would like to purchase an investment property from here
No. The monetary portion of the foreclosure judgment is against the owner in foreclosure and not against the property itself, and the mortgage rights go away once the judgment is entered. Your foreclosure sale price will be the price you pay to get the property free and clear of that mortgage and any "subordinate" creditors (such as second and third mortgages, if this was a first mortgage). You will need to do your proper diligence to ensure that there are not other creditors out there who are NOT wiped out by the foreclosure, including the tax collector and homeowners association.
As a practical matter, however, a property at a foreclosure sale will not normally sell to a third party for (much) less than the judgment amount. The plaintiff (usually a bank) will instead take the property and attempt to sell it at a higher price on the open market (perhaps at another date when the market is more seller-friendly).
The information provided in this and other answers on Avvo are general in nature and limited to the facts as stated. The information provided in this and other answers on Avvo should not be construed as legal advice on which the reader relies without further consultation with an attorney. No attorney-client relationship is created on Avvo question & answer forums. This attorney is licensed and admitted to practice law in the State of Florida only.
2 found this helpful
4 lawyers agree
Criminal Defense Attorney
Before you even think about buying foreclosed homes, you need to secure counsel to assist you with any problems. There are far too many things that can go wrong, and you should have someone available, who knows the facts, for advice when needed, with the right words to say. There are many homes up for sale which will create nightmares.
R. Jason de Groot, Esq.,
1 lawyer agrees