Florida law regarding foreclosure is very clear. If the property is foreclosed the new owner get possession 10 days after the auction at the courthouse. The Sherrif is authorized by the court to physically remove any occupamts. DO NOT Rent a preforeclosure in Florida

Wed Apr 9 2008, 21:41

If you decide to pursue this rental, you will need to monitor the foreclosue process on the property. You will need to know and keep close tabs on process so you are not surprised.

If you make a security deposit, take precautions for it's security.

If you do move into this property, take a minimalist approach..........you might be there a short time.

Wed Apr 9 2008, 19:56

I have to agree with Sandy Shores on this one. I wouldn't pursue the rental of that property. I would find a stable landlord and talk with a good realtor to help you research the property & handle the lease for you.

Wed Apr 9 2008, 19:47

Hi Bambi,

Anytime you rent please use a REALTOR property manager where his/her company has an escrow account to hold your security deposit. This applies regardless of the current state of the mortgage.

Florida law does not require brokers to place the security deposit in their own escrow and they may even place it with the owner however, if the brokerage has the money in the escrow account and you get forced to leave an honest brokerage will return your deposit or, better yet, help you find another rental and transfer the deposit to that new one.

Stay away from properties that have anything to do with foreclosure as a renter.

JD “Dan” Weisenburger, GRI
Broker-Associate REALTOR®
Vanguard Realty, Inc. GMAC Real Estate

Sat Mar 29 2008, 20:13

Yes, it's a great idea. And, I have a bridge to sell you.

Fri Mar 28 2008, 21:29

Not only do you get evicted there icould be a loss of deposit it would be wise to have the deposit put into escrow rather than being held by the landlord.

Fri Mar 28 2008, 20:59

Hi Bambi,

Unfortunately, we are hearing that this is happening all over the country. There was just an extensive article about it in our local newspaper here in Brevard County, Florida.

Unfortunately, if your landlord goes into foreclosure, even if you have been paying your rent on time, you will be forced to leave, regardless of if you have a written lease with the owner or not. Tenants are being forced out due to the foreclosure, without recourse, and without a formal eviction of the lease. Personally our office hears this same thing happening 2-3 times a week right now.

We have been notifying prospective tenants to do research before renting today, to avoid situations exactly like the one that you are describing.

Best of luck to you in finding another place to rent,

Sandy Shores, Realtor
M & M Real Estate, Inc
Residential & Investment
Brevard County
Florida's Space Coast

Fri Mar 28 2008, 20:47