Miami duplicate tax-deed sale?

11 Replies

Saw this earlier while doing a quick search.

this must be an error right? looks like a duplicate tax-deed sale (two different LLCs "won").


FOLIO: 3031110280150
Same folio same case ID differen't bidder number.


now it extended.....

what in the world is going on with the auctions today.

Looks like for some reason they are showing the prior 05-08-17 sale, and I assume that buyer forfeited (realized he made a mistake), hence the rescheduled auction.

Originally posted by @Wayne Brooks :

Looks like for some reason they are showing the prior 05-08-17 sale, and I assume that buyer forfeited (realized he made a mistake), hence the rescheduled auction.

 he loses his deposit right?

Yep, as you know the deposit is pulled from their account immediately.

Originally posted by @Wayne Brooks :

Yep, as you know the deposit is pulled from their account immediately.

 I'm assuming these guys do not perform due diligence at all...

All he needed to do was research the title report before placing a bid unless he mistakenly bid on something (that's atleast a 1.5k mistake).

Who's our main competition anyway? random shell llcs who's funded by big investors?

Has been that way here for years.....a few players put together “mini hedge funds” $5-$10M of investors money.....they make their money putting these investors money to work, management/renovation fees, etc.
So, it’s not their own money they’re playing with so they’re willing to pay more for properties than us little guys are.

Originally posted by @Wayne Brooks :

Has been that way here for years.....a few players put together “mini hedge funds” $5-$10M of investors money.....they make their money putting these investors money to work, management/renovation fees, etc.
So, it’s not their own money they’re playing with so they’re willing to pay more for properties than us little guys are.

the real questions is how are they bringing in 10%-12% in ROI while making simple thousand dollar mouse click mistakes?

Originally posted by @Wayne Brooks :

Looks like for some reason they are showing the prior 05-08-17 sale, and I assume that buyer forfeited (realized he made a mistake), hence the rescheduled auction.

 
Can you look into this auction for me... they're stating there was only one sale on the 7th but I saw with my own eyes there was 2 auctions for the same property.

Alliance Property LLC is the first sale on the 7th and then 20-30 mins after the auction I saw it re-list itself and sell to this land trust - MHR GROUP, LLC AS TRUSTEE OF LAND TRUST.

I don't quite understand what is going on here.

Yes, there were two auctions, a month apart  As I said, I assume the first auction buyer forfeited.

As to the name change yesterday, when I've bought from the online auction, you get an email afterwards asking for the name you wanted it titled in, I assume that's what appened, maybe.

As to these guys losing deposits, one group I know here lost $85k or so in forfeited deposits over the year, a few years ago in the hey day.....at 100 plus properties a day, they didn't look at each one before bidding, and after being high bidder sometimes they looked at the property and decided to bail.. $85k is a big number, but if you're buying 200-300 houses a year, not big percentage cost.

Originally posted by @Wayne Brooks :

Yes, there were two auctions, a month apart  As I said, I assume the first auction buyer forfeited.

As to the name change yesterday, when I've bought from the online auction, you get an email afterwards asking for the name you wanted it titled in, I assume that's what appened, maybe.

As to these guys losing deposits, one group I know here lost $85k or so in forfeited deposits over the year, a few years ago in the hey day.....at 100 plus properties a day, they didn't look at each one before bidding, and after being high bidder sometimes they looked at the property and decided to bail.. $85k is a big number, but if you're buying 200-300 houses a year, not big percentage cost.

 This is what occurred on the 7th - 2:30PM the property was auctioned off at 58k all of the tax-deed sales (for the entire day) were completed as this was the last one on the list.

Later on at 3:20pm I saw it relisted and the auction amount started over at 9k I bidded on both auctions however I was outbid..it was later sold at 50k (each auction on the 7th was for a different amount and "titled" to a different LLC).

Unless I'm seriously mistaken it was auctioned off twice however I don't see the record of the first auction anymore (for the 7th).



No idea, I imagine some rare issue with the first buyer’s account or some internal procedural issue....I wouldn’t spend much time on it.....you could call the clerk’s office if you wanted to.

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