Miami Foreclosure Auction

27 Replies

Yeah, wetlands are not going to be able to built on.....not without mitigation replacements which would be more than the property is worth.

Originally posted by @Ray Slack :

@Elvis Vasquez why would you want to buy wetlands? Just curious. 

 I have a law professor at my college teaching me how to file a quiet title suit just wanted to gain the experience and learn how to do file the lawsuit myself.

I also plan to use it for agriculture and one of my friend's uncle has a bunch of construction equipment that can go off road.

Originally posted by @Ray Slack :

Okay.. I do buy property at foreclosure auctions in Miami and Florida and yes it can be profitable.  It's just risky if you don't know what you are doing.. I am a licensed title agent and I can do title searches myself (without having to pay for them)   But you can still miss liens even if you know what you are doing. 

@Chudi A. As for IRS liens. They are recorded against the owner not against the property. So, you also have to do a name search.. Searching for liens against the owner as well as against the property.   The IRS lien has to be recorded or the United States of America listed as a co-defendant in the lawsuit for them to have the 120 day Right of Redemption.

You also have to learn which liens have priority and super priority.  Code enforcement liens screw a lot of people buying foreclosures.  Code enforcement is a priority lien and doesn't get wiped out.  Had one house with a $100 a day fine for the prior owner not cutting the grass.  Never got resolved for over a year and the city demanded the full $36,000 in fines to be paid just for the owner not cutting the grass.

one more thing that can throw you for a loop is subordination.  Priority of liens is determined by the date they are recorded until this is a subordination agreement by a prior lien which is fairly common. You should read or at least skim through the recorded mortgage

 This is really good information to keep in mind. Thanks.

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