All Forum Posts by: John DiGiorgio

Yes, we did take a hit on the HOA already. So the banks have no obligation to pay property taxes after they have foreclosed and take possession of the property? One more question: Is there any opportunity to negotiate with the county Tax Collector to at least remove the penalty fees? Or are they hardliners on this since they can ultimately tax foreclose it? Thanks again!

I bought a condo in mid-2015 at a Court Foreclosure Sale. I now realize that the bank did not pay the last two years of ad valorem taxes, for 2014 and 2015. The 2013 tax bill has the previous condo owners name, while the 2014 has my name on it. Am I responsible for paying this delinquent tax in a Judicial Foreclosure state/county? Or is the foreclosing bank? Thanks for your help!

I bid on the same property during two different auctions, about a month apart, on homesearch.com. They started each auction at 52K which was over 50k lower than they listed through a real estate agency. We lost the first "auction" after the highest bid was one bid higher than us. They force bidder by increments of $1500. There was no reserve, so we assumed the highest bidder got it. We were told by our real estate agent (have to have an agent to register and bid) that he was told (by the agent associated with the bank-auction) that it did not meet the bank's reserve. What reserve? When he asked here what was the reserve - he told "just bid higher." Oh...okay!

During the 2nd auction we ended up being the highest bidders, even though still just below the 1st auction highest bid amount - and got the property! Homesearch does not list the bidders, like Hubzu. I have to assume that we were the only real bidders and that the auctioneer was the other bidder(s). I have never heard of an auction, when the auctioneer bidders against the bidders. I have never encountered an auction when the bidder (in this case the auctioneer) is not bound by his bid. So okay...auctioneer bids...bids are not binding...oh...okay! That is not an auction. It is intended as every attempt to deceived the buyer. 

The rest of the story is that homesearch has 14 days for the bank to decide if they want tos ell at the high bid. So another new auction trait...being the highest bidder in a no reserve auction by now winning? On the 14th day we get an urgent email saying we have one day to respond (to a pre-contract) or lose our $2500. Then we get another urgent email with the contract telling us we have 1 day to send proof of funds or we lose our deposit...same thing with the completed contract, told we have 2 days to send escrow deposit of lose our credit card deposit. Bullies. 

I believe that this sort of "auction" practice leads to wary investors who approach the service with a high degree of suspicion and trepidation - which may become counterproductive to getting a highest bid.