first deal

I'm pretty sure the "no renting rule" and monthly fees, if any turned off investors. However, if you purchased it for yourself and got it at a great discount, you should be OK. In my opinion I probably would've skipped this one because of the rent thing, but that's just me. Make sure you go over the rest of their rules and regulations before you spend any money.....believe me, some of those complexes in Florida can be strict. Some places will only let you live on the property a certain amount of time per year to keep it with a feeling of a resort. I'm not sure what type of community yours is, but be careful. Hope this helps a bit, and good luck

Mike

Thanks you guys,
it has made me more confident.

the property isn't a resort style. I actually know people that live there.

about the taxes, I think there isn't any taxes, as I checked the county's tax assessor website and nothing came up.

also, the website showed that he actually re-financed the condo twice and paid in full.
so, it's looking good.

I appreciate the input guys, is there anything else I should know?
this is my first one and I'm hoping to do the same soon for a rent-able property.

thank you
Gabriel

It sounds like there was no mortgage (no lien as you stated), so that's probably the biggest reason why. Typically the bank will always step in a purchase at auction. I would still recommend speaking with a local attorney just to check that everything's in order.

Good luck and congrats!

- Tom

Wow, problems

I had an attorney check out the property for me.
He said that there is a mortgage in the property of 150k. I did not see it when searching.

Now he said that the bank can actually foreclosure on it again.

I don't understand now, because the county has given me the title and I legally own it. as per the county.

but the bank can still foreclosure on it again, even after I received the tile?

can someone enlighten me?

I realize that this probably was a mistake and
I guess it is the cost of learning.

Hope I will be more careful on the next one.

Ok I agree,

but can I ask you why do you say that this dosen't add up?

I also think that there is something trickey here. but after the lawyer told me that there was the loan on the property, I actually found it. it was there, I did not see it.

But I would think that the bank would have to bid on the property too, no?

I'm sorry If I don't make sense but I'm kinda new to this so I'm not very secure, so your opinion means a lot to me right now .

you should fill out the information on your profile so that we know who we're communicating with...

You have to be careful with buying at auctions, because some states allow post auction redemption period. During this time, the owner can still get their proeprty back if they pay the money owed.

Wishing you success...

yeah,

the auction people told me that this period would happen. but it has come and gone.
I called the court today and they told me that there wasn't any claims and that the title was issued to me. I should receive it in the mail in the next couple of days.

That's is what is so intriguing to me.

How can the county issue me the title, and later someone else can foreclosure on it? after the fact that I bought it though the court.

BWT, this was an foreclose sale at the clerk of court's official foreclosure auction website.
it was not a tax deal. the foreclosure was brought on by the condo association for unpaid fees.

thanks.
Gabriel

BTW:

sorry about the profile, I put some info there now, but will update it shortly.

Gabriel,

I think you just got yourself a great deal!
nice job filling out your profile!
Do as Keith suggests-go to the county courthouse and check out their files.

Valerie

Hey Gabriel - anything further on this deal?

Definitely the way to go...this will show any liens in the property...

When purchasing a home at the auction you need to know if the auction is for the mortgage, hoa fees, code violations, taxes or liens. It sounds like you purchased the HOA auction which unfortunately does not come before the actual bank loan. Before purchasing at the auction you need to have access to a title company that can run a quick search for you so you know what you are buying. I would talk to your attorney again and see if there is anything that can be done.

Now I do know that if you purchase a property at an auction and say both the HOA and the bank are foreclosing you can have the HOA cleared and negotiate that but the banks always come first. And then even still Federal tax liens are before the banks I believe.