Chedwardall, Home Buyer in Altamonte Springs, FL

Thinking of bidding on a foreclosure at auction - have a couple of questions

Asked by Chedwardall, Altamonte Springs, FL Tue Nov 3, 2009

I live in Long Island NY and looking to move to Florida. I made an offer on a house that was rejected and i find out that now the house is going into foreclosure. I had the title run at the time and the only items outstanding were the property taxes and HOA fees.
I am thinking of bidding on this property at the auction coming up. I am told I will be able to inspect it prior to bidding. My question is,

do i need a buyers agent to do this, or can I just show up myself and handle the process?
Also if I do need to use a buyers agent, what should I expect to pay him/her in commission?
What other court fees or any fees should I expect to be associated with this transaction?
How does title insurance work when buying a foreclosure?


Help the community by answering this question:



The quick answer is no you do-not need a buyers agent. You can do it all yourself. All you need to do is go to the auction website it is that easy.
You can come on down and inspect the property yourself. ( Good idea).
I am curious though why your offer was not accepted. Maybe you can shed a little light on that. What was the listed price.
Hope this helps.
Realtor Rick.
0 votes Thank Flag Link Mon Dec 21, 2009
Hi Ched
You had the title run? Did you incur that expense yourself or do you have an "in?" Either way, I love a buyer who is educated! Regarding your question-if you have the time, desire, and money to truck it all the way to Florida for a walk through/inspection prior to even being under contract, then go for it.

But! Let's talk logistics here. Bidding at an auction is really a hit or miss thing. So, you could spend all that travel time and worry coming to one auction and not even be in the top percentage of bid price on the home or you could entrust the help of an experienced Realtor to do that leg work for you. If the home is truly in an auction, then the terms of the commission as well as the financing are set within the contract that the auction company has you sign prior to bidding. Also, in Florida, it is standard for the SELLER to pay for title insurance, however, it all depends on the contract that the auction company has. I could give more info if I had what auction company has it listed or property address it is.

If it's not yet at an auction but just taken back from the bank, as a Realtor, I have access to records that are at my fingertips (where the consumer just has tools like RealtyTrac that ask you to buy something before they give you any real info) and I have, on many occassions, found homes just bought back by the bank and take my buyers, prior to re-listing or auction, through the property with the rep from the bank so that we'd be the first in line to have a chance at a deal. There's so much time involved when assisting my buyers these days anyways, why not use some innovation to be a step ahead? Happy buyers mean clients for life. ;)

Either way, if you're looking to rake in the money on some of these amazing bank owned/auction homes here in Central Florida, then it helps to have an agent who knows how to get that done for you-effectively and efficiently. One great advantage I have is the relationships I have maintained throughout my years with the agents who are regularly listing REO properties. It's a mixture of market savvy and bulldog negotiation topped with a little thing I call Southern Charm that gets my clients the deals before our competition. Who you know, what you know, and how hard you're willing to work for it-these are the qualities you should look for in your Realtor. Again, commission is generally paid by the listing agent to the buyer's agent via a split that they negotiated prior to even listing the home, so since you're lucky enough to be on the buying side in today's market, why not have the Bulldog getting it done right for you. ;)

Good luck and if we can be of further assistance please check us out online or give me a call 407-702-7302.

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0 votes Thank Flag Link Sun Nov 15, 2009
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