Buying Foreclosures in Florida Versus Other States

[Talen C Honeck]

Are there any good resources out there to familiarize yourself with the unique ways different states handle foreclosures and what to look out for in those states? Specifically, I would love to know the risks of buying foreclosures in Florida and how to avoid them.

I currently work for a very large real estate investor in Virginia who flips hundreds of houses a year and would love to replicate his model in Florida (to be closer to family). I am involved in the buying side on comping and repair plans but not as much on the legal aspect just yet. Although I am getting exposed to the risks of bidding on them in Virginia, I will have to learn a lot more about how Florida handles that. It puts me in an awkward position because I am not a newbie but my knowledge is deficient in an area I need to be an expert in if I want to put the rest of my experience to work.

Anyone out there who can help me and others like me close this knowledge gap?

[Wayne Brooks]

@Talen C Honeck Other than the normal lien position, past due property taxes, etc, Florida has a couple of things to look for...HOA debts, if any, stay with the property, when bought by a third party whether or not a lien has been filed and there is no time limit for the filing of the lien. And associations are not supposed to give out info on these the public. Occasionally you will have unrecorded code violations or water liens/debts that stay with the property.Also, there is no redemption period.