Attempting to seize an opportunity to own a Gulf Front condo in Indian Rocks Beach, A Land O’ Lakes man spend his entire savings. What started as a foreclosure of Homeowners Association Dues in the amount of $29,463.18 turned in to a bidding war. Seasoned investors stopped bidding on this beach front condo with real estate title search in hand, they knew what liens existed after the foreclosure.

Inexperience can be costly

Two bidders on this beautiful breach front condo continued to battle against each other totally unaware of the dangers that lie ahead. The bidding war was over, for a final bid amount of $378,100.00 the condo belongs to the new owner. Shortly after, notification of an existing $350,000.00 mortgage sent shockwaves through the new owner. Assuming that the extra money over the amount owed would be returned to the winning bidder, the successful bidder was not worried, he would use that cash to pay off the mortgage.

Once the prior owner filed to have the extra money returned to them, the new owner knew he was in trouble. The legal wrangling has been long and costly in addition to the money lost on this investment and as of December 19^th, 2018 the prior owner did receive $343,478.32 in surplus funds making this story a tragedy.

Real Estate Title Search is a MUST!

For less than $100 in most cases with a reputable title company, this tragedy could have been avoided. Relying on a title search before buying a foreclosure property in Pinellas County is a far safer bet. Doing some due diligence to ensure you understand how the process works is also a must for anyone thinking of buying a home at auction.

Scarab Title & Escrow Services, LLC. Assists many potential investors in obtaining a real estate title search prior to bidding on a foreclosure property. Their main office is located in New Port Richey, but they service the entire State of Florida with their fleet of mobile closing units and satellite offices. Browse their full list of services online or call (727) 378-4553 to speak with a team member.