HOA foreclosure auction
Hello BP,
I'm new to RE Investing and ready to hit my very first deal at the HOA auction, but I have not been able to find a clear answer for the post process after acquired the property deed thru HOA auctions. I know HOA in Texas is not a super lien so whoever wins the bid will be more than likely subjected to senior liens which possibly be either IRS or Mortgage lien. So, let's say you won the bid and you got the deed. But while waiting for 180 days redemption period, if the Bank forecloses that property, your lien would be automatically wiped out and you would lose your investment because in that case you are minor lien.
So my question is that how we could prevent it from happening. What should we (as successful bidders) do after acquired the property, could we call the Bank and let them know that we got the deed? Has anyone done it before or is familiar with this type investments?
Thanks in advanced.