HOA Auctions

[Beachboy]

I understand that HOA auctions are subject to any other existing liens on the property, but what is the right of redemption for the owners?

Thanks!

[George Roddy, Jr.]

BB,

The owner of property in a residential subdivision may redeem the property from any purchaser at a sale foreclosing a property owners' association's assessment lien not later than the 180th day after the date the association mails written notice of the sale to the owner.

Condos have ZERO redemption period.

[Beachboy]

Thanks for the response. I assume that if an owner redeems their property that was sold at an HOA auction within the 180 days, that the auction purchaser would get a decent interest rate on their investment? Is it similar to the tax deed auctions at 25%?

[George Roddy, Jr.]

BB,

They have a 180 redemption period from the date the affidavit of HOA sale is recorded at the county clerks records. The affidavit is a required document after a HOA lien is foreclosed upon.

George