How to Find Distressed Properties in Florida

Distressed properties are pieces of real estate at risk of foreclosure or in pre-foreclosure due to the owner's financial troubles. They sell for less than market value, which makes them an ideal investment. You can find distressed properties by searching for foreclosure and pre-foreclosure homes. Finding properties with liens is another way to find some great deals. You can also seek out owners who filed for bankruptcy, look for short sales, or examine probate records to find distressed properties to invest in. Some ways to find these properties are detailed below.

Investing in distressed properties can turn out well if you find the right property. There are various ways you can find foreclosure and pre-foreclosure sales in Florida. Try some of the methods below:

Liens are often the cause of distressed properties. If you want to find a distressed opportunity, you should locate those with a lien and investigate further to see if the owner is in financial trouble. Finding lien properties could give you a leg up on finding opportunities that others miss. Some ways to find lien properties include:

Search County Clerk's Office

Liens (tax, mechanic's, and mortgage liens) are recorded, filed, and maintained by the county clerk where the property is located. You can visit them in person to ask for recently filed liens or search their online database for information. Many of the county clerks have websites with search portals.

Visit the Division of Library and Information Services for a complete listing of all counties in Florida. Some counties to search include the following:

• Alachua County
• Bradford County
• Charlotte County
• Dixie County
• Hamilton County
• Jackson County
• Madison County
• Orange County
• Sumter County
• Washington County

Some county websites (like Washington and Wakulla) offer tax deed lists and foreclosures on their main menus.

Visit the Tax Assessor-Collector's Office

Each municipality sets its own tax rates and determines the value of all property within its jurisdiction. The Florida Department of Revenue oversees these local tax officials. They provide information about how to locate the property appraiser, tax collector, or value adjustment board in each county using this tool.

When a homeowner fails to pay their property taxes, the tax office will put a lien on it. These liens are public records, and you can ask for copies of recently filed liens with the local tax assessor-collector's office. Use the resource above to find the right office, visit in person, or see if they offer a search tool on their website.

Florida Title and Land Records

Florida's Title and Land Records website is another resource you can use to find property records and potential liens. The menu includes links to title records, land and boundary information, surveys, maps, and other content.

Judicial Records

The Office of State Courts Administration is a website with plentiful court records and a search of the online public docket to find what you need. The site has information from the Supreme Court and District Courts. Some things filed with the courts are liens, bankruptcies, and cases involving property, like divorces.

Use a Title Company or Real Estate Attorney

Title companies are extremely helpful when you need to find liens and distressed properties. Title professionals are experienced at performing deep title searches, looking for title defects, liens, or other legal issues that could complicate a real estate sale. Hiring one can simplify things and prevent problems.

Some Florida title companies and real estate attorneys to try are:

• Guaranteed Florida Title, Escrow, and Abstract, Inc.
• Florida Direct Title
• First Florida Title & Trust, Inc.
• Kelley Grant & Tanis, P.A.
• James Brown Law

Third-Party Online Databases

Another option for searching for distressed properties is to use third-party online databases like PropertyChecker. These databases sometimes allow you to download detailed property records, including lien information.

PropertyChecker is an excellent option for quickly and easily obtaining a complete property report, including value, taxes, liens, foreclosures, and other essential data. You can quickly search using the property address to see if it is in pre-foreclosure or has liens that may lead to foreclosure. You can also search by zip code to view all the pre-foreclosure homes in a specific area.

Bankruptcy and liens often lead to distressed property sales. If you are in the market for a distressed property, another great place to look is bankruptcy and lien records. You can find these in a variety of ways.

Florida Department of State

The Florida Department of State handles public records requests. You can request copies of records such as bankruptcy filings and liens by mail, phone, or email.

Clerk Online Resource ePortal (CORE)

The state of Florida has set up a portal for the public to search circuit court records. You must register for a FREE account before using it. You can search by name, case year, case number, case type, or court type. Here, you can find bankruptcy and lien records filed with the county court.

