Thinking about purchasing a Property at a Florida Association Lien Foreclosure Sale? This consists of a Florida HOA or Florida COA having a Unit, Home, Apartment, Condominium or Town Home auctioned to 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 do their due diligence.
Purchasing a property at a Florida Association Lien Foreclosure Sale may appear that the Buyer is getting a real bargain. In analyzing a property to purchase, the Buyer wants to find a property that does not have a First Mortgage. 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 the property is not subject to a First Mortgage or other property lien.
954 Foreclosure Attorneys recommends ordering a Title Search. An unfortunate scenario occurs when a Buyer at a fails to run a Title Search on a property that they are trying to buy. As a result, they become the successful bidder and a First Mortgage still exists. If this occurs, their interest is still subject to the First Mortgage. The Buyer will be unable to sell the property without the First Mortgage being satisfied. This is due to the former owner being required to join in on the sale.
As stated above, 954 Foreclosure Attorneys, PLLC stresses to their Buyer clients 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 and Lantana Foreclosure Law Office so we can better assist our clients.