Foreclosure Sale Process Workshop Presented by Lee County Clerk of Courts Questions and Answers courtesy of Managing Attorney Gregory W. Goetz, Esq. at Goetz & Goetz law firm.
Agenda Clerk of Courts Risks & Disclaimers Process Flow Preparation for Sale Redemption & Cancellation Auction Listings Research & Bid After the Sale Questions
Question & Answer Courtesy of: Gregory W. Goetz, Esq. Managing Attorney at Goetz & Goetz
Scope of this Presentation Provide overview of the foreclosure sale process Identify requirements of participation Explain how to participate
Scope of this Presentation Exceptions and variations can exist at every step of this process. This presentation covers the general, normal flow of the process. A foreclosure case may have or be affected by situations not covered by this presentation.
Disclaimer Employees of the Clerk are not authorized to give legal advice. This presentation is an overview and discussion of the process not legal or investment advice.
Identifying Risk Purchasing foreclosure property is not a risk free investment. Buyers should become familiar with the process, learn how to identify risks involved, and assess their own risk tolerance.
Process Flow Case Initiated Final Judgment is granted Sale is Set Service: to Defendants Hearing is Held Foreclosure Auction Held
Preparation for Sale Clerk receives Final Judgment and Notice of Sale Sale information is entered on both documents Sale date is selected on Auction Calendar Final Judgment and Notice of Sale are verified for accuracy Notice of Sale is sent to Paper If no paper is designated it will be sent to the paper of the month.
Sale Cancelled The foreclosure sale may be cancelled by: Order setting Aside Sale Bankruptcy Redemption Conditions of Sale are not met
Redemption Redemption payment can be accepted up until the time of sale. The clerk is not responsible for calculating the payoff. We must collect the amount of the final judgment at minimum. The redeemer should contact the plaintiff for a current payoff prior to submitting payment to the clerk of courts.
Documents and Sale Info Two Sites for Foreclosure Information: Clerk s website www.leeclerk.org Information about the process and office Links to other sites Realauction www.lee.realforeclose.com Auction calendar Bidder account login Manage bidder & deed information Place bids Make payment
Clerk s Website
Register as a Bidder
Name on Title
Name on Title This information will be used for the owner name on any Certificate of Title purchased at auction
Auction Calendar
Auction Calendar
Research Case detail provided on the auction site is for informational purposes : To identify the property being sold, Judgment amounts, and To identify the parties having an interest in the property. Prospective buyers should conduct further research to ensure they are aware of liens, defects in title, or other issues that may affect the title.
Research Some tools for research are: Real estate professional Property Appraiser s Website www.leepa.org Clerk of Courts www.leeclerk.org Official Records Liens Ownership transfers Related records Court Records
Research: Official Records
Research: Court Records
Bidding To place a bid on a foreclosure auction: Register as a user on auction site Deposit funds into bidder account View auction listings Research property Place proxy bid
Bid: Make Deposit Deposit must be received no later than 4:00 PM the day before the auction date. Each bid requires 5% deposit
Bid: Auction Calendar
Place Bid
Name on Title 12 CA 054152
Bidding Notes If not the winning bidder, deposit can be used on another case or refunded upon request. If winning bidder, make full payment by 4:00 PM on the day after sale. If final payment not received in time, bid is cancelled, a No Sale is issued and deposit is forfeited.
After the Sale If no objection, appeal or bankruptcy is filed within 10 days after the sale, the Certificate of Title is recorded and mailed to the purchaser at the address selected on title, marking the end of the foreclosure sale process. Clerk cannot provide assistance with post sale concerns like taking possession of property, etc.
After the Sale Amount of winning bid that exceeds Final Judgment amount and fees is considered surplus, to be disbursed by Clerk. Funds are placed in the Court Registry and held until the clerk receives a Court Order to Disburse funds: 1. Judgment Holder 2. Mortgage holders/lienholders 3. Previous owner/beneficiary/heir 4. State of Florida Department of Financial Services Unclaimed Property Division
Examples of Some Challenges Additional liens Bankruptcy Overturned by court Simultaneous tax deed process or other legal action Tenants inhabiting property
Resources Foreclosure Sale Rules, Official Records, Court Records, and Contact Information:
Resources Foreclosure Sales Rules, Official Records, Court Records, and Contact Information: www.leeclerk.org Auction website: www.lee.realforeclose.com Property Appraiser: www.leepa.org Unclaimed Funds: www.fltreasurehunt.org
Question & Answer Courtesy of: Gregory W. Goetz, Esq. Managing Attorney at Goetz & Goetz