Hi Liquid,

I work with a partner who will purchase properties in some cases on behalf of people who are fully approved for a loan. They do a title search before the purchase. Please send me an email or call, and let me know if you have a specific property in mind. Thanks.

Diane Loveridge
Majestic Properties
(786) 210-3449
dloveridge@majesticproperties.com

Liquid, thanks for the clarification.

YES. Auctions at the courthouse in Miami-Dade county have to paid in full by 3pm the day they take place. They do not take financing. I know several investors who purchase this way and flip the property. They research it carefully and will resell the house for a profit after they have closed on it.

As such, they don't really purchase "on your behalf." I really don't know anyone who does that. Because they are putting up the cash for the purchase, they expect to make a profit when they re-sell.

For instance, the last deal one of my investors did at the courthouse was in Broward county. He purchased a luxury home for $310K cash and was able to list it on the MLS for $420K and sell it within a week. It wasn't total profit. He has attorney fees, repair expenses, real estate commissions, and, of course, taxes on the profit but it's still a decent way for him to make a buck.

If you wish to discuss your options, please do not hesitate to get in touch with me.

I am looking through the clerk of court auctions. There is an upcoming auction that I would like to participate in.

I just want to be clear, from the responses above, if buying directly through the court, you have to settle in cash? What if I am already fully approved through a mortgage broker? ( I already have my DU approval etc...)

Are there companies out there that buy properties at auction on behalf of the bidder/buyer?

Thanks everyone the responses so far have been great!

Liquid, I could offer more advice but I would need more information. You see, there are different types of auctions. The auctions held by the Clerk of Courts in each county are the "original" auctions, where the foreclosure process ends and the property legally transfers title from the homeowner to either the bank (if no one buys it), or the highest bidder.

Then there are auctions held by licensed auctioneers, where the auction itself is not part of the foreclosure process, but, rather, another means of marketing the property for sale. Homes sold at these types of auctions can be homes that have already sold at the courthouse steps (method #1 above) and are now bank-owned. Or they can be homes offered for sale by their owners, who are looking for a different way to generate interest in the home.

I am thinking you may be referring to method #1 above, which has always been thought of as a way to get the best deals. While this may be true, it also comes with it's risks. These homes are sold subject to other liens on the property and you should consult an attorney well versed in these types of sales for advice. In addition, these types of sales, in Miami-Dade county have to be paid cash the same day they take place. The 2nd type of auctions I mention above usually allow financing.

If you're looking to buy at the courthouse, real estate agents hardly ever get involved, as there would be no compensation. Although competent agents know how these work and can offer some insight to their regular customers. If you're looking to buy at the 2nd type of auctions, look for a real estate agent that works the area you're looking to purchase in and they should be able to help you.

Best of luck in your search.

Hi Liquid,
As far as a realtor goes, we don't really have any control over auctions. We can at some specific aucttions register our buyer and go with them to the acution, and if there is an option to view the property before bidding we can accompany to give an opinion. The properties we have access to on our Mulitiple Listing Service area bank owned an pre-foreclosure properties. Auctions are accessed throught specific web-sites and are not generally attatched to any real estate company.


You may get a answer on here form a realtor that has dealt in auctions, but as I said most of us deal with the bank owned properties that we have much more control over in the offer ing process. We can have an actual contract with inspection periods for the buyer to opt out if they are not happy, an auction in most cases is more of a gamble.

Good Luck, and feel free to contact me if you are looking at propertties other that auctions.

Beth Jenkins
South Florida Brokers
786-374-4778