Miami Foreclosure process (from courthouse auction)

10 Replies

Has anyone here completed one of the courthouse foreclosure auctions before?


If so how was your experience in dealing with the remaining mortgages and the over-all process to clear the title?

Also how did you deal with prior owners that were still living there?

If the foreclosing lender is the 1st mtg, all other mtgs get wiped out. As long as the foreclosure was a 1st, and done properly, you will have “clear” title except for any HOA fees and current/back property taxes, maybe some utility bills.

to add on the tenant issue or holdover owner.. there are laws you need to follow to evict but it becomes an eviction.

I have had them leave the homes broom clean.. and I have had them destroy them.. and have hat them deconstruct the home.. IE take out every thing down to the studs.. ( not common but has happened..)

I've had many different scenarios played out, worst being getting a writ of possession from the Sheriff and them showing up in bullet proof jackets, drilling out the lock on the door only to get inside to have dog feces/urine 1" thick throughout the entire home!  Best being it left so clean you could eat your dinner off floor.   

Do your homework. Check the title - (liens etc- watch out for IRS liens), drive by and see if people still live there. See if HOA back dues are there (only if possible). There are lots of risks involved in this. You cannot gauge the condition of the property without seeing it. You may have to deal with tenants or previous owners who could give trouble. Unless there is a good cushion do not try to buy in courthouse. You have to pay about 4% on top of the bid amount. You also need to get title insurance too.

IRS liens are essentially a non issue....they have 120 days to redeem (pay you back) and never do, the lien goes away. Your fees are 1.5% to the clerk of courts, 0.7% doc stamps, plus less than $100.

Originally posted by @Chad Urbshott :

I've had many different scenarios played out, worst being getting a writ of possession from the Sheriff and them showing up in bullet proof jackets, drilling out the lock on the door only to get inside to have dog feces/urine 1" thick throughout the entire home!  Best being it left so clean you could eat your dinner off floor.   

 Useful insight, thanks for sharing!

Originally posted by @Wayne Brooks :

IRS liens are essentially a non issue....they have 120 days to redeem (pay you back) and never do, the lien goes away. Your fees are 1.5% to the clerk of courts, 0.7% doc stamps, plus less than $100.

Good to know, thanks for sharing!

Originally posted by @Diana Duncan :
Originally posted by @Wayne Brooks:

IRS liens are essentially a non issue....they have 120 days to redeem (pay you back) and never do, the lien goes away. Your fees are 1.5% to the clerk of courts, 0.7% doc stamps, plus less than $100.

Good to know, thanks for sharing!

if you're going to go through with it setup a LLC to hold the properties.

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