Buyers of real estate in the Fort Lauderdale area can frequently find good deals by purchasing foreclosures. A lender forecloses when the home owner with a loan fails to make the mortgage payments long enough to cause a default. The lender then files suit in a Broward County court to foreclose. The court then makes an order for the Fort Lauderdale foreclosure to be sold at auction. Those who place and pay the highest bid at the auction become the owners of foreclosed homes in Fort Lauderdale.
Go to the Broward County Clerk of the Court online foreclosure auctions page at Broward.realforeclose.com/index.cfm. The website used to sell Fort Lauderdale foreclosures online is owned by a third party that conduct the auctions and manages the website.
To find the Fort Lauderdale foreclosure listings, click on “Auction Calendar” and go through the calendar to find the various foreclosed homes in Fort Lauderdale being sold at auction for each auction day. You can also visit or call the office of the Broward County Clerk of the Court if you are seeking additional information.
Look at the listings to make a short list of properties for which you may be interested in bidding. Note their addresses, the judgment amount, etc. The judgment is approximately what is still due on the property under the original mortgage. You will almost always have to bid at least that because a Florida lender may bid that amount to avoid further losses on a Fort Lauderdale foreclosed property.
Take some time to visit each foreclosure in Ft. Lauderdale that you put on your list. While it is true that you have no entry or inspection rights, you can at least take a look outside and around the property to see its condition. Note any red flags that could negatively affect the fair market value of the foreclosed property. You will want to set a maximum bid that is less than the actual value of the property. Some ways to do this include asking neighbors or real estate professionals (an agent or appraiser) about home values in that area.
Register with the website and pay the money to bid. A deposit of five percent of what you will bid is required before you can participate in a Fort Lauderdale foreclosure auction. After you place the highest bid for an auction using the online system, then you will need to pay the balance of your bid by 4 p.m. on the next day. Make sure you have the instructions to do this before bidding on properties in Fort Lauderdale foreclosure sales to avoid missing the deadline.
Bid and pay for the properties if you win an auction. After you finish paying, then you need to get a property deed. A Florida deed is the legal document which establishes that you paid money and took property rights in your Fort Lauderdale foreclosure.
Take this deed and file it in the real property recording office in Broward County. This is the standard way of protecting your ownership rights in the properties that you buy at Fort Lauderdale auctions.
Broward County Foreclosure Auctions Page