Search Federal Bankruptcy Court Records

PACER (Public Access to Court Electronic Records) is a federal records system where you can search for bankruptcies and liens as well as other federal court filings. To use the system:

• Visit pacer.uscourts.gov.
• Register for a PACER account to access federal bankruptcy filings.
• Search for bankruptcies in Florida with the U.S. Bankruptcy Court.
• Review the results and refine your search if necessary.
• Find and download what you need.
• Contact the property owner and see if they are interested in selling.

*PACER may charge you a fee to download documents.

Check County Clerk's Office

Liens are filed with the county clerk's office in each county. When searching for recently filed liens (especially tax liens), the best place to look is the county clerk's office. You can request records in person, but you can also search using the county clerk's website. Most of them have records online.

To Search for Recorded Liens and Notices:

• Visit the county clerk's website like Broward County.
• Choose Case Search, or you can click on Foreclosures to view those.
• Search by last name, dates, and court type.
• Narrow your search to find lien filings and foreclosures.
• Contact the property owner to see if they are interested in selling.

Review Legal Notices in Newspapers

According to Florida law, people who are auctioning off real estate must list it in the local newspapers. You can find some great opportunities by reviewing popular newspapers and looking for legal notices and auction announcements. They may be posted by the courts, county, sheriff's office, or auction houses. Check the realty section of each paper.

Some Florida newspapers to check out are.

• Tampa Bay Times
• Orlando Sentinel
• Palm Beach Post
• Sarasota Herald-Tribune
• The Florida Times-Union
• Miami Herald
• Ocala Star Banner
• Jacksonville Daily Record

Monitor Public Notices for Auctions and Sales:

• Regularly check the legal notices section of local newspapers where properties may be up for auction.
• Make a note of the date.
• Pre-register if required.
• Attend the auction.
• Make a bid.
• Bring cash to pay for the property.

Attend Public Auctions and Sheriff's Sales

Public auctions are an ideal way to find distressed properties at a bargain. Auctions are held by banks, county agencies, sheriff's offices, and private companies. You may have to search a few places to find upcoming auctions. Give them a call or visit their website for the auction schedule.

Where to Find Information on Upcoming Property Auctions

County Sheriff's Offices

Some Florida sheriff's offices to review are:

• Columbia County
• Calhoun County
• Pinellas County
• Orange County
• Lee County

Auction Companies

Some auction companies in Florida to check out include:

• Orlando Estate Auction
• Affluent Estate Properties Auction House
• Seminole Estate Auction
• Fort Myers Auction
• Legacy Auctions and Estate Sales

How to Attend Auctions:

• Check the websites and make a note of the auction date. Review the rules and requirements.
• Pre-register so you can attend.
• Show up for the event.
• Bid on houses you want to buy.
• Bring cash to pay for your winnings.

Consult Real Estate Agents and Brokers

Some real estate agents specialize in distressed properties. They may have exclusive information on properties that are not yet on the market, and you can beat the competition to them. The best way to get a distressed property cheaply and easily is to avoid competition and find an off-market one.

How to Connect with Professionals Specializing in Distressed Properties:

• Follow realty professionals on social media who specialize in bankruptcy, lien, and foreclosure properties. If they post something interesting, send them a private message.
• Search online for real estate agents and brokers dealing with distressed properties or auctions.
• Hire a realtor and ask them to check the Multiple Listing Service (MLS) for distressed properties.
• Make an offer when you find one that meets your criteria.

Contact the Florida Department of Revenue

The Florida Department of Revenue oversees municipal tax officials (tax assessors/collectors). Contact them, ask them to speak with the public records department, and request copies of any recently filed tax liens. Tax liens indicate a distressed property where the owner cannot pay their taxes. You could be the first one to find out about it and contact the owner to see if they would be interested in a short sale to get out from under the debt. Also, ask the main office for a list of scheduled tax lien auctions.

Contact Banks Bank and Lenders for REO Listings

The foreclosure rate in the U.S. is 26%, which means more than one-quarter of all financed homes end up in foreclosure. When these lenders take possession of the house and fail to sell it at auction, they become real estate owned, meaning the bank owns it and can sell it privately or at another auction for full price. Often, the bank just wants to offload the property for the amount due on the loan. It can be an excellent opportunity for investors looking for REO homes.

