Auctions..buying A Home Being Foreclosed Due To Not Paying HOA Fees
Just curious if I bought a home at auction for past due HOA fees, I am assuming I would be responsible for the other mortages as well, correct? If so, would I be able to negotiate with the banks for a short sale if the homes are over leveraged?
If you buy a HOA foreclosure in FL, you would buy it subject to any and all liens and mortgages. No exceptions.
You will have no leverage dealing with a shor tsale scenario. The only HOA foreclosure profit potential is to buy it cheap, rent it immediately, and hold off foreclosure as long as you can.
[addsig]
Florida has state law on this that may make you liable for up to six months of overdue HOA fees that were not paid by the previous owner.
Best to consult a local attorney on this.
Call every we buy houses sign and ad in your area and ask if they are cash buyers. If so, tell them what you want to do and ask them what they are looking for. If there are none in your area, look in other nearby areas. Investors there may still be interested. Good luck.
I create an email list of local landlords and buyers off of criagslist.