Cape Coral Foreclosures AuctionI found the Cape Coral foreclosures auction in Lee County, Florida to be kind of a let down. I mean, it’s just a bunch of people (usually less than 20) standing in the middle of a lobby. Some bank representatives wear shorts and flip-flops. Go figure. That being said, I recommend that you attend one or two just to see how it works before you bid on any property. To view the official Lee County description of the bidding process,
click here.
When you place a bid, you will need to give the name you want to appear on the certificate of title. Turn off your cell phone and don’t talk during the bidding. The clerk will tell you all this before it begins. The clerk may also read a list of properties being removed from the day’s auction (but does not give a reason – you would have to review the file to find out why). When bidding on a specific property starts, the bank/plaintiff’s representative typically waives the reading of the legal description at the beginning of the bidding for each property. The bank/plaintiff generally starts the bidding at some low number like $100. (They want to bid as little as possible to avoid having to pay a large doc stamp fee. ) There may or may not be any bidders other than the bank. If there are other bidders and the bank’s maximum bid is reached, you can usually tell as they switch from nice round numbers like $50,000 to $56,242.93. Usually after such a specific bid, the bank drops out of the bidding. If yours is the winning bid, but you don’t have the 5% deposit, the bidding resumes immediately. If you win, you will need to sign documents with the clerk at the conclusion of the auction. You will then need to return to pay the balance in cash or cashier’s check that day. The content of these pages is provided for informational purposes only and represents my personal view and experience on the subject of the Cape Coral foreclosure process. It is not offered as, nor should it be taken as, professional advice. Seek professional legal and financial counsel before making any investment decisions.
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