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Benjamin Taylor
Benjamin Taylor

Buying House Courthouse Steps

Buying a foreclosure at courthouse is a simple process if you know exactly what you are doing. Even though it may be your first time around, once you have a solid grip on the process everything will come together soon enough.

buying house courthouse steps

There is no denying the fact that buying a foreclosure at a courthouse can be an intimidating process. Not only do you have to contend with others, all of whom are hoping to accomplish the same goal as you, but you must make sure you are paying a fair price for the property.

Before we get into the finer details of buying a foreclosed home at a courthouse auction, there is one detail you don't want to overlook: there is nothing more important than doing your research.

The biggest mistake you can make is showing up at a courthouse with minimal knowledge of the properties for sale. If you do this, you may miss out on a great deal or purchase a home that doesn't suit you. Either way, you are going to walk away disappointed.

3. Know the finer details of the auction, including place and time. Courthouse foreclosure auctions are typically advertised in local newspapers. Additionally, you can contact the courthouse direct for more information on the dates and times of upcoming auctions.

Dress for success. Since you are going to be in the public eye, you should dress the part. Don't show up for a courthouse auction in your pajamas. Dress like you are about to close a business deal. In some cases, this can even scare others away because they think you are representing the lender.

On a recent morning on the courthouse steps downtown, a crowd of close to 50 stretches from the sidewalk, up the stairs, and all the way to the courthouse building. About 15 regulars sit on the edge of a planter. Others surround Gafner, who stands with a tablet-screen computer and a handful of files, trading papers with his assistant.

One 20-something guy in a turquoise polo and jeans said someone he knew in Orange County once relieved himself in his pants rather than go inside the courthouse to the bathroom and risk missing the chance to bid on a property his bosses wanted him to snag.

Florida is a popular state for investors because the taxes are low, and there is a consistent flow of residents and vacationers eager to rent properties. Buying a house in Florida is relatively straightforward, but what if you're considering purchasing a foreclosed home? Buying a foreclosed home in Florida is a bit trickier and requires more knowledge, but it can be a great way to make a handsome profit. Here is everything you need to know about buying a foreclosed home in Florida to add to your investment portfolio.

There are three stages of the foreclosure process that present buying opportunities for investors; pre-foreclosure, auction, or an REO sale. Here's a rundown of how each to buy a house in Florida at each stage of the foreclosure process.

Auctions are typically held live in front of the county courthouse or at a location approved by the local government. You can also bid on foreclosed properties online. In some cases, you may be able to contact a representative of the lender and inspect the property before the auction. But there are no guarantees, and once the bidding starts, the property is sold as-is.

Real estate foreclosures usually take several months from the first missed payment until the home is sold on the courthouse steps. The exact time depends on state law and the bank foreclosing. After the 2008 financial crisis, when banks were inundated with foreclosures, it could take well over a year. But nowadays, it is usually closer to six months.

In some states, banks are required to publish in a local paper the addresses of houses being foreclosed on (usually the cheapest paper to advertise in) for several consecutive weeks. You can find this paper and subscribe to it, but this is a rather antiquated way to go. My recommendation is either going down to the courthouse or accessing the records online. The address of the county courthouse and their website should be easy to find online with a simple Google search.

For example, in Jackson County, Missouri, the foreclosure document is called an Appointment, and you can look up all new Appointment filings on the county website. You can also go down to the courthouse and look them up in their records department. Most counties have these documents online. But, every county is different, so you will have to research exactly how your local one works.

Buying a foreclosed home can be a great way to invest in real estate, especially since there is substantially less competition than buying listed homes. That being said, there are also more risks involved. It is a good idea to speak to an attorney and research your local laws beforehand. To get a better feel for the process, go to a few auctions without the intent of making an offer and just watch and learn. But once you get the hang of it, foreclosure auctions can be a great avenue to find profitable house fix and flips or other real estate investment properties.

Foreclosure sales will be handled by a public auction on the front steps of the county courthouse scheduled at the discretion of the assigned commissioner conducting the sale. Sales will be made to the last and highest bidder and each property will be sold "as is" and without warranty. Each sale may be subject to further outstanding taxes and any local improvement assessments against the property not included in the judgment.

