Foreclosures

Setting The Foreclosure Auction

If the lender gets a judgment of foreclosure, the court generally schedules a sale of the property not less than 20 days, but no more than 35 days, after the judgment.

Notice Of Foreclosure Auction

A copy of the notice of sale and Affidavit of Proof of publication must be filed with the Clerk no later than 24 hours prior to the sale.

Please ensure the notice of sale meets statutory requirements below:

Pursuant to Florida Statute 45.031(2) Publication of Sale. Notice of sale shall be published once a week for two consecutive weeks in a newspaper of general circulation, as defined in chapter 50, published in the county where the sale is to be held. The second publication shall be at least 5 days before the sale. The notice shall contain:

1. A description of the property to be sold.
2. The time and place of sale.
3. A statement that the sale will be made pursuant to the order or final judgment.
4. The caption of the action.
5. The name of the clerk making the sale.
6. A statement that any person claiming an interest in the surplus from the sale, if any, other than the property owner as of the date of the lis pendens must file a claim within 60 days after the sale.

The court, in its discretion, may enlarge the time of the sale. Notice of the changed time of sale shall be published as provided herein.

Cancelling A Foreclosure Sale

Foreclosure sales may be cancelled as a result of the filing of suggestion of bankruptcy, orders of the court, or redemption.

Foreclosure Auctions

At the foreclosure auction, the property will be sold to the highest bidder, which is often the foreclosing lender (The lender usually makes a credit bid at the foreclosure sale). If the lender is the highest bidder, the property becomes REO; Real Estate Owned. All properties & liens are sold “AS IS.” This means bidders are responsible for conducting their own research on the property/lien. The Clerk’s office makes no warranties or representation about the location or condition regarding any property, the condition of any structures or fixtures, its marketability, existing or potential uses, zoning regulations or laws that may affect current or future uses of the property, outstanding or potential liens, mortgages or other encumbrances or defects in title that may exist, including whether any defendants have filed a bankruptcy. The Collier County Clerk assumes no responsibility for any encumbrances on any property offered for sale.

Certificate of sale– Under Florida law, the court clerk must promptly file a certificate of sale after the foreclosure sale takes place. This usually occurs within one day of the sale. The certificate of sale will be issued upon full payment of sale price.

Certificate of title– The borrower has ten days after the certificate of 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 winning bidder.

Winning Bidder Fees

Pursuant to sections 45.031(3), Florida Statutes, the successful bidder must pay the following costs by 10:30 AM the following business day: Court Registry fees of three percent (3%) of the first $500.00, and one and a half percent (1 ½%) of the balance of the amount bid and any other costs as set forth in the Judgment or order of the court. Before the Certificate of Title is issued documentary stamp taxes ($.70 per $100.00) must be paid and it is recommended that you pay the doc stamps at the same time as your auction winning balance.

If you are the successful bidder, the 5% advance deposit will be automatically applied to your final payment and the difference between the deposit and the total amount due must be received by the Clerk by 11:00 am EST on the next business day after the sale.

Deficiency Judgment Following Auction

In Florida, a lender may obtain a deficiency judgment as part of the foreclosure action or in a separate action within one year, starting on the day after the court clerk issues a certificate of title to the buyer who purchased the home at the foreclosure sale. The deficiency can’t exceed the difference between the judgment amount and the fair market value in the case of an owner-occupied residential property.

A Deputy Clerk is not authorized to give legal advice.

If you require legal advice you should consult a licensed attorney.

How To Search Collier County Foreclosure Auctions

Click the button that says “Foreclosure Auction Calendar” or click here. When the calendar opens, on the left top corner click Search Court Events, then drop down Court Event Type and select Foreclosure Sale. Click Search.

Click here for a PDF version of the Foreclosure Search instructions