I had a
farm House in Africa Florida….
So as of approximately 11:20 CST (12:20 EST) on June 25th, 2014 we had a bought a house. It looks like this:
Sorry, no full shot of the house without the silly two picture look J but you get the gist, right?
Well we sort of bought a house… this is a slippery slope and the more I read, the more I get a little freaked out. I am vacillating between thrilled and panicked. I guess that is to be expected. It’s harder still because it was a cash sale, so ALL of our savings is now dumped into this house, sight unseen and apparently still occupied (lights were on in the house last night – drat it!). Although most of me KNOWs that the value of the house is a minimum of $15,000 above the assessed value, it’s still a bit scary to have all that money sunk into a very UNKNOWN hole. L
So, here are your foreclosure facts for today:
The Foreclosure Sale:
At the foreclosure sale, the property will be:
•sold to the highest third-party bidder, or
•revert to the foreclosing lender and become REO.
The borrower has ten days after the sale to file an objection to the amount of the bid. After ten days, the clerk confirms the sale and issues a certificate of title to the purchaser.
Statutory Right of Redemption
Florida Statute 45.0315 allows foreclosed homeowners to redeem their property by paying the final judgment amount prior to the issuance of the Certificate of Sale to the new owner. In other words, once a final judgment amount is entered, the lender may auction the property. It is not until sometime after the sale is complete before the Certificate of Sale is issued. At any time before or after the auction, up until that Certificate of Sale is issued, a foreclosed homeowner can pay the final judgment amount and redeem the property, which voids the auction sale. (I understand the certificate of sale will happened when the money hits the court system and is considered paid in full)
Equitable Right of Redemption
If the foreclosed homeowner cannot pay the final judgment amount, there is another way to challenge the property's sale. In a foreclosure proceeding, a Florida court will typically order a foreclosure sale and specify how the sale will occur. Once the property is sold, the foreclosed homeowner has a 10-day equitable right of redemption period to object to the terms of the sale based on violation of the court ordered procedures or because the sale price was a result of bidder collusion or other unfair practice which lead to an artificially low sale price. This right is important because if the property is sold for less than what the foreclosed homeowner owed, then the lender may obtain a deficiency judgment against the foreclosed homeowner.
From the occupant’s perspective:
Eviction Following Foreclosure
If you don’t vacate the property following the foreclosure sale, the new owner will likely:
•offer you a cash-for-keys deal (where the new owner offers you money in exchange for you agreeing to move out), or (yeah, NOT going to happen folks)
The eviction process is typically part of the foreclosure action with the right to possession included in the judgment. After the certificate of title is issued, the lender files a motion for a writ of possession. When the motion is granted, the clerk of court issues the writ, which gives you 24 hours to move out, and the sheriff posts it to the property. If you do not leave, the sheriff will make you leave.
The good news from OUR perspective, it’s MUCH shorter time frame than the 90 days it could be.. so pray that we can get the folks evicted on/near the 8th of July. We have 10 days after the sale – that would put it on 5th. As that is a Saturday, it will take until Monday for the writ to be issued, then another day to get the sheriff’s office out to do the eviction… so best case, we’ll have them out on/near the 8th. BETTER case would be that they have moved out already and left the house vacant and our folks on the ground will go knock on the door and be able to see that it’s empty and we change the locks right now. Sigh. I don’t like the “hurry up and wait mode.”
I think we should go down there and be on site that week so we can immediately take stock in what we have to do and start the ball rolling. What do you vote?