You can bid on any property by attending the sale on the courthouse steps the day the sale is to take place. The price for each property has an Estimated Opening Bid set prior to the date of the sale. This is the approximate amount required for the opening bid. The person conducting the sale will announce the actual opening bid for each property at the time of sale. A deposit of up to 20% percent of the bid will be required following the sale, and the balance of the price bid must be paid at the end of the 10-day period and confirmation of the sale.

A date for the foreclosure sale is often, but not always, scheduled at the end of the foreclosure hearing before the clerk of superior court, if the clerk enters an order allowing the trustee to proceed with foreclosure. The notice of sale must be served according to statute and posted at the courthouse for at least 20 days before the scheduled sale date and must be advertised in a newspaper. Once scheduled, the foreclosure sale date can later be postponed or canceled by the lender. A lender may choose to postpone or cancel the sale if the borrower is actively working with the lender to save the property.

Foreclosure auctions are generally held the first Tuesday of each month between 10:00 a.m. and 4:00 p.m. at the county courthouse. The sale must begin at the time stated in the notice of sale, but no later than three hours after the time scheduled on the notice of sale.

The foreclosure sale will take place on the courthouse steps in the county where the property is located. By law, foreclosure sales take place on the first Tuesday of the month between the hours of 10:00 a.m. and 4:00 p.m. Bidding is open to the public, but the mortgage holder often is the only bidder. The mortgage holder will sign a deed of foreclosure to the winning bidder, which may well be itself. At that point, the winning bidder becomes the new owner of the property.

For starters, you need to know if the opening bid is set low enough to join the gang down at the courthouse steps. About 60-70% of the time the opening bid is set at what the homeowner owes, plus arrears. This is why so many houses go back to the beneficiary (the bank).

The properties listed are scheduled for sale at the next Pitt County Tax Foreclosure Auction, due to unpaid property taxes. Each Tax Foreclosure Auction takes place on the Third Street steps of the Pitt County Courthouse in uptown Greenville, NC, rain or shine. Pitt County has NO Tax Foreclosures scheduled at this time.

Sale Process This is a list of properties subject to sale in the Pitt County Tax Foreclosure program. If you are interested in purchasing one of the properties listed, you must attend the auction at the Courthouse. For more information contact Lorie English in the Pitt County Tax Collector's Office.This is a buyer beware sale. All sales are final. We offer the properties on a 'where is' and 'as is' basis. The county makes no representation of warranty, express or implied. It is the buyer's responsibility to investigate the property prior to bidding.Anyone considering buying property at a tax foreclosure sale should be aware that there is a risk. The County does not guarantee or provide any warranty.Properties will be sold by legal description and the County parcel identification number.Pursuant to state law, when bidding at a public sale, bidders become personally liable and responsible for their bids.It is up to the bidder to know exactly what they are bidding on. The County will not overturn a sale and refund the purchase price or deposit because a bidder did not know what they were bidding on.Winning Bids / Deposit All bidders must be prepared to pay a 10% deposit immediately upon the conclusion of the auction by cash, certified bank check, bank cashier's check or money order. Personal checks will not be accepted. If the successful bidder fails to produce payment immediately upon the conclusion of the auction, the property shall be immediately re-auctioned.Pitt County does not offer financing.Failed Bids If a bidder fails to follow through with their winning bid, the bidder will forfeit the deposit and the property will be resold. If the next bid is less than the original winning bid, a default judgment will be entered against the defaulting bidder for the loss. At the discretion of the Sheriff, defaulting bidders may be barred from making subsequent bids at any foreclosure sale conducted by Pitt County.Upset Bids Following the auction, there is a standard ten (10) day period in which the property owner may pay all delinquent taxes to cancel the sale, or the bid may be upset by a higher bid. The minimum upset bid must exceed the sale price by 5%, but in any event the increase must be at least $750 over the sale price. Upset bids are paid to the Civil Department of the Clerk of Court, Pitt County Courthouse, prior to the ten (10) day deadline.Upset bids do not assure the sale of the property to the upset bidder. Upset bids will be accepted on a rolling basis and the property will be sold to the highest upset bidder.Bids accepted at auction and upset during the ten (10) day period must be paid in full to the Sheriff with ten (10) days after the upset bid deadline.Note: All properties are sold in 'as is' condition. Interested parties are encouraged to research all properties thoroughly prior to sale and before bidding on a property. 041b061a72


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