Financial Independence through Real Property Investing, and mastering possession.
Is achieving financial independence through real property investing too good to be true? Not at all. Many have realized this dream by participating in mortgage foreclosure auctions. From the comfort of their homes, thousands of investors bid daily to expand their real estate portfolios.
Winning the Auction: What Comes Next?
Once the countdown ends, and you’re declared the winning bidder at a mortgage foreclosure auction in Florida, the real work begins. You’ll be required to promptly place the deposit as directed by the Clerk of Court and return with the balance no later than noon the next business day. The Clerk will then issue a Certificate of Sale, your receipt and time-stamped proof of property payment.
But it doesn’t end there. Ten days must pass before you can obtain a Certificate of Title, equivalent to a Deed, which officially makes you the owner of the property.
Assessing Occupancy and Taking Control
After securing the Certificate of Title, it’s crucial to visit the property as soon as possible to determine if it’s vacant or occupied. If there are occupants, engage with them politely. Ask for their names, the number of occupants (including children), and inquire whether they are rent-paying tenants, prior owners, or relatives of the former owners.
This step is pivotal as it dictates your ability to request possession of the property if occupants refuse to vacate. You may consider offering cash-for-keys or other incentives to encourage them to leave. However, if they persist, you might need to pursue a writ of possession through foreclosure.
Consulting a Real Estate Attorney: Your Key to Success
When an occupant refuses to vacate the property, it’s time to consult a real estate attorney. With their expertise, you can quickly assess your rights to possession and prepare the necessary legal filings for a swift resolution.
Your Path to Financial Independence
With the right practices and advisors in place, you can join the thriving real estate investor community, expand your wealth, and bid farewell to the 9-5 routine.
Ready to take control of the property you’ve won at a mortgage foreclosure auction? Contact us at clientcare@lcolawfl.com for prompt guidance, and ensure nothing stands in the way of your financial independence.