If you’re thinking about buying a foreclosure property in Florida, we’ve got some good news. Foreclosures are like hidden gems. Not many people understand the nuances of purchasing them, but once you do, it’s like hitting the jackpot.
This is especially true in Florida, where the state’s economy has topped $1 trillion and more than 180,200 jobs have been created so far this year.1 These facts make Florida an excellent investment market and when it comes to investing in real estate, foreclosures offer some of the best deals.
So how do you buy a foreclosure? Foreclosures in Florida can be purchased in two ways: either during an online auction or in-person at the county courthouse, depending on the county.
Either way, you can begin your search here. We have hundreds of Florida foreclosures on Auction.com. Our properties have photos, title and property information (when available), along with financial data to help with your due diligence. Once you find a property, save it, so we can send you more information about the property as we get it.
Bidding via an online auction
Many Florida foreclosures on Auction.com are sold via online auctions run by the counties where the property is located. When you find a property that interests you, look under the Event Details section of the property page. Then click on the blue button that says “Bid at County Site.” Once you’re on the county site, follow these steps:
- Agree to all of the disclosures
- Register for the auction
- Finish your research
- Place your deposit
- Bid on the property
- If you have questions, please refer to the contact information on the county website.
Bidding at an in-person auction
If the property you selected will be sold at a live auction, you can find the time, date and place under the Event Details section of the property page. You can get more information by visiting our Florida Foreclosure page or by contacting the county clerk’s office where the auction will be conducted. You can also call Auction.com at (800) 280-2832 for more information.
Regardless of whether you buy online or in-person, if you win, the results are similar. First, congratulate yourself for doing a great job! Then you’ll have to pay the remainder of the bid, usually within 24 hours but check the county website for details.
After you pay, you should receive a Certificate of Sale. If there are no encumbrances on the title, the county will likely issue a Certificate of Title. Once again, check with the county for details.
Buying a foreclosure, like any major investment, takes work. But the rewards can far outweigh the effort if it’s done right. Good luck finding that hidden gem disguised as a foreclosure property.
Source:
1Palm Beach Post, July 13, 2018
