Luis Hernand…, Home Buyer in South Miami, FL

I'm renting an apartment and the apartment goes on for sale on the 28th of March. because of forclosure. Can?

Asked by Luis Hernandez, South Miami, FL Tue Mar 4, 2008

If I purchase the apartment and if so, how much time do I have if I don't win the auction. I live in Miami Dade County.

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4
Luis:
I suspect you might be out of luck. The auction price of the home is most likely going to be the judgement for the mortgage value plus costs of the home. In Miami, most foreclosures are being sold back to the lender at auction, then being listed for re-sale some months later through a local Realtor. You should be able to find out the mortgage value in public records. If you do not win the auction, Florida law gives you 14 days to move out after notification from the lender. Most of the time, this does not happen right away, so you may have more time than that, but I would start looking for an alternate place to live now.
Web Reference: http://www.MyriamsHomes.com
0 votes Thank Flag Link Thu Mar 6, 2008
I would see if you could possibly purchase it as a short sale prior to the auction.
0 votes Thank Flag Link Wed Mar 5, 2008
Luis,
I would highly suggest that you speak to the owner/landlord and try working out a deal regarding price with them before attempting to purchase at the auction. Find out how much they owe and then how much the condo is realistically worth. Make them an offer, but you must be ready to act quickly. If you do agree on a number the owner can speak to the bank and possibly have the auction date canceled.

I do not recommend that you wait for the auction date. Keep in mind that there are many investors who attend these auctions thus there is a high probability someone else outbids you.

Good luck!
0 votes Thank Flag Link Tue Mar 4, 2008
If the apartment is being sold at an auction, you need to consult the auctioneers rules and timelines. I can assist you with attending the auction and brief you on what you need to do, if you like. Feel free to call me at 786-205-1133.
0 votes Thank Flag Link Tue Mar 4, 2008
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