A Foreclosure sale is not much different than a regular real estate sale from a private individual. The only difference is that the bank is selling the property to the Buyer, instead of the previous private owner of the property prior to repossession by the bank. The difference is usually in the paperwork for the contract. Foreclosures usually have more disclosures for the Buyer to sign. Also, Banks selling foreclosed property generally make fewer repairs and sell the property “As Is”. Some banks will make concessions for repairs in the price rather than fixing the items. Many Buyers think foreclosures mean that the property is in bad condition. This is not usually the case. Most Owners leave them in okay condition. Occasionally, an Owner will take out everything of value before being evicted, like the refrigerator, light fixtures and even granite, leaving damage in the wake.
In the case of a condo foreclosure, any past due HOA fees from the past owner prior to the foreclosure are written off by the HOA and can not be recovered. The bank is responsible for the HOA dues once they foreclose, not for the time prior to that. As a Buyer of a foreclosure, you will take over HOA dues from the date of closing forward, as well as property taxes.