When you want to purchase real estate at a foreclosure auction:

1. Pay for a title search. If you search the public records on your own, start from the date of the deed to the current owners. Determine if the mortgage being foreclosed is a first mortgage.
2. Read the Complaint in the foreclosure lawsuit. Be sure the junior mortgages, homeowners association, and any other lienholders are included as defendants.
3. Check the Tax Collector website to determine if there are real estate taxes owed.
4. You will inherit the past due HOA obligations - the foreclosure does not extinguish them.
5. Often the homeowners will try to sell the property before the foreclosure auction. Go see the condition of the house, and maybe you can strike a deal with them – or run away.
6. Seek the advice of an experienced real estate attorney.

Michael S. Price, J.D., MBA has been a member of the Florida Bar since 1983, and has experience in foreclosure acquisition, title disputes, and real estate transactional law.