Fort Myers, FL · Member since 2016 · 1 post · 3 votes
10y
If I'm looking at a foreclosure that closed, and the winning bid was $198k. Final judgement was $493k and the plaintiff was a bank and their max bid was "hidden". After reading the previous posts, the bank would be out almost $300k that was owed to them and the third party bidder bought the house for $198k. Is this right? And if so, If I was the buyer, my concern would be other liens that may be on the property such as HOA, Federal, etc. How would I as a homebuyer protect myself against that?
Real Estate Agent · Miami, FL · Member since 2016 · 1 post · 0 votes
9y
I am a Tenant living on a property rented from the Condo Association. I have been renting at a lower rate for the past 4 years and we received the Final Judgement date letter coming up in a week. What does that mean? How long can this take until we are asked to move out? Who tells us to move? the court or the new owner once its auctioned? I would like to know if we would be given the opportunity to purchase it instead of it being auctioned. I am so nervous because I am ignorant in the field. Hoping the process may take longer. The final judgement date has been set for Dec. 12
we received the Final Judgement date letter coming up in a week. What does that mean?
It means the lawyers have finally gotten to the point of getting to a final judgement. You still have to wait for them to set an auction date (at least 45 days i believe) and even then, that sale may get canceled.
How long can this take until we are asked to move out?
Your current landlord owns the property for 10 days AFTER the auction takes place. Before the auction it's anyone's guess how long you have.
Who tells us to move? the court or the new owner once its auctioned?
The new owner in theory if you are still there.
I would like to know if we would be given the opportunity to purchase it instead of it being auctioned.
If you go to the auction you can bid, but otherwise you would need to clear whatever mortgages are against the property AND get the HOA to sell their rights to the property.
I am so nervous because I am ignorant in the field. Hoping the process may take longer. The final judgement date has been set for Dec. 12
You have been able to take advantage of the previous owner's mortgage dragging it's feet while paying the HOA more than it should of received had the previous owner maintained the property. At some point in time the lender is entitled to recoup the property and "hoping" to take advantage of the situation even longer is mighty greedy.
I would like to know the answers as well. I am not sure if we can get the property being auctioned inspected before the auction. However, i wonder if we can make sure ahead of time if there are any liens on the property. Is that called title search? If not, how do we get this information?