Jacksonville, FL · Member since 2016 · 7 posts · 0 votes
I just purchased a property through a courthouse steps auction (online though, not actually at the courthouse steps). I was wondering if anyone has any relevant tips or advice as I move through this process. Why should I expect? Is there anything in particular I need to be aware of? I have bid before, but never won. I did a lien search before bidding and the only outstanding lien I found was for the one that is reason for the foreclosure, which will be satisfied by my purchase.
I was told that there is a 10-day window where the defendant (or others) could make a claim against the sale before the deed transfer can take place. Is this usually just a formality? I am just wondering what to expect through this process.
@Rob Rose@Ron S. There is no redemption period in FL, although many think of it as a 10 day redemption period. Redemption ends when the auction closes. The 10 day (10 business days, but usually it's 3 weeks before the CT gets created/recorded) period is for appeal, and an action alleging an improper foreclosure proceeding. I've never seen one by a defendant. Things to look out for.....unpaid back property taxes/outstanding tax certificates, unrecorded code violations (an internal city/county unrecorded lien search)and unrecorded hoa debts. Yes get insurance now.....many say wait til you get the CT....but what if it burns down in the mean time....you've already paid the full purchase price. Get a real title search (do you know how to find liens where the owner name was misspelled, or just initials/middle names were used?) and I generally buy title insurance as soon as the CT is issued.
I just purchased a property through a courthouse steps auction (online though, not actually at the courthouse steps). I was wondering if anyone has any relevant tips or advice as I move through this process. Why should I expect? Is there anything in particular I need to be aware of? I have bid before, but never won. I did a lien search before bidding and the only outstanding lien I found was for the one that is reason for the foreclosure, which will be satisfied by my purchase.
I was told that there is a 10-day window where the defendant (or others) could make a claim against the sale before the deed transfer can take place. Is this usually just a formality? I am just wondering what to expect through this process.
The redemption period is usually a formality in the sense that if they didn't have the funds to bring it current, they usually don't have the funds to pay it off after the sale so again, more than likely just a formality. Regarding the rest of the question, if occupied, follow your local rules for eviction. Get some insurance quick? Make sure your utilities are on, taxes are paid and the barbeque is ready before you put the meat on. Other than that go enjoy your new home?
Thanks for the feedback! That is what I suspected about it being a formality. I feel really nervous because this is uncharted territory for me. Good suggestion about the insurance piece! I appreciate your help.
@Rob Rose@Ron S. There is no redemption period in FL, although many think of it as a 10 day redemption period. Redemption ends when the auction closes. The 10 day (10 business days, but usually it's 3 weeks before the CT gets created/recorded) period is for appeal, and an action alleging an improper foreclosure proceeding. I've never seen one by a defendant. Things to look out for.....unpaid back property taxes/outstanding tax certificates, unrecorded code violations (an internal city/county unrecorded lien search)and unrecorded hoa debts. Yes get insurance now.....many say wait til you get the CT....but what if it burns down in the mean time....you've already paid the full purchase price. Get a real title search (do you know how to find liens where the owner name was misspelled, or just initials/middle names were used?) and I generally buy title insurance as soon as the CT is issued.
@Wayne Brooks When you say, "real title search," is that something more specific than paying a general title search company? I don't know how to find liens occurring with some clerical error, but I would be interested in knowing what the tricks are. And when is the soonest you can buy title insurance? Only when the CT is issued?
@Rob Rose No, I meant paying for one, as opposed to us doing it ourselves. Misspelled/variations of names are tough....there is a way to search by the legal description, but it's a little trickier. Yes, you're not the owner of record until the CT is recorded.
@Rob Rose@Ron S. There is no redemption period in FL, although many think of it as a 10 day redemption period. Redemption ends when the auction closes. The 10 day (10 business days, but usually it's 3 weeks before the CT gets created/recorded) period is for appeal, and an action alleging an improper foreclosure proceeding. I've never seen one by a defendant. Things to look out for.....unpaid back property taxes/outstanding tax certificates, unrecorded code violations (an internal city/county unrecorded lien search)and unrecorded hoa debts. Yes get insurance now.....many say wait til you get the CT....but what if it burns down in the mean time....you've already paid the full purchase price. Get a real title search (do you know how to find liens where the owner name was misspelled, or just initials/middle names were used?) and I generally buy title insurance as soon as the CT is issued.
Always splitting my hairs Brooks! Redemption/Appeal! Ok ok...what I MEANT to say is you can't ratify the sale for 10 days.