Hey guys, first time poster here!
I am somewhat new to REI, but completely new to HOA Foreclosures..
Just wanted your ideas, opinions, and to confirm my thoughts and beliefs on this subject.
I am in Florida, and am wanting to get more involved in the REI market down here. What I want to clear up and am interested in learning more about is buying HOA foreclosures at auctions.
For example, I have in front of me a beautiful, newer house where the HOA has a lien on it and it is in foreclosure, with an auction price starting at about $6500.. which is the HOA fees, attorney fees, etc that is owed. If I pay and I win, I get title to the property, correct? - at least until the bank forecloses on the property (which could be 6 months, one year, 2, 3, 5 yrs, whatever). The home is valued at about $220,000, annual taxes are $6000.
Now.. while I have this title, I must continue to pay HOA fees due, BUT I can live in this home and/or rent it out, correct? Again, until bank forecloses.
Do i also have to pay the property taxes? Will my credit be affected once the bank forecloses? I don't think so because I am not the borrower, I just have the title and a lien on the property because of HOA dues.
Last question.. once the bank forecloses, is it true they reimburse or agree to purchase the title back from me?
Please clarify these thoughts or shed some light, opinions, etc.
Your input is greatly appreciated and oif anything I just want to learn more about the subject.