When a lender seeks to foreclose due to loan default by the home owner, the lender files a lawsuit in circuit court. The court then sells the property at auction. Individuals interested in bidding on Orlando foreclosures should find listings through the local circuit court in Orlando, Florida. They can then register for the foreclosure auctions and buy foreclosed homes in Orlando by placing the highest bid.
Obtain Orlando foreclosure listings. According to the Orange County Clerk of Courts, you can get foreclosure notices in the Orlando Sentinel and some other Orlando newspapers. You can also go to the court clerk’s office and look up the files for yourself.
In addition to those methods, the Orange County, Florida Clerk of Courts has an online “myclerk” system for finding Orlando foreclosure notices. Read the instructions for using this system at Myorangeclerk.com/help/foreclosureinstructions.pdf.
Use the listings of Orlando foreclosures to make a list of properties that you may wish to purchase at auction. Look at the amount due on each property to help you narrow down your choices to Orlando foreclosed properties that fit your bidding budget.
Make a visit to each property to get more information. While you cannot inspect the property, you can check out the lot, the outer conditions and neighborhood conditions. You should also try to speak to neighbors or Orlando real estate agents to get an idea of the fair market value of the property. This will help you to come up with a maximum bid that will give you a great house deal if your bid wins at auction.
Prepare the money for bidding at the Orlando foreclosure auctions. In this county,you will need five percent of your bid as a down payment immediately after winning an auction. But you also need the full amount of your bid to pay by 4 p.m. on the auction day. You may pay by cash, certified check or check from a trust account if you are a Florida attorney.
Proceed to the sale for the Orlando foreclosed properties you are hoping to purchase. In Orlando, the auctions are conducted on weekdays at 11 in the morning. Look at each notice to get the actual day. The sales are held in Room 350 of the Orange County Courthouse.
Bid and complete your payment on the same day. You will also have to pay a registry court fee. Multiply the first $500 of your bid by three percent and the rest by 1.5 percent to get the fee. Make sure you also get a Florida property deed filed with the recording office. You need to file a deed to protect your interest in the Orlando foreclosures that you purchase at the courthouse.
Orlando’s Orange County Clerk of Courts Info on Foreclosures