Purchasing Property at Foreclosure Sales
Q: A home in our community has been foreclosed on by the association after the owner failed to pay assessments for a long period of time. The association wants to buy the foreclosed lot. Is there a rule regarding how much money an association is allowed to spend buying a foreclosed lot? There also are past-due real estate taxes on this lot. How much can an association spend paying the past-due real estate taxes owed on a lot if obtained in its own foreclosure action?
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