Thinking about purchasing a Property at a Florida Association Lien Foreclosure Sale? In the residential setting, this consists of either a Florida HOA or Florida COA having a Unit, Home, Apartment, Condominium or Town Home auctioned off at a Florida Association Lien Foreclosure Sale in order to have the Florida Association recoup monies due to the Florida Association pursuant to a Final Judgment of Lien Foreclosure. 954 Foreclosure Attorneys, PLLC recommends to our Buyer clients to first make sure to do due diligence.
Purchasing a property at a Florida Association Lien Foreclosure Sale may on the surface appear that the Buyer is getting a real bargain. And sometimes the Buyer is. In analyzing a prospective property to purchase at a Florida Association Lien Foreclosure Sale, the Buyer wants to find a property that has no First Mortgage on it by a Bank. Specifically, this is a property that has no Mortgage Lien impacting the property which remains unsatisfied. This is the ideal situation for the Buyer. While this is a less likely scenario, it does sometimes occur. As a Buyer, you want to make sure that you don’t purchase a property wherein you own it subject to a First Mortgage or other property lien.
Additionally, 954 Foreclosure Attorneys also recommend doing a Title Search on the property. An unfortunate scenario which often occurs is when a Buyer at a Florida Association Lien Foreclosure Sale fails to run a Title Search on a property that they are trying to buy and when they become the successful bidder at the Florida Association Lien Foreclosure Sale, a First Mortgage still exists on the property. If a First Mortgage still exists on the property, their interest is still subject to the First Mortgage. The Buyer will be unable to sell the property without the First Mortgage being satisfied which most often requires the former property owner joining in on the sale.
As stated above, 954 Foreclosure Attorneys, PLLC always stresses to their Buyer clients that are attempting to purchase a property at a Florida Association Lien Foreclosure Sale to do their due diligence. While these searches cost money, in the long run, it will save a Buyer from purchasing a property that could eventually be foreclosed on through a Bank Foreclosure. Don’t make this mistake. Call 954 Foreclosure Attorneys, PLLC today at (954) 237-7740 to learn about the Florida Association Lien Foreclosure Sale process and the proper steps you should take as a Buyer purchasing a property at a Foreclosure Auction. We have a Coral Springs Foreclosure Law Office and a Lantana Foreclosure Law Office so we can better assist our clients.