Before proceeding with bidding at an auction, you should know everything there is to know about the homes on your list. You must have done your due diligence and made sure the auctions have not been postponed. You must have driven by the properties and looked inside and you should have determined how much you are willing to pay for each one.
After a title search and/or ownership and encumbrance report, you should have a narrowed-down list of properties you would like to buy. Once you have done all this, you must now prepare to bid.
The bidding process at foreclosure auctions can be pretty straightforward, however, if you understand all the necessary steps and requirements. Before the actual bidding, there are a few steps you have to take to ensure you are adequately prepared and eligible to bid for a foreclosure property. These steps include:
Make a deposit
Make your bid
Complete your winning bid
Pay all necessary associated fees
Here is a rundown of what each step entails:
It is easy and free to sign up for the auction and take part in it. Simply enter your name, email address, and company name, choose a username and password and then verify your account by clicking the link provided. A link in the registration confirmation email will take you to the County Clerk auction site, where you can log in once you have registered.
If you are still searching for a foreclosure property that interests you, MiamiDadeForeclosures.com is the ideal place to start searching. Searching for a foreclosure property and conducting the necessary research may take a considerable amount of time. With MiamiDadeForeclosure, you can save a lot of time as you comb through the already compiled comprehensive database of foreclosure properties in Miami-Dade County, Florida, organized by auction date. This makes it easier for you to do your homework.
When you are signed in, you can choose to pay the 5% deposit for an auction. If you are making the payment online via ACH (electronic check), you have to make your payment at least four business days before the day the auction is scheduled to hold.
If you prefer not to make the ACH deposit online, you can make payment physically at their office latest by 3:00pm on the preceding business day. You can make the deposit with cash, a cashier's check, a bank check, or a check drawn on an attorney trust account. No cash or personal checks will be accepted, and you also cannot pay on the day of the auction.
If you win the auction, the money you deposited with the County Clerk will be used to pay for your purchase. If you lose, it will be held for you to use in the future. You can also choose to request a refund at any time if you want to.
Properties that are up for sale are typically auctioned off to the highest bidder. In line with Florida law, the Clerk's Office holds the auction online, open to the general public. Perhaps the assessed value is higher than the true market value of the property or interest up for sale.
The seller initiating the foreclosure sale also referred to as the "Plaintiff", can set a minimum price at which they want to sell the property. In some cases, the Plaintiff will openly reveal the minimum price they are willing to accept, while in others, they will prefer to keep it secret. The Plaintiff will be bidding alongside you and the other prospective buyers for the property, either automatically or manually till they reach their minimum price. The highest bid is shown on the auction page as it is received.
Click on the "Enter Bid" button right next to the property you wish to bid on, enter the highest bid you intend to make, and then sit back and wait for the results. The bidding procedure allows for a variety of approaches. At the beginning of the auction, some bidders immediately submit their highest possible offer, while others gradually increase their price by a few thousand dollars at a time.
Avoid bidding based on emotions. The stakes are too high for that. Create a hard and fast budget for your home purchase and stick to it. Be patient if you do not win the bid. Odds are that there will likely be another auction for a similar property later on.
If you have won the bid, congratulations! Now, you need to confirm your identity and discuss payment arrangements with the County Clerk. After deducting any pre-auction deposits, you will owe the county the amount of your winning bid plus a number of small county fees less whatever deposit you made before the auction.
Some of the fees you will have to pay include the following:
Balance of your final bid
Documentary stamp taxes
Court registry fees
Online auction fee
Electronic service charge
Clerk’s service fees (if any)
You will lose your 5% deposit and the auction will be relisted if you fail to complete the rest of your payment by noon on the business day after the auction. After that, it could take a few weeks, depending on their workload, to validate your payment and send you the "certificate of sale and title" via regular U.S. mail.
Be sure to wait till you have been awarded your Certificate of Title before entering the property or making any changes, as the transaction could be voided within the 10-day period.
If you are looking to buy a home for yourself or add to your real estate investment portfolio, the Miami-Dade Foreclosure auctions offer a fantastic opportunity. People sometimes rush into bidding on houses without conducting their due diligence, which often leads to bad outcomes. You can always view foreclosed properties for auction conduct your research on MiamiDadeForeclosures.com.
If you are unsure about something or need clarity about anything, consider talking to a professional, such as a lawyer or real estate agent. Ensure you perfectly understand the property’s description in the foreclosure paperwork before placing a bid and always do your due diligence.
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