County’s RealForeclose Website

[Eric Hicks]

I have recently bought a property through RealForeclose.com in the county where I live. I’m bidding on additional properties as well. But, I’m new at this and have already learned so much. Although, I am trying to buy foreclosed properties, I’m open to buying conventional for sale properties, too. It’s just that we are only starting out with our real estate investment adventure, and I need some less expensive scores to get me going.

I've learned that the most important thing to do when looking at a foreclosure is a title search. This one will destroy you in an instant. The condo that we bought has at least three different HOA liens. I am working with them on paying it off. But this was still a good deal for me, cause I bought this resort property for $200.

Next thing is, even though you’re not allowed inside the house or unit, you need to at least ride by it, stop out front, and examine it. I look for the biggies like sagging roof, missing shingles or tiles, rotted siding, etc... if the place looks decent, then my tail is wagging.

Also, I bid on auctions that the plaintiffs max bid is hidden. Chances are, they haven’t set one. That’s how I got my condo. No one could believe it in my inner circle, but stranger things do happen.

The last thing I do is I go to all the county’s branches of government like the tax collector, the appraiser, clerk of court, etc...and I research the property myself in addition to paying for a title search. I find out how much the property sold for last, who bought it, the tax rate on the property, the appraised value of the property, etc...

I don’t have to have all the planets in line, and the blessings of a priest to bid, but I do like to get that warm fuzzy feeling about the place.

Since I’m new at this and only got this far with it, I know there are other things to consider. I am forever asking questions. And if you have advice, I’d love to read it. Also advice on scoring normal “for sale” deals too. Thank you!!

[Wayne Brooks]

@Bob B. Realforeclose is just a bidding platform FL counties use to auction their foreclosures.

@Eric Hicks Best of luck, but I suspect you have bigger problems. You said “resort property”.....is this a straight up condo, condotel or timeshare?

Also, if it was one of the hoa’s foreclosing, or any other lien holder other than the 1st mtg, there is likely a large mortgage on the property that stays with the property.....likely why no one else bid.

I’ve seen it happen many times here.