Information On Foreclosure Auctions In Florida

How will I know if the property I want to buy will be auctioned off online or in person?

You’ll notice that properties sold online have a “Bid at County Site” button on the property page. If you do not see that button, the property will be sold at an in-person auction, which you must attend. Please check the county website for the auction date, time, and location.

How will I know if the property I want to buy will be auctioned off online or in person?

You’ll notice that properties sold online have a “Bid at County Site” button on the property page. If you do not see that button, the property will be sold at an in-person auction, which you must attend. Please check the county website for the auction date, time, and location.

Where can I find the opening bid and debt estimate?

When available, both amounts will be listed on the property page, next to the photos and address. You might want to click on the “What are these terms?” link for a definition of “opening bid” and “estimated debt.”

What exactly is a credit bid or plaintiff maximum bid?

The credit bid, also known as the plaintiff max bid, is typically the lowest amount a lender will accept for a property at a foreclosure auction. Lenders determine this amount because it represents the amount of debt a borrower owes on a property.

This amount is known as the plaintiff max bid on Florida county websites because the lender is the plaintiff, or the party who initiates the lawsuit against the borrower to be reimbursed for its losses. 

How can buyers take advantage of the credit bid or plaintiff max bid?

Buyers can use the credit bid or plaintiff max bid to make a more informed decision about which properties to bid on ahead of time.

They can devise a strategy in which they only bid on properties that meet their requirements. In turn, they can save time and money by avoiding unnecessary trips to the courthouse or auction venue.

It’s worth noting that having the credit bid revealed on multiple properties ahead of time is almost unheard of. Buyers should seize this opportunity while it is still available.

Where can I locate the credit bid or the plaintiff’s maximum bid?

The plaintiff’s maximum bid can be found in the property card where you place your bid on a Florida website.

What should I do if I win the auction?

The following step is to pay the balance of the bid. The majority of counties require payment within 24 hours. For information on when and how to pay for the property, visit the county website. Following payment, you should receive a Certificate of Sale. If the title is free of encumbrances, the county should issue a Certificate of Title. Please contact the county for more information.

What if I do not make the final payment or decide not to purchase the property?

If you do not pay the balance of your final bid within the time frame specified, you will most likely forfeit your deposit and the sale will be canceled. Other fees and charges may also apply. This could set you back thousands of dollars. Before you start bidding on a property, make sure you really want to buy it.

Is the foreclosure sale the end of all liens on the property?

No, it does not. Any encumbrances on the property, such as unpaid taxes, HOA fees, or second mortgages, are your responsibility. It is recommended that you purchase title insurance as part of your due diligence so that you can see if the property has any liens against it before bidding on it. You should also speak with a real estate attorney.

Please share

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Watch Videos
Play Video
Play Video
You might also enjoy
Subscribe to newsletter

Your information is safe with us, we hate spam, phishing, and malware as much as you. We will not share your information.