Could use some insight on another issue. The house right across the street from the one I am attempting to buy shows as owned by the Homeowners Association, and on realtytrac it shows that the opening bid is $2100. Has anyone had experience purchasing a home like this and if yes how did you go about it? I can’t imagine that this house would be sold for $2100 as the list price of my house was 179,000 and this one is about 100 sq ft bigger. The house is only about 3yrs old and appears to be in good condition from what I can see from the outside of the house.
I’ve wondered about the HOA foreclosure notices as well. I have always ignored them, because I thought they were always resolved before it made it very far. I would imagine that the liens all remain in place as well.
Can you imagine losing your equity because of HOA dues!
Yeah… realtytrac is a little sketchy. Look up your county’s property appraiser website to find out who the real owner is. Just google “[your county] property appraiser” and see what you find. Some property appraisers have sites where you can do free searches. Others, you have to pay. At the very worst, you can go down to the courthouse and look it up yourself for free (it’s public info) unless your in a state that doesn’t do that (some don’t). Once you find the owner, contact them and see if they’re interested in selling. It’s possible the HOA owns it, as they could have foreclosed, but they would’ve had to pay off any senior liens to do so. Hope that helps…
Roger has it right. This is a junior lien that is foreclosing. The more senior liens would stay in place so you need to know what you are doing and do your research on the mortgages.
You do not get the property for $2100 unless there is no mortgage at all.