Foreclosure auction

Asked 7 months ago - Tampa, FL

I would like to bid in foreclosure auction in florida in the county of Hillsborough and/or pasco. in the event that somebody wins the auction and pays for the property he just won and within those 10 days, an objection is filed. what happened to the money he just paid for the property.
Thank you

Attorney answers (2)

  1. Marshall C Deason Jr.

    Pro

    Contributor Level 20

    2

    Lawyers agree

    Answered . If an objection is filed to the sale, the court must decide whether or not the sale was proper. If the sale was proper, the money paid by the bidder is disbursed to the clerk to satisfy mortgages and other liens against the property to the extent the funds are sufficient; any excess is paid to the former owner. If the court determines that the sale is improper, the money paid is returned to the bidder. Before you begin purchasing property at foreclosure sales, you should consult with an experienced real estate lawyer in your area about the potential pitfalls of such sale. You need to be aware of and prepared for problems you could face.

    Disclaimer: This answer is provided for informational purposes only, does not constitute legal advice, and does... more
  2. Scott Michael Gross

    Contributor Level 7

    Answered . The money is held in the court registry until the objection is resolved. If its a valid objection, the money will be returned to the winning bidder. If it's not a valid objection, the sale will stand and certificate of title will issue to the winning bidder.

    This response is intended solely to convey general information and should not be construed as legal advice. In no... more

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