All Forum Posts by: Lucky B.

ask them if they want an eviction record on their record. eviction will harm their chances for leasing another place, or evening obtaining credit. this stuff shows up on your credit report these days under public documents. 

sight unseen. you don't have a right to step foot on the property period because the owner still resides there or someone legally is there. you have to have cash on hand and make sure you have a deposit with the court before you bid. you can lose all your money if you think this is easy work. you need to know if other banks have mortgages on the property, liens , open permits etc . talk to some pros on here.  learn to do your own title searches, its not hard, just become 1000 thousand percent knowledge about title searching tips and tricks. 

Does anyone have experience with the courthouse foreclosure process. I am bidding on a property that is being foreclosed upon by the first lien holder, however the final judgement amount is 120k more than the assessed value ,and i like the property . i have a certain number in mind that i want to pay and it is obviously way lower, because i need to make a profit. 

My concern is,  if i win the bid, and it is lower than the final judgement amount, is there going to be any repercussion or risks ? no other lienholders or hoa problem. 

I received a certificate of title from the courthouse after i paid $320k to win the bid. There was only one bank that owned the property, so there was no second mortgage, irs lien, contractor lien or hoa lien etc, as far as lien goes. I think i am in the green because the foreclosure documents from the court clearly stated the named defendants and their hiers, estate, successor are forever foreclosed upon.

It also states i have to right to get a writ of possession shall they not leave without further order of the court. If i want a write of possession , i just have to ask to clerk of the court for it , in order to get them out if needs be. The house is in good condition. Did i make a mistake by getting a certificate of title. Is there anything i missed or need to be on the lookout for now. The clerk of the court will distribute the money to pay off court costs, doc stamps, attorney fees and then pay off the primary plaintiff judgement amount. So if the plaintiff will be paid off what is in their final judgement amount ,then i assume i can ask the plaintiff to file a mortgage satisfaction ??? is this right ? will they file a mortgage satisfaction ? please help, i am kinda worried about the 320k i invested.

Vic, good idea especially the cost of title insurance. will i get title insurance on a COT  ?

according to the final judgement of forclosure a writ of possession will be issues anything i want without the necessity of a court order.  the exact wording is " the clerk shall without further order of the court issue a write of possession to the person whos name is on the COT" now i need to know if chapter 718 and 720 can come into play ? what do you think ?

i did a search and don't see any recorded HOA liens , so i don't that is a heavy headache i need to worry about post auction.

now, you said other costs charged on top of the foreclosure ? what are these costs you refer about ?

also, if you win the online court foreclosure auction, i assume the clerk of the court will payoff the first mortgage company who initiated the foreclosure action and pay them off and end of story right ?

Guys, how many of you buy directly from the Courthouse, these days it is online, not on the steps . lol

Nobody can find good deals on Hubzi, Hudson, Xome etc.  So i think when a foreclosure is happening i just have to put myself first in the line and bid against the bank for their own property via the court house process. I am thinking i will have less competition because no a lot of people has knowledge and courage to do so. They are afraid of liens and clouds to the title etc, but most importantly marketable title .

I want to know if you have bought through the court house in FL, and when you obtained a Certificate of Title as being the high winner, were you able to sell it with a General warranty or Special warranty title ?

What websites did you find useful in conducting your own title search ? Do second mortgages and HOA lien survive ?

I have done my own title search with it comes to buying bank reo, there is not much risk, but i need to learn the ropes like the wholesalers because that is their secret and they have the big pockets.

thanks in advance

Well the business is now closed. For future readers in Florida the loophole is to let it expire on sunbiz administratively and when done just pay a $110 reinstatement fee instead of the $400 late fee. You can still conduct business but not open new account with a bank for example .