Winter Park Home Magazine - Issue 4 -2009

Bidding at the Courthouse Steps
by Frank L. Pohl, Attorney at Law
Partner, Pohl & Short, P.A., Winter Park

Due to the number of active foreclosures in today's marketplace, I frequently receive calls from individuals looking to get a "deal" at the courthouse steps. The callers are asking for advice on how to determine the various pitfalls that can occur when bidding for a property.

I always recommend that the client have our office obtain a complete title search on the property to confirm that there are no problems in the back chain of title, and to provide a review of the foreclosure file. I determine whether all necessary parties to the suit have been named and properly served, and whether there are any superior mortgages or liens that would not be eliminated by the foreclosure. In addition, I also explain that being the successful bidder at a foreclosure sale does not guarantee the bidder has clear title to the property. For that reason, I always recommend that the client obtain a title insurance policy to ensure that he or she is acquiring title to the property free of any significant issues. More.....