ORANGE COUNTY, Fla. — Orange County is moving foreclosure auctions out of the courthouse and onto the internet.
One local expert believes that could drive up competition for foreclosures. That in turn, he says, could drive up prices.
He also told me before placing an online bid on a property like the one just behind me here, buyers need to research for any liens attached to the property. Because a foreclosure "deal" could end up costing you more than you bargained for.
Beginning Tuesday, most of Orange County's foreclosure sales are moving to the clerk of court's online foreclosed properties page. That means buyers can bid on foreclosed homes from anywhere they have internet access.
Mario Lopes renovates vacant and foreclosed properties for JD Aleshire Construction. He's also interested in purchasing some foreclosed properties of his own. He thinks the online auction could make that easier.
"I think the time savings alone would be worth a lot," Lopes said.
Potential buyers must still register to bid. And they need to have a maximum bid in mind. The Orange County Clerk of Court requires a 5 percent deposit on the anticipated high bid. Full payment must made by 12:00 pm the next business day.
The clerk's office does not guarantee a free title. That means the potential buyer must determine if an online property comes strings attached.
"Like liens, encumbrances, tax liens, hoa fees," said Ray Lopez of Keller Williams Advantage Realty.
Lopes specializes in distressed properties, he believes the online process could drive prices up.
"Because of the law of supply and demand. More people will get on line and bid with their hearts and not their minds," Lopes said.
But, with one in 284 orange county homes receiving a foreclosure filing last month, there are likely to be plenty of other opportunities for patient buyers.
One other thing to note, if you are the successful high bidder a 5% deposit you put down is non-refundable even if you back out of the sale.
If you'd like to know more about Online foreclosures here in Orange County you can visit their website by clicking here.
WFTV
