file. Best advice I've received --- If it seems to good to be true....and you are the only bidder....get out of the front of the line... Second best advice --- make sure the property is still physically there before you buy it. A buyer who failed to look first bought a third story condo unit in a building that had burned down. They ended up being responsible for the condo fees even thou the unit was not going to be rebuilt for up to 2yrs....surprise.
If you need a mentor and are a cash buyer, please give me a call. I work with a lot of investors and cash is the best answer for getting solid deals in the market.
Simply stated its all about 'clear' title. Call a title agency, tell the your situation, they should put you in touch with their attorney and you will have your answer. Here's a referal: 1st Service Title of Florida
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