FORECLOSURE AUCTIONS
ABF Integral Consulting Inc., from now and on known as In-Auction, offers services to purchase Foreclosure Properties at the Online Auction at the Miami-Dade /Broward Counties, (other Counties are available upon request) which includes all related legal support services, perform of due diligence, research and analysis of all properties to be sold in foreclosure auction, clearance of property title, tenant’s relations or/and residential eviction or also known as "Writ of Possession" if necessary and association’s due balance and county's liens and violations' negotiation and settlement.
We prepare and provide, monthly preliminary lists per each city in both Counties (Miami-Dade and Broward), complete daily lists of properties to be sold in auction per area the following day, including individual analysis per property including all cost and rentability, it depends on ours client's preferences, we agree with a contract for services, the client deposits the 5% into the escrow court account set by each county for that purpose, (they can chose to buy with a generic account and the title is issued under their name or we open an account for them only) then, we proceed to the purchase, of course, for further details, We rather schedule a meeting or conference call with the client to make sure everything is crystal clear, in the meantime, I will keep on sending our list. any question, do not hesitate to contact us. if it is necessary or required by the client , In-Auction will provide an associated attorney at a reduced or preferred tariff at client’s expenses, we are lucky to count with the assistance of great Florida Attorneys.
In-Auction has and always will use their best judgment to determine the amount of time and effort needed to perform the services and do the activities which will be in the Client's best interest. The Company will attempt to keep the Client fully advised of all services devoted to the Client's case and to expedite this matter promptly and efficiently in accordance with the highest legal and ethical standards.
For Realtors & Agents
we are always looking for equal partnerships with realtors interested on bringing investor or clients for purchasing properties in foreclosure and tax deed auctions in South Florida, we both charge 6% of the purchase amount, we split it 3% each side, which is guaranteed by contract, half after the Certificate of Sale and the second half payable by the time the Certificate of Title is issued.
The realtor represents the client as well as providing real estate counseling.
The Foreclosure Process
Note: The following is a generalized breakdown of the foreclosure process. If you’re interested in finding out about the foreclosure process, please contact us.
Foreclosure Defined
A foreclosure occurs when a property owner cannot make principal and/or interest payments on his/her loan, typically leading to the property being seized and sold in auction.
Stages of Foreclosure
The foreclosure process is not very difficult to understand. There are several stages during which the homeowner has an opportunity to bring the loan current and avoid foreclosure.
After about three to six months of missed payments, the lender orders a trustee to record a Notice of Default (NOD). At the County Recorder’s Office. This puts the borrower on notice that he or she is facing foreclosure and starts a reinstatement period that typically runs until seven days before the home is auctioned off.
If the default isn’t corrected (the loan must be brought current) a foreclosure sale date is established. The homeowner will receive a Notice of Sale, in addition, the Notice of Sale is recorded at the County Recorder’s Office in the county where the property is located.
The foreclosure typically used to occur on the steps of the county courthouse in which the property is located. Nowadays, and specially in Florida the foreclosure sale is online, there is where our expertise and knowledge come handy.
The time and location of this sale are designated in the Notice of Sale. At the Trustee Sale, the property is auctioned in public to the highest bidder, who must pay the high bid price in cash, with a 5% deposit up front and the remainder within 24 hours. The winner of the auction will then receive the trustee’s deed to the property. (for further details please visit: www.miamidade.realforeclose.com)
At auction, an opening bid or the plaintiff's max bid on the property is set by the foreclosing lender.
This opening bid or plaintiff's max bid is usually lower to the outstanding loan balance, interest accrued, and any additional fees and attorney fees associated with the Sale. If there are no bids higher than the opening bid, the property will be purchased by the attorney conducting the sale, for the lender.
If this occurs, and the opening bid is not met, the property is deemed a REO or Real Estate Owned. This typically occurs because many of the properties up for sale at foreclosure auctions are worth less than the total amount owed to the bank or lender.
When you purchase property at a foreclosure sale, all junior liens other than condo associations/HOA lien and property taxes are wiped out. Priority of liens is determined by the date of recording.