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. 

Glossary of Common Foreclosure and Auction Terms
Accelerate: An option given to lenders through an "acceleration" clause in the mortgage or deed of trust requiring the borrower to pay the entire balance of the loan all at once if their loan is in default. 

Affidavit: A sworn statement in writing usually given while under oath or in the presence of a notary. 

Appraisal: The process in which a licensed or authorized person gives an estimate of property value. 

Appreciation: The difference between the increased value of the property and the original value. 
 
Assessed Value: The property value used by the County to calculate the property taxes, might be between 30% to 50% under market value. 

Assignment: The transfer of property to be held in trust or to be used for the benefit of the creditors (lenders). 

Bid: The offered amount for a property for sale at auction. 

Certificate of Sale: A document given to the winning bidder at a foreclosure sale stating their rights to the property once the borrowers redemption period has expired. 

Clear Title: A title that is not burdened with defects. 

Credit Bid: A bid on behalf of the lender at a foreclosure sale. The bid amount must be less than or equal to the balance of the loan in default. 

Decree: A judicial decision. 

Deed: A signed document that transfers ownership of property from one party to another. 

Deed-in-lieu of Foreclosure: An instance where borrowers voluntarily convey their rights in a property to the lender. 

Deed of Trust: A three party security instrument conveying the legal title to real property as security for the repayment of a loan. The three parties included in a deed of trust are the borrower, lender and trustee. 

Default: A mortgage or deed of trust is said to be in default when the borrower fails to make the payments as agreed to in the original promissory note. 

Deficiency Judgment: A personal judgment against the borrower for the remaining balance on the loan after a foreclosure sale. 

Equitable Title: The present right to possession with the right to acquire legal title once a preceding condition has been met. 

Fair Market Value: The price a property would sell for on the open market. 

Foreclosure: The forced sale of property pledged as security for a debt that is in default. 

Free & Clear: Ownership of property free of all indebtedness. 

Judicial Foreclosure: A foreclosure that is processed by a court action. 

Lien: A charge upon real or personal property for the satisfaction of a debt. 

Legal Description: A formal description of real property sufficient to locate it by reference to government surveys or approved recorded maps. 

Lender: A person who lends money for temporary use on condition of repayment with interest (i.e., the bank, mortgage company, etc.). 

Lis Pendens: A recorded notice of pending lawsuit. 

Mortgage: A written pledge of property that is used as security for the repayment of a loan. 

Non-judicial Foreclosure: The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of their default.

Notary: A public officer licensed by the state to attest to and certify the validity of signatures of others. A notary is often referred to as a notary public. 

Notice of Sale: A notice giving specific information about the loan in default and the proceedings about to take place. This notice must be recorded with the county where property is located and advertised as stated in the security document or as dictated by state law. 
 
Opening Bid: The starting amount to begin the auction.

Personal Property: Property other than real property consisting of things temporary or movable.
 
Plaintiff Max Bid: The amount required by the Plaintiff to sell the property, sometimes it is hidden to the bidders. 

Posting: To publish, announce or advertise by physically attaching a notice to an object. 

Postponement: Postponement means to put off to a later time. In the case of a foreclosure sale, this is generally done by announcement at the original sale or by posting notices establishing the new date and time the foreclosure sale will take place.
 
Quiet Title: A legal procedure done by the Court to release the title of any lien or encumbrance.

Right of Redemption: A borrower's right to reacquire property lost due to a foreclosure. 

Request for Notice: A recorded document requiring a trustee send a copy of a Notice of Default or Notice of Sale concerning a specific deed of trust in foreclosure to the person who filed the document. 

Subject To: The purchase of a property with an existing lien against the title without assuming any personal liability for the liens payment. 

Title: The instrument that is evidence of a person's right in real property (i.e., Certificate of Title or a Tax Deed). 

Trustee: A neutral party who advertises the foreclosure property for sale and conducts the auction to sell said property to the highest bidder. 

Trustee Sale: An auction of real property conducted by a trustee. Also known as a Sheriff's Sale.

Upset Bid: A recorded bid placed after a foreclosure sale has ended that is higher than the highest bid received at the actual foreclosure sale. 

Writ: An order or mandatory process in writing issued in the name of a court or judicial officer commanding the person to whom it is directed to perform or refrain from performing a specified act.