Seeking advice on how much to bid for a foreclosure in FL
Hello BP community - I am newly interested in buying foreclosure properties via online auction, and I would like some advice on how much to bid. The auction I am inquiring about will take place on 9/23, this Friday.
Here is what I know about the house and what I have done so far:
The 2015 assessed value for the property is approximately $105,000. The final judgement amount is approximately $25,000. I happen to know the person who owns this house (small town), but I am not in contact with him at all and only found out it was his house through county records. Also, I know he inherited the house from his mother in 2012 and likely took out a loan against the house for other business as he did not need a mortgage to obtain the property originally.
I have ordered an O&E report from the title company already (good advice from another thread here on BP) so I can find out what liens and other judgements may exist.
My question is, what can I expect in the bidding process? Would competitors bid as high as (or very close to) the AV? Would no one bid more than the final judgement amount? I have no idea what to expect on the bidding process and would like some guidance. I don't know what the house looks like inside, but the outside is in good shape, the house was built in 1985, and it is in a desirable location for renting, which would be my goal.
I have an account open with the county's online auction site and will put the 5% deposit money in ASAP. I need to move money around from other accounts in order to have the balance due available within the auction's time frame, but I do not anticipate that this will be a problem.
I know nothing is certain in transactions like this, but am I crazy to think I could get this house for the $25,000 final judgement amount or something close to it?
Thank you for your time to advice a newbie!