The Monthly Peel V.1
Interesting stories, tips & tricks for real estate investors.
This simple legal maneuver can save you future headaches
If you buy a Tax Deed property at auction, make sure you get an attorney to perform a “Quiet Title Action” (a what?) immediately. This “Friendly Lawsuit” takes around 60 days and costs $2,500 or less. Without a Quiet Title Action the title insurance companies won’t touch a property bought at county auction, and you will be stuck with a property that has an “unmarketable title”! Even if you are buying & holding, it’s important to complete this action to secure your interest!
Although Florida foreclosures are down, did you know…
…. that Florida has the sixth largest foreclosure rate in the country with .72% or 1 in every 1238 of homes in foreclosure. That rate is shrinking as the state continues to continue its property value come-back. Foreclosure rates were higher (way higher) before. Florida saw 1 in every 18 homes receive a foreclosure filing in 2010! Things are heating up and getting bubbly again, so study previous real estate cycles in your market so you can be ready for opportunity!
Most new & even experienced investors don’t realize that….
…. before you bid on any auction property YOU MUST be registered (it’s easy) at the county auction department where the property is located, and have 5% of your maximum bid amount deposited with that County’s escrow account. This deposit is totally refundable and, in any event, will be automatically refunded after 85 days. Remember you can keep the deposit “rolling” and use it to bid on another property at a future auction in the same county or if you win a property it can be used to pay off the winning bid balance.
Don’t forget, every county auction can be referenced by…
…. a case number. Use this case number at PropertyOnion.com to find out who the plaintiff is, MAKE SURE you know what you are bidding on! Every week new bidders think they have won a property at auction, only to find out there is a mortgage with a huge balance that needs to be paid off, or worse, (much worse). DON’T BE THAT PERSON! Do the research and make money, don’t cut corners on research! Spend the time on each property you are interested and ask for help if you need it!
And finally, the 35 year long Foreclosure is STILL being litigated!
….. since October 1985 Patty Campbell from Okeechobee County has fought six different banks while living in a foreclosed house. Florida statute requires foreclosures to be approved by a judge and Patty has challenged her foreclosure on numerous different issues. She now considers herself an expert and can quote Florida civil-procedure statutes by reference numbers. The banks gave her a nickname “Batty Patty” but she makes no apologies for not paying her mortgage for over 34 years and intends to stay in her house until she dies. At 79 years of old, she is considering opening her own Foreclosure Defense Service called “Patty’s Batty Legal Defense” to help other delinquent mortgagors stay in their homes.
So happy you read our email, how’d you like it?
If there’s anything you liked or didn’t like about this email, please leave comments below and let us know! We would love to get some ideas of what you might be interested in reading about in our next issue. If we pick your topic we will give you a $25 Amazon.com gift card as a thank you for the idea!
Official PropertyOnion.com Mascot