I have been monitoring foreclosure auctions in Pinellas County, FL and I need some help in understanding a few things:
1- In some cases, I see the Final Judgement Amount is pretty low compared to the assessed value of the house. Looking at the Final Judgement paperwork at the county website, all that is listed is things like delinquent HOA fees, interest on pas due payments etc. My question is, are you bidding on the actual house or the delinquent payments even though the auction type is "foreclosure"? If a person wins such an auction, what do they win? The house or you just signed up to pay someone's past due bills?
2- How do you search for liens on a property? I have read a few threads here which suggest that this information is public and can be found on the county website. Can someone please provide more guidance on this?
3- If someone holds a lien on a property but it is not recorded in official documents, what is the legal standing of such a lien if you win the auction and the property comes in your possession?
4- What kind of title does one get upon winning a county foreclosure auction?
I would appreciate your guidance on these questions.
If the 1st mtg is the one foreclosing, all other liens except HOA debts and property taxes get wiped out, assuming the other lien holders were named/served in the foreclosure. If a second mtg is foreclosing the first mtg remains on the property, along with HOA debts.
If it is the HOA foreclosing, all other mtg.s and liens will remain.
To find mtg.s/liens go to the county Clerk Of Court, Official Records search.
If you win the auction you get title to the property, subject to any remaining debts as above. You receive s Certificate Of Title (CT).
If a “lien” is not recorded, then it is not a lien on the property, except for HOA debts and county debts (code violations, etc) and utilities.
just want to add to what Wayne already stated very well:
building and code violations always stay with the property. Be prepared to resolve them after you get the property
@Wayne Brooks If a "lien" is not recorded, then it is not a lien on the property, except for HOA debts and county debts (code violations, etc) and utilities.
@Roman M. building and code violations always stay with the property. Be prepared to resolve them after you get the property
Will an O&E report uncover all liens & judgements against the property & owner/s or is it best to check them all out seperatly ?
Thank You Both , Mark G
O&E won't show code or building violations. You have to reach out to respective departments. Sometimes you can get info online and sometimes you have to order and pay for lien search depending on municipality or county.
@Roman M. Thanks for the quick response !
How does one find out about HOA debts, county debts, code violations etc? Also,
how do you research if the property owner has a 2nd mortgage or Home Equity Line of Credit?
What is O&E report?
Sorry for these seemingly simple questions. I am still learning.
HOA debts may or may not have a lien filed. If not it is difficult as the HOA is not supposed to reveal this to others.
All recorded liens and mtg.s can be found on the county Clerk of Court, Official Records search.
For unrecorded code violations you have to make a request from the county/city code enforcement dept.
O&E report is Ownership and Encumbrances (liens,Mtg.s) report.
The chronological order that mtg.s/liens are recorded determine their priority (1st, 2nd, etc)
@Wayne Brooks , Thank you so much for your reply. So, if I understand correctly, even if a property has a 2nd mortgage against it, it would be recorded, and it would also get wiped out as part of the foreclosure process, right?
Yes, and yes, as long it is the first mtg foreclosing and they named/served the second in the suit, which they do 99% of the time.
Thank you, for your quick answer @Wayne Brooks .
I was wondering how do you search of the final judgement amount for a property in Miami-Dade county.
I have the case #, folio #, and plaintiff name. I was searching for the amount on through the public records but no luck.
Any advice? Please :)
@Sarah Torres Miami Dade Clerk of Courts website, Official Records search. Search by name. I always “click on the Date” on header of the Date column to get Reverse chronological order, easier for my mind to digest it that way.