Florida Foreclosures and Foreclosed Homes for Sale

Buying a foreclosure in Florida can be an exciting process. The first step is to locate a potential property, either through a licensed real estate agent or though individual research. At some point, however, a Florida Realtor should be involved, to help answer any questions and make professional recommendations which could save you thousands of dollars.

There are very strict guidelines for foreclosure auctions in Florida. Homes are sold on the appointed day at eleven o'clock in the morning, at the county courthouse. The county clerk usually oversees the auction and all of the paperwork associated with it.

Bidding for anything, especially a property, can induce a great deal of excitement. Before the auction begins, it is a good idea to have some ground rules established, such as a maximum bid. This will prevent the rush and excitement of the auction from causing potential financial trouble.

Once a property has been won at auction, the winning bidder must give a five percent deposit immediately, with the remaining balance due by the end of the day. If these requirements are not met, a new auction is scheduled. When the auction has been successful, the county clerk issues a certificate of sale to the winning bidder, and transfers ownership of the property within 10 days. The transfer of ownership is usually a hassle-free process, but having a knowledgeable real estate agent on hand can make the process smoother, especially if you have any questions which cannot be answered by the county clerk's office.

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