Buying REO after forclouser
I paid condo association fees lien foreclose about $8K lien and I won the biding, ONE week later the bank foreclosed on it, I think I lost my money since I was not aware of the mortgage foreclosing on the condo. the mortgage was about 140K and starting bid was 170k, no one bid on it including me and the property went back to the bank, 6 months redemption period will end in mid march 2023, What I should do , now I was thinking of getting loan and pay off the condo, my lawyer told me I have only one week to come up with the money and pay the bank. other wise the bank will take over and I lose the chance to make any profit, it does not sounds right to me. since no way I will close on condo in one week. and from my understanding the bank know there is about 50k equity in the condo, any one can advice me what I should do time is ticking and most likely I will lose my $8K. the owner of the condo is not going to redeem it since he took other loan of 60K on the condo.
any advice is really appreciated
Kevin