How to Find Real Estate Owned (REO) Properties:

• Visit bank websites (use the list below) looking for foreclosure notices or REO departments.
• Alternatively, you can call local banks to ask if they have any properties for sale.
• Ask about the details.
• Take a tour.
• Research the property thoroughly to ensure it's a good deal.
• Make an offer.

Some local Florida banks to contact:

• St. Mary's Bank
• Capital One
• Navy Federal Credit Union
• United Bank
• One Florida Bank
• FirstBank Florida
• City National Bank of Florida
• Florida Shores Bank

Use Realtors, Attorneys, and Title Companies

You should also turn to professional title companies, bankruptcy lawyers, and real estate agents for help. They may have access to records or know of properties coming on the market soon, giving you a leg up on the competition. Use the list above to find title companies and real estate attorneys. Some real estate agents you can consider in Florida include:

• Jennifer Wemert - Wemert Group Realty LLC.
• Jeff Tricoli - Keller Williams Realty
• Chris Creegan - Creegan Group
• Mike Gagliardi - RE/MAX Signature
• Brenda Wade - Signature Realty Associates

Short sales result when someone cannot pay their mortgage, and the lender starts the foreclosure procedure. State law requires that banks try to work with the homeowner to mitigate the situation rather than seize and sell the house at auction. One solution is to sell the home quickly for the amount due on the loan (regardless of the actual value). Often, the loan balance is much lower than the fair market value, and a savvy investor could pick up the distressed property for pennies on the dollar. The bank will help the homeowner sell the house by paying for and taking care of advertising, legal and title company services, and closing costs. It benefits everyone by preventing foreclosure and selling the home quickly.

Some ways to find short sales in Florida include:

Social Media

Follow title companies, realtors, real estate attorneys, and counties on social media. They may announce short sales and properties that need to sell quickly. Social media is one of the quickest and best ways to get the word out to a large number of people. You can find a deal easily if you "follow" the proper accounts and jump on any opportunities you see.

Craigslist and Other Classified Ad Sites

Check Craigslist in the real estate section for notices of short sales, auctions, or foreclosure homes. Type in the search words "Florida short sales" or "foreclosure auction" to find what you need. Search on other notable classified ad websites where the public can post anything. You can generally narrow down your search by choosing the state or even the zip code of the county first.

MLS

The MLS listing is a comprehensive database of all real estate on the market. Some short sales may be listed as foreclosures even though they are really short sales. Search for foreclosure listings in Florida and see what comes up.

Realty Websites

Banks that own property may advertise on various realty websites, such as those listed above. Check them for short sales. They may be listed as foreclosures or some other designation, but you might get lucky and find a diamond in the rough.

Newspapers

Check all local newspapers for ads for short sales. They may be listed in the real estate or classified ads sections. Using the web version, you can easily search for what you need.

Third-Party Websites

Don't forget about third-party websites like PropertyChecker, where you can find homes in pre-foreclosure that are perfect for short sales. Within seconds, you can see a listing of all pre-foreclosure homes in Florida, and you can search using different criteria.

When someone dies, their estate usually ends up in probate, where the courts must decide how their assets are distributed. Estates typically involve some real property that must either be handed down to heirs or sold to pay off the estate's debts. Probate records can be a great place to find a distressed property that might be picked up for less than market value. However, you may have to dig a little to find these opportunities.

Some ways to find and buy probate properties in Florida include:

Contact the Court Clerk

Contact the local county court clerk's office to ask if they have any probate cases with potentially available real estate. Ask for recently filed probate records. You can sometimes access these records online through the court's website.

