Interested Buyers have asked me what the procedures are for buying Foreclosed Properties directly from the Court also known as buying properties “on the Courthouse Steps,” a process that hardcore Real Estate Investors are already VERY familiar with. Earlier this year, the Broward County Clerk of Courts Office finally went online with their Foreclosure Auction process, so Foreclosure Sales will now be conducted online.
Their website offers the following definition of “Foreclosure Sale”:
“Foreclosure sales are sales of properties ordered sold pursuant to final judgments in foreclosure actions. The properties are offered for sale to the highest bidder in order to satisfy the judgment. The Clerk’s Office conducts the sale or public auction in accordance with Florida Statutes.”
These types of purchases are not for the faint of heart or those unfamiliar with the process of property research and the following precautionary advice is offered on the Website:
“While foreclosure judgments foreclose the interests of inferior mortgagees, lien holders and any other persons or entities named as parties to the action, served with process and whose interests are legally foreclosed by the court, title issued by the clerk after a judicial sale is not warranted to be free of any potential claims. BUYERS BEWARE! All properties are sold “AS IS”. Bidders are responsible for conducting their own research as to the property being sold, its location or condition, the condition of any structures or fixtures thereon, its marketability, potential uses, zoning, or whether any other potential liens or other defects in title that may exist. The Clerk’s Office is not authorized to give legal advice. If you require legal advice, you should obtain it from an attorney or some other source. The Clerk’s office makes no representation about the condition, marketability, existing or potential uses, title, or encumbrances or existence of any condition, zoning regulation or law that may affect current or future uses of the property, regarding any property and structures or fixtures thereon offered for sale by the Clerk.”
Regarding the warning above, my advice is that it would be best to hire an Attorney or a Title Company to assist you with establishing clear Title of property Ownership and determining the existence of Liens, etc. You should also be aware that it’s not uncommon for these properties to be purchased “sight unseen”/without physically viewing the interior of the properties.
Available property listings can be viewed after you complete Registration on the site and search options include searching by Zip Code, City, Address, Assessed value, and other criteria. The site includes information about the Bidding process, scheduled Auction dates, and more. Note: all property purchases are Cash purchases. Click here for their website.
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