One way to purchase Miami foreclosures is through an auction. Auctions are held at county offices but with the increasing popularity and ease-of-use features of the internet, more and more auctions are performed online through private auction houses. If you're planning to embark in this direction, make sure to do it the right way by exercising due diligence. Here are some questions answered appropriately to provide you with useful information.
What is a silent/live online auction?
Like previously mentioned, more and more buyers are finding it easier to purchase Miami foreclosures through online auctions. These are held at a certain schedule as per stated at the specific auction site. Furthermore, there are two types of internet auctions: live and silent. The former is where a live audience attends the bidding, and the auction is broadcasted live. Silent auctions, on the other hand, features bid submission and are attended by no one.
What happens to the delinquency attached to the property?
Now onto the property itself. Miami foreclosures are reclaimed by their respective tax entities due to payment delinquencies made by the owner. In most cases, the stipulations regarding the payment of the outstanding balance on the property will be clearly stated through the auction’s terms and conditions. But often the amount needed to purchase the property is used to pay off the tax delinquency.
When is it proper to move in the property?
Once you’re declared as the winning bidder and provided the necessary financing to complete the purchase, don’t expect yet to own the property. The deed still needs to be recorded in the Miami-Dade county clerk’s office.
What about homes with properties still in them?
There are instances when the property are left by owners relatively untouched or with items, accessories, fixture, furniture still intact. You must discuss the ownership or disposal of these bonuses with your real estate lawyer. Oftentimes, new owners contact the previous tenants or owners of the property to inform them of anything that they might have left behind.
How is the purchase completed?
There are two ways to enter the auction. First, you need to carry a personal or cashier’s check with you stating the entire bidding amount you intend to use on the property you want to buy. Second, you need to come up with a specific significant amount as deposit money before entering the auctions. After completing either and managed to acquire the home, you are given 4-6 weeks to find financing to complete the purchase. This is why getting pre-approved is extremely helpful and important when buying through an auction since, most of the time, you're at risk of forfeiting the deposit money in case you failed to finish the deal during the grace period.
What happens if the property doesn’t get any bid?
If the Miami foreclosure didn’t get any bid, the ownership reverts to the tax entity or bank. They will then decide what action to take next. Usually, though, they sell the property to eager buyers.
Mark Michael Ferrer
Miami Foreclosures
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