If I see a property foreclosed and owned by a bank for sale how can I find out how to buy the prope

This is a condo is located in lakeland fl and listed on some sites w/price but no contact except joining an auction an auction/real estate site?
  • June 14 - Lakeland
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Answers (2)

Ryan made a very accurate and detailed explanation. Thank you Ryan!
  • June 16
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Profile picture for RosasRealEstate
Either the property is A) in the foreclosure process, which indicates it will be heading to auction.  If this is the case one option would be to contact the county recorders office for the county that the property is located in.  The bank that is foreclosing on the property and sending it to auction will provide that information to the county as part of the legal process.  The county should be able to tell you when and where the auction will be taking place.  Alternatively, you can contact a Realtor, and they have direct access to that information through the MLS.  
--or--
B) If the property has already gone to auction, and the selling bank does not get the minimum bids necessary, it will bid on the property itself (essentially buying it from themselves) and then the property will become a 'Real Estate Owned' property.  At that time the bank will hire an agent to place the home on the open market for sale.
 
Keep in mind when a property is foreclosed and auctioned, it is an all cash process.  When you do find out when/where the auction will be held, you will be required to register with the auctioneer and provide a deposit in the form of a cashiers check.
  • June 14
  • 2Yes

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