Right of Redemption is 10 days. In the "Foreclosure Information and Procedures" regulations that I picked up at our Florida courthouse it states, "On the eleventh day after the Certificate of Sale is filed, and if no objections to the sale have been filed, the clerk shall issue the Certificate of Title."
Hope this helps, Adrienne
There is no right of redemption in FL after the certificate of sale has been issued, which happens immediately after the foreclosure auction.
Defendants to the complaint (lawsuit) are foreclosed out after the certificate of title has been issued 11 days after the certificate of sale is issued.
However these is a 10-day protest period where the defendant can protest the manner in which the foreclosure sale was held. Also the defendant can file bankruptcy within the 10 day protest period and can prevent the certificate if title from being issued.
So if within 10 days, a protest or notice of bankruptcy is filed -- what happens to the money I have put toward the purchase of the property? I understand it to be common to place 10% down at most auctions then you have 30 days to close the deal. The 10% is non-refundable from what I hear in most places. That money would be lost completely. Is there ever a time in which you have to pay all the money up front at an auction under a contract and thus lose ALL the money toward that purchase? Trying to learn so I don't burn!
Here is what I have learned: Counties in Florida can have different rules about payment of the monies. Example...
Charlotte County: 5% down at end of auction. You must have this with you, you cannot even make a quick trip to the bank.
The remainder must be payed in full by 11:00 the following morning.
If you pay the 5% down but cannot come up with the rest of the money, you lose your 5%. They keep it.
Sarasota County: Same 5% down, but the rest of the money must be payed by the end of the same day. The day of the auction.
So, what you should do is go to your courthouse, pick up a Bidder Information Sheet and along with that they should give you a "Foreclosure Information and Procedures" sheet.
If your courthouse records is on the internet, ( All Charlotte and Sarasota records are on the internet) you may be able to access this information immediately.
I ran by the county courthouse and picked up the papers, which do clearly state that there is no right of redemption in Florida once the auction has provided a successful high bidder on the property. And, as stated, there is the 10-day period for contestment of the foreclosure proceedings.
I also found that there is 5% required down balance due by 2pm (assuming THAT day since I would think it wouldn't take ALL day to go through them and they start at 8am). That answered some of the questions I had. Mix that with the ample supply of knowledge in these posts, I'm learning quite a bit! Thanks! 8-)
[addsig]
Quote:
On 2004-09-14 23:03, CentralFL33896 wrote:
I also found that there is 5% required down balance due by 2pm (assuming THAT day since I would think it wouldn't take ALL day to go through them and they start at 8am). That answered some of the questions I had. Mix that with the ample supply of knowledge in these posts, I'm learning quite a bit! Thanks! 8-)
The clerks from different counties don't necessarily follow the same rules. AFAIK, Florida law requires 5% to be delivered immediately in cash or certified funds from the successful bidder. Payment in full is required before the end of the business day.
Be very careful about bankruptcy. Check the records the day of the sale. I have a friend who bought a property on the steps. My friend had a certified copy of his deed and had paid $130K for the property. When he didn't receive the original deed within about three weeks he called the clerk's office. The clerk told him there was a problem and he would have to talk to some judge.
Apparently, the owner had filed bankruptcy the day before the sale. The court says they notified the clerk that an order was issued to stay the sale. The clerk says they were NOT notified.
My friend had to sue the clerk to get his money back. It took just under a year to settle the case. He only got back the price he paid for the property. No interest, no refund of his legal fees or the recording fees, not even a "we're sorry." from the clerk's office. The lesson to be learned is an old one. "If anything can go wrong, it probably will." NEWBIES AND OLD TIMERS LOOK OUT.
Right of Redemption is 10 days. In the "Foreclosure Information and Procedures" regulations that I picked up at our Florida courthouse it states, "On the eleventh day after the Certificate of Sale is filed, and if no objections to the sale have been filed, the clerk shall issue the Certificate of Title."
Hope this helps, Adrienne
There is no right of redemption in FL after the certificate of sale has been issued, which happens immediately after the foreclosure auction.
Defendants to the complaint (lawsuit) are foreclosed out after the certificate of title has been issued 11 days after the certificate of sale is issued.
However these is a 10-day protest period where the defendant can protest the manner in which the foreclosure sale was held. Also the defendant can file bankruptcy within the 10 day protest period and can prevent the certificate if title from being issued.
So if within 10 days, a protest or notice of bankruptcy is filed -- what happens to the money I have put toward the purchase of the property? I understand it to be common to place 10% down at most auctions then you have 30 days to close the deal. The 10% is non-refundable from what I hear in most places. That money would be lost completely. Is there ever a time in which you have to pay all the money up front at an auction under a contract and thus lose ALL the money toward that purchase? Trying to learn so I don't burn!
Here is what I have learned: Counties in Florida can have different rules about payment of the monies. Example...
Charlotte County: 5% down at end of auction. You must have this with you, you cannot even make a quick trip to the bank.
The remainder must be payed in full by 11:00 the following morning.
If you pay the 5% down but cannot come up with the rest of the money, you lose your 5%. They keep it.
Sarasota County: Same 5% down, but the rest of the money must be payed by the end of the same day. The day of the auction.
So, what you should do is go to your courthouse, pick up a Bidder Information Sheet and along with that they should give you a "Foreclosure Information and Procedures" sheet.
If your courthouse records is on the internet, ( All Charlotte and Sarasota records are on the internet) you may be able to access this information immediately.
I ran by the county courthouse and picked up the papers, which do clearly state that there is no right of redemption in Florida once the auction has provided a successful high bidder on the property. And, as stated, there is the 10-day period for contestment of the foreclosure proceedings.
I also found that there is 5% required down balance due by 2pm (assuming THAT day since I would think it wouldn't take ALL day to go through them and they start at 8am). That answered some of the questions I had. Mix that with the ample supply of knowledge in these posts, I'm learning quite a bit! Thanks! 8-)
[addsig]
Quote:
On 2004-09-14 23:03, CentralFL33896 wrote:
I also found that there is 5% required down balance due by 2pm (assuming THAT day since I would think it wouldn't take ALL day to go through them and they start at 8am). That answered some of the questions I had. Mix that with the ample supply of knowledge in these posts, I'm learning quite a bit! Thanks! 8-)
The clerks from different counties don't necessarily follow the same rules. AFAIK, Florida law requires 5% to be delivered immediately in cash or certified funds from the successful bidder. Payment in full is required before the end of the business day.
Be very careful about bankruptcy. Check the records the day of the sale. I have a friend who bought a property on the steps. My friend had a certified copy of his deed and had paid $130K for the property. When he didn't receive the original deed within about three weeks he called the clerk's office. The clerk told him there was a problem and he would have to talk to some judge.
Apparently, the owner had filed bankruptcy the day before the sale. The court says they notified the clerk that an order was issued to stay the sale. The clerk says they were NOT notified.
My friend had to sue the clerk to get his money back. It took just under a year to settle the case. He only got back the price he paid for the property. No interest, no refund of his legal fees or the recording fees, not even a "we're sorry." from the clerk's office. The lesson to be learned is an old one. "If anything can go wrong, it probably will." NEWBIES AND OLD TIMERS LOOK OUT.