Shopper, Home Buyer in Fort Lauderdale, FL

Properties that are listed as Foreclosure (Auction) or (Bank Owned)

Asked by Shopper, Fort Lauderdale, FL Tue Jan 11, 2011

New at r.e., so I want to be sure of an issue. When property is listed at a low price, say 5,100 and it says Foreclosure (Auction) or (Bank Owned) what does that mean? How do you determine the real price, does that mean there might be all kinds of taxes, etc. owed on the property, who do you contact? If it is an Auction property, how do you bid? Thank you.

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Alma Kee, Agent, Tampa, FL
Wed Jan 12, 2011
Properties that are actually for sale can be found here, other listings are probably just notices of foreclosure filings:
0 votes
Tom Priester, Agent, Tequesta, FL
Wed Jan 12, 2011

Foreclosure is simply the process that transpires when a property owner no longer wishes to, or is not able to, meet their financial obligations on the property. The initial start of the process is when a public notice of default is filed which can be when a owner is late on their payments by 90 days or more. This in known as pre-foreclosure and when you see a short sale listing this is where they are in the process. The end of the process is the foreclosure sale, or auction, which is handled on the county level. While anyone is able to participate in these auctions, more often that not, the bank is there to protect their interest and leaves with the ownership to the property. At the foreclosure sale all junior liens are wiped out so it is imperative you know who is foreclosing and where they stand in the line of creditors. The entire process can be very lengthy and confusing. Further, if you are bidding at these auctions you must have 100% of the purchase price in cash. It is very, very important that you do your homework on auctions or you have a very good chance of making a losing bet.

You are not going to find a home in Florida for $5,100 but you can find plenty of condominiums if you add another couple grand but you truly are getting what you are paying for in most cases. What you are probably seeing online notice of a foreclosure notice or the bid price of a lender protecting their asset at a foreclosure auction. Unfortunately, there is a lot of mis-information out there on the internet.

This is a tremendous time to be buying in Florida depending on the type of property you are interested in. If you have any interest in Palm Beach or Martin Counties I would be very happy to speak with you in greater details about your goals and see what I can do to be of further assistance, so please feel free to contact me at your convenience. I also have some great colleagues in Lauderdale so if you would like a referral just let met know.

Always at Your Service,

Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
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0 votes
Magda Robles, Agent, Weston, FL
Tue Jan 11, 2011
Dear New Shopper. Thank you for contacting the agents at Trulia. First of all, once you finish reading my email start getting ready to contact a professional agent in the neigborhood you are interested in, but even before that if you are NOT buying cash contact a Mortgage Broker or Lender/Bank and ask for a qualification.
** REO properties listed in the MLS will have the asking price in the MLS.
** Auctions, Clerk of Courts, may or may not have the asking price. The low price at Auction could be the starting bid. For other sites such as Realty Trac the amount that shows is NOT the selling price. It is the amount owed on the property not necessarily the amount the property will sell at auction or foreclosure.
Other sites such as HUD or VA. Both cases could apply. Therefore, please save yourself some headache and Consult a Realtor, it pays!
If you are buying from an REO property will have the taxes uptodate or will be paid by Lender/seller --If you are buying on "auction" there are many rules different charges and very different approaches - and you mUST have a Title Search and a deposit prior to BID on the property. Value of the property can be prepared by the Realtor
0 votes
Eli Givoni-S…, , Boca Raton, FL
Tue Jan 11, 2011
Where are you seeing these properties for sale? Are you looking at court lists or the mls somewhere?

Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states
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