Senior Loan Officer | NMLS# 1001484
4101 W. Boyscout Blvd. Suite 600, Tampa, FL 33607
Direct 813-316-2172 | Fax 877-813-7519 | Toll Free 800-930-7334 Ext. 1477
Foreclosures in Florida can be purchased with ALL CASH and without a clear title via the online foreclosure website provided by the County Clerk. This is a high risk way to buy a foreclosure and you will need to do a lot of work before bidding. You will not have the opportunity to inspect and will have to pay a title company and/or an attorney to verify which liens will survive the foreclosure sale. Also you may have to factor in legal costs to evict an owner/tenant, too. Also you cannot tresspass on the property to try to get an idea of the condition. We have a Stand Your Ground gun law so it's pretty risky to enter a pre-foreclosure's property!
If you are not willing to take the risk and/or are not able to buy with ALL CASH then you will need to buy "retail" and line up with the other "retail" buyers.
You cannot buy a foreclosure directly from the bank. If you had a multimillion dollar investment you may be able to bid on a pool of properties with the lender but buying one property, not possible.
Once a house is foreclosed, the asset manager for the bank will list the property with a local Realtor and most properties will get multiple offers within hours of being listed. Typically you will be given 24 hours to submit your "highest and best" offer. There are a few innovative foreclosure auction websites that will provide full disclosure of the bids and have an online auction. Hubzu is one that offers a typical commission to a Realtor so Realtors will assist you with showing and doing research on the property before you bid. Your Realtor can also submit your bid. A few of the other auction websites will not offer a genuine commission to a Realtor so expect to "go it alone" or pay the Realtor from your own pocket.
Pre-foreclosure, Short Sales are another type of property and these will also attract multiple offers with many all cash from investors--unless it is older and doesn't fit the typical investor search criteria. On Short Sales you need to be aware that oftentimes there is an unrealistically low "list" price that has not been approved. Once the lender approves the short sale the "real" price will be known. Some short sale sellers will strip the house of appliances, light fixtures, even Air Conditioning units. Some Sellers also work with an attorney or negotiator that may require a large sum of money to be paid by a Buyer at closing - $2k is not uncommon, I've seen $5k and as high as $15k.
We work with Cash investors and some non-cash investors. You're welcome to search "like a Realtor" by signing up for a free Listingbook account:
All the best,
Alma Rose Kee, PA
Future Home Realty
Are you looking to buy a foreclosure home? If so, you should consult a real estate agent. If you tell them exactly what you are looking for in a foreclosure home they will then send you a list. I believe this will be your best and most accurate source of the homes you are looking for.
Best of luck to you.