Florida Sherriff Sale,,,,, My daughter wants to buy a home at a sherriff sale in Collier County Florida

Asked by Mkman, Collier County, FL Thu Dec 23, 2010

My daughter wants to buy a home at sherriff sale in Collier County Florida. The owner has two mortgages on the property. First mortgage is Wachovia and the second is with Wells Farge, both are now the same bank. Wells Fargo filed for the foreclosure. If my daughter bids $150,000 at the sherriff sale and wins the bid, who has to pays the bank for the difference between $150,000 and the $219,000 owed on the property? There are no other liens on the property. Will my daughter be given a clear deed to the property? My daughter is going to pay cash at the sale.

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7
John Bennett, Agent, Orlando, FL
Thu Dec 23, 2010
Mkman, We are Realtors, not lawyers. When our knowledge of the business directs us, we suggest you get a lawyer. We can not, should not, give opinions of law as you request.

As we have suggested, buying a home such as you suggest has a host of problems and Issues that need to be looked at by an Florida Real Estate Attorney. I have done as you now embark, and I had Attorney by my side. There is more to this than meets the eye.

John
0 votes
Mkman, Home Buyer, Collier County, FL
Thu Dec 23, 2010
How can a lien be placed on a property that has gone through the legal system and approved by the county court clerks office. If there is no liens on the property filed on or before the sherriff sale and the property is properly posted by the sherriff's office, how can a lien be placed after the sale? The court clerk will not accept anything after the fact. There is a statue of limitataions . If there are any after the fact liens, wouldn't they have to go after the person or persons who owe the money? You cannot hold a person or property for something that has nothing to do with or named on a judgement.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Dec 23, 2010
Yes, you can check with the county clerk regarding liens, however, be aware that not all liens may have been recorded--also check with the auction company to make sure the property has a free and clear title--do inform well, and do consult with an attorney who specializes in real estate beforehand.....also consider utilizing an agent and do review area comps--recently sold similar properties in the immediate area, so not to overpay....
0 votes
John Bennett, Agent, Orlando, FL
Thu Dec 23, 2010
You can not believe all the things that can go wrong. The list to way to long - she needs a
good Real estate Attorney.

A good one is Michael Heath, don't have his number handy but if you need it please call me


John
352-978-4539
0 votes
Nancy Doyle, Agent, Cape Coral, FL
Thu Dec 23, 2010
Hello,
I agree with Anna. You really should use an agent or an attorney. Liens and assessments may not be recorded yet and could be done so after the sale. It is very risky purchasing at the court house. You really should be experienced at it. Most of the time the bank will take the property back at auction rather than eating the loss. Your daughter may get just as good as a deal working with an agent looking at REO properties and short sales. I would at least consult an attorney. I would be happy to give you the name of a local one.

Have a wonderful day,
Nancy

Nancy Doyle
239-209-2237
nancy.doyle1@comcast.net
http://www.nancyd.listingbook.com
Web Reference:  http://www.nancydrealtor.net
0 votes
Mkman, Home Buyer, Collier County, FL
Thu Dec 23, 2010
There are no other liens on the property. None were filed with the court or county. You can go to county court clerk and pay $25 fee and the give all info on the property including permits, liens, taxes, owners, that is current as of that day. Nothing other than Wells Fargo on the property.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Dec 23, 2010
Your daughter should consider the help of any local agent and or consult with an attorney who specializes in real estate beforehand...as for the leins, keep in mind that not all leins may have been recorded, was a title search conducted...
0 votes
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