First Time Foreclosure Questions

[Will Houston]

Hey all, foreclosure newbie here.

I am hoping I can leverage what cash I have to get a property with a preexisting mortgage that I can take over to rent out and be cash flow positive. I see a property here on my county website up for auction well within my price range. The information provided about the case hints that there is an HOA that initiated the foreclosure. I have some questions

1. Can I use any old title company to lookup any existing liens? I live in Florida and here this is something you shouldn't do solo

2. How fast can I get an audit of all outstanding liens for a property?

3. Will an audit of existing liens give some insight into the mortgage that may exist on a property?

4. What happens if I outbid the plaintiffs max bid and someone else also outbids the plaintiffs max bid?

5. How common is it for a property to have multiple liens against it?

Any insight appreciated

- Will from Greater Tampa, FL

[Wayne Brooks]

Originally posted by @Will Houston:

Is it possible for one person to bid and win the HOA auction and someone else win the auction for the foreclosed mortgage? What happens in that case?

Yes, it happens often….the person who buys at the HOA auction loses the property to the subsequent mtg foreclosure auction, along with all of their money. I’ve seen it happen within a week.