Questions re: foreclosure auctions in Broward County, Florida.
Hello everyone:
My name is Hanna and I’m completely new to the forum / real - estate investing. Here in Fort Lauderdale, Broward County, FL the foreclosures are listed on the Broward County Clerk site - https://www.broward.realforeclose.com/index.cfm
In order to participate in the auction, bidders must register on that site and place a deposit equal to 5% of the estimated high bid for each property they anticipate winning at the sale for the bids to be considered.
I’ve been following some of the online auctions and below is a
sample property from the auction site on March 1, 2016
| Auction Type: | FORECLOSURE |
| Case #: | CACE-08-039390 |
| Final Judgment Amount: | $241,814.22 |
| Parcel ID: | 514012AH0080 |
| Property Address: | 1096 N HIATUS RD 8-1096 |
| PEMBROKE PINES, 33026 | |
| Plaintiff Max Bid: | Hidden |
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Auction: Sold
03/01/2016 10:27 AM ET
Amount: $84,500.00
Sold To: Plaintiff (from the Case #: CACE-08-039390 , we can see that the Plaintiff was US Bank and the final judgment was recorded on 10/28/2013 11:54:35 AM)
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My question is, why would the bank have to purchase the property; doesn’t a foreclosure automatically mean that the property reverts back to the bank?
Also if the final judgment was recorded three years ago (October 28, 2013) and the property was finally sold on March 1, 2016, what happened during that interim period -- ie. Looking at the Parcel ID info (514012AH0080) which brings us to the County Appraiser’s office, it appears that the homeowners still had the property address as their mailing address. Since apparently the owners were not evicted, couldn’t they have sold the property before the foreclosure proceedings?
Thank you in advance for helping me understand the foreclosure process.