The foreclosure process is initiated by the lender filing notice of Lis Pendens on title with the clerk of the circuit court. The court then issue a summons to all interested parties. This could include the owner, lender(s), association, etc. The property owner or borrower has 20 days to respond. If the borrow chooses not to fight the foreclosure then a default is issued.
If a borrower does file a response to the default notice then the court sets motions and associated dates for the process to continue. If the borrow files for bankruptcy in the middle of the foreclosure process, things will be delayed further.
In 2009 Fort Myers has 24,000 notices of default. The court set up a system to hear 1000 cases per day to move the system along. This system was dubbed the Rocket Docket. Assuming the borrower loses at the foreclosure hearing, then the court issues a judgment. The judgment is forwarded to the clerk of the circuit court who sets a date and time for the sale of the property within 35 days. The clerk continues to notice the sale once a week between two and six weeks.
The sale proceeds unless the borrower redeems the property. When a homeowner defaults on a loan, usually the creditor will attempt to re-take the property that served as collateral for the loan. The right of redemption is when there is a statutory period in which the debtor can satisfy its debt and avoid losing the collateral. Florida law provides a right of redemption in which a foreclosed homeowner can redeem the property and avoid losing the home.
If you go to an auction at the court house you might find yourself bidding against the lender trying to redeem the property as collateral. The clerk of circuit court has a calendar of properties to be auctioned. Some counties such as Sarasota and Manatee have online bidding for these properties.
The websites like Realty Trac and Foreclosures.com show distressed properties but this information is not in real time. Only the information carried by government agencies is in real time.
Alma Kee gave you some good information as well.
Our website allows you to sign up for your free Listingbook account which allows you to search the MLS like an agent. The MLS contains traditional and distressed properties, including bank owned and short sales. Residential, Income and Commercial.
A good buyers' agent is your answer...FEEL FREE TO CONTACT ME BY EMAIL..
PHYLLIS CROSBY, REALTOR/GRI
REMAX REALTEC GROUP
TAMPA BAY FLORIDA
You can contact a local agent to get the information you want. They have the ability to search their MLS System specifically for your what you are looking for. When they find them they can send them to you via email. Here are some other links where you can also search:
All the best
With a foreclosure, the property is first offered "at auction" at the courthouse (on online in Pinellas) and you MUST pay ALL CASH and you will not get a clear title and not be able to cancel if your inspection reveals serious defects. Also you may have to pay legal expenses to evict the owner/tenant.
If you do not have ALL CASH then you must line up with all of the other bargain hunters and work with a Realtor. Once the property is listed on the Realtor MLS system then it's possible the bank's asset manager will accept an offer the first day it is listed so you need to be QUICK to see the property and have your agent submit your offer that first day.
Some listings are restricted to owner-occupany buyers for the first 10 days to 2 weeks, so you will not have to compete with the many, many investors competing to get those bank owned properties. On HUD owned foreclosures it is done as a blind auction and you will also need a HUD approved Realtor to show you the property and submit your offer. As long as your looking for something $75k or higher, I (or one of my team members) can offer to help you with REOs and HUD and regular sales.
You cannot buy a bank owned property directly from the lender--unless you are able to buy mutliple properties for millions of dollars. The banks will list it on the Realtor MLS system to attract the highest offer in the least amount of time.
Also there are tax deed sales and are conducted as auctions by the county clerk. Those also require you pay 100% of your bid amount within 24 hours.
Hope this helps.
All the best,
PS Even with ALL CASH at the courthouse you cannot buy a property for half price so don't let some of the "foreclosure listings" fool you into thinking this is possible. They merely sell public data for a fee and want to get your credit card!
Alma Rose Kee, PA
Future Home Realty
You can find bank owned properties at the local county recorders office, through a real estate agent, on Truilia.com, Foreclosure.com, Zillow.com, and on the Bank's website.
To increase your chances of getting a bank owned property you should contact and work with a real estate agent, because when a bank can not sell the home through an auction or at the county court steps they list the home with a real estate agent.
Let me know if I can help you with your search. You can reach me at 813-994-7397, or visit me at http://www.viewlistedhomes.listingbook.com.
Charles Rutenberg Realty, Inc.