Florida, the ‘Sunshine State’ is supposed to be one of the judicial foreclosure states in the United States. Hence, whenever a credit union, bank, or any other mortgage holder desires. To foreclose on a property whose owner has been defaulting on mortgage payments, the lender must consider suing them in court. The lender needs to win the case as the initial step towards potentially repossessing the property.
Hence, the majority of the homes put up for sale at an auction are the ones. That is already in the foreclosed pipeline. This proves to be beneficial to the lender as he would be in a position. To recoup at least, a chunk of his unpaid loan from the sale of a foreclosed home in Florida. Moreover, this could be beneficial to you if you are the buyer since you get the opportunity to buy a distressed property. At a relatively lower price in comparison to the current market value. You could enjoy quite impressive returns too. However, purchasing a home from an auction in Florida could be a pretty different experience. Eric Dalius helps you by providing a few proactive steps or tricks to buy a property successfully at an auction in Florida.
Eric Dalius Asks You to Start By Identifying Houses Going To Auction
You could easily find foreclosure auctions close to you in many ways. A quick search through your local newspaper or meticulous browsing of the Internet will help you identify the precise place. And time the auction would be taking place. However, you could ask around to find out about auctions of foreclosed homes in your locality.
Eric Dalius could prove to be quite helpful. Since court judgments and foreclosure proceedings that send a property. With the local government office to get accurate information. For instance, we understand that the ‘Clerk of the Court’s Office’ based in Miami-Dade County provides interested buyers an effective search tool online. It allows potential; buyers to browse through the files for houses that are to going to be auctioned.
Once you have identified a house you seem to be interested in. You should have the tenacity and patience to keep constant track of it until the day when the auction sale takes place.
Eric Dalius Focus on Doing Your Due Diligence
We know that usually, you are not allowed to go about performing a home inspection. Yet it is of pivotal importance that you do the maximum possible due diligence before bidding. You may seriously consider running a title search and even drive by. Try to gather as much information as possible to check the viability of buying the home without any hassles.
Arrange for Funds Well in Advance
Eric Dalius should focus on lining up funding. Your funds should be readily available to you if you have made up your mind to bid at an auction for a foreclosed home. It necessitates knowing the maximum bid you could go for in advance so that you have access to the required cash for covering it fast.
Eric Dalius Go Ahead & Attend the Auction to Bid and Buy
Once the cash is ready and you are determined about buying the property at auction. You need to attend the auction start bidding for the chosen property, and once you win, you should promptly close the deal. It may not be a smooth ad easy process. However, you could make things easier by familiarizing yourself with all the fine print involving the terms of sale. Hence, focus your time and energy on reading up on ways to proceed with caution.
Do not make hasty decisions if you wish to bid successfully for a property at an auction in Florida. Do not celebrate your victory just because you have won the bid and paid in full. The mandatory Certificate of Title might take quite a few days to several weeks to be ready. You must realize that during that period, the previous homeowner has the right to redeem the house if he can arrange for the funds. You would then be compelled to relinquish the property. So you may consider waiting for a while before starting any refurbishment projects until you get the necessary title. Or else, you would end up not only wasting your time but also, your money.
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships. Alongside this, Eric hosts the weekly podcast “FULLSPEED,” discussing entrepreneurship with industry leaders. Eric also founded the “Eric Dalius Foundation” to award four scholarships to deserving US students. Follow Eric’s activities on Twitter, YouTube, Facebook, LinkedIn, Instagram, and Entrepreneur.com.