Check Obituaries for Recent Deaths

Another helpful resource is the obituary section of local newspapers or funeral homes. They may have information about the family or lack thereof, and you can research other public records to find potential probate sales. Check the newspapers listed above and go to the obituary section. Some funeral homes in Florida to also check out are:

• Lakeland Funeral Home
• Hodges Family Funeral Homes
• Westside Funeral Home
• Brown and Sons Funeral Homes & Crematory
• Banfield Funeral Home and Crematory

The Process for buying probate real estate in Florida is as follows:

• Research and find the property you want.
• Make an offer to the executor of the estate (usually court-appointed).
• Petition the court to review your bid.
• Attend the hearing regarding the property.
• Wait to hear if the court approves the sale.
• Work with the court on a closing date.
• Show up, pay the funds, and take possession of the property. The title will be signed over to you at closing.

Real estate auctions are one of the best ways to find distressed properties. If you come prepared with the funds needed, you could purchase a property well below its market value and turn a profit easily. The trick is finding these auctions to attend, pre-registering, and making sure you comply with the rules and regulations.

Some ways to find real estate auctions in Florida are:

Auction Sale Ads

Check your local newspapers or online news sources for auction sale ads. Local counties, sheriff's offices, and even private companies may post these ads. Also, check the classifieds section for foreclosure notices or auction sale notifications.

Social Media

Search social media and use the word "Florida" to find real estate auctions. Many realtors, title companies, the courts, and even local counties use social media to get the word out.

Real Estate Agents

Check with local real estate agents and ask if they have any upcoming real estate auction listings. Those specializing in distressed properties can be a wealth of helpful information.

Government Agency Websites

Many county or court offices have websites that list upcoming auctions and foreclosure notices. For example, Sarasota County has a page on its website that lists foreclosure auctions and the schedule so you can mark your calendar.

Auction Houses

Sometimes, government agencies or tax officials will hire public auction houses to handle the auction and all foreclosure arrangements. You can find many of these online with auction listings and schedules. Some to check out include:

• Auctions.com
• Bid4Assets
• GSA Auctions
• HUDHomesUSA
• Hubzu
• RealtyBid
• Tranzon

The sites listed above are nationwide, so you can easily search by entering a zip code, county name, or just the state of Florida. You can also narrow your search further by using the available filters.

Real Estate Websites

You can also check online real estate platforms like Zillow, Realtor, Redfin, etc., and look for foreclosure properties. Read each ad carefully. If one is being sold at auction, the details will be included. Check out some of the real estate websites listed above.

There is a myriad of reasons why someone is selling a distressed property. The main purpose is to recoup a loss or get out from under crippling debt. Sometimes, an owner loses their job or amasses enormous medical bills they can't pay. Regardless, the owner is typically in financial trouble and needs to sell the house quickly, so they take less than the actual value to get rid of it and solve the problem. Hernando County in Florida has the highest number of foreclosures. Some other high-quantity distressed property counties include: Citrus, Wakulla, and Osceola county.

The reasons why the property is distressed in Florida are:

• Financial Hardship
• The property in Poor Condition, and the Owner Cannot Keep Up with Repairs
• Underwater - Mortgage is Higher Than the Value of the Property
• In Foreclosure

Distressed properties present a unique opportunity to purchase real estate at a lower price point. Many are in perfect condition with nothing to fix or worry about. Those interested parties who seek out distressed properties include:

• Real Estate Investors: Real estate investors and investment firms like Lincoln Madison in Florida, often buy distressed property. Their goal is to find a gem that they can buy cheaply and sell for more. Some purchase distressed properties for rental income.
• Cash-Houses - Realty companies target foreclosure homes and offer cash (much lower than market value) deals to homeowners who are in trouble. Florida Cash Home Buyers is one such company.
• Mortgage Companies - Some mortgage companies like Bankrate also buy distressed homes to offer new homeowners and buyers looking for a deal.
• First-Time Homebuyers: First-time homebuyers are often strapped for cash and need to find less expensive homes. Buying a distressed property could get them into a larger home in a better neighborhood for less.
• Nonprofits: Nonprofit organizations have limited options and may seek something cheaper (distressed property) to use for their headquarters.
• Developers: Developers often look for distressed properties to revamp certain neighborhoods or create affordable housing for veterans, low-income families, or disabled adults.