Financial independence through real property investing. Sounds too good to be true, right? Many have found financial independence by bidding at mortgage foreclosure auctions. From the comfort of their home, the beach, or wherever they have WiFi access, thousands of investors bid daily and expand their real estate portfolio.
So what happens once the time runs out and you’re declared the winning bidder at the mortgage foreclosure auction? In Florida, you will be required to immediately place the deposit as directed by the Clerk of Court, and must return with the balance no later than noon the next business day. Once you have paid the balance the Clerk issues a Certificate of Sale. You can think of this as your receipt, a time stamped proof of payment for the property. Ten (10) days must pass before the Clerk can issue you a Certificate of Title, the equivalent of a Deed, and you can officially call yourself the owner of the property.
If all goes well and you receive the Certificate of Title, your next step is to go to the property as soon as possible and determine if it is vacant or occupied. If the property is occupied ask the person their name, the number of occupants with them (including any children), and whether they are a rent-paying tenant, the prior owner(s), or relatives of the prior owner(s). This step is very important because it will determine how quickly you can request possession of the property in case the occupants refuse to vacate. You may then offer cash-for-keys or other incentives to encourage the occupants to leave the property. But if they refuse, you may need a writ of possession via the foreclosure.
The moment an occupant refuses to vacate the property is when you should consult a real estate attorney. We can quickly help you assess what your rights to possession are and prepare the key legal filings to get you possession as quickly as possible.
With the right practices and advisors in place, you can join the successful real estate investor community, expand your wealth, and say goodbye to the 9-5 routine.
Email me at Natalia@lcolawfl.com, get prompt possession of the property you won at the mortgage foreclosure auction, and never let another occupant stand in the way of your financial independence.