What does "Non-judicial" mean and do you need the whole amount at auction?


I can find very little information about the auction process in my state, FL. Do you have to pay for the entire property the same day you win the bid or do you have several weeks to a month to satisfy the judgement. Also what the does term ?non Judicial? mean?


Hi Mike,
In Florida you only have judicial foreclosures, something I?m not frankly an expert on. Judicial foreclosure simply means that the foreclosure is tried before a judge in a court of law. In California and about half of all states, there is an alternative, non-judicial, process that allows banks to foreclose without any court involvement.

Rules vary a great deal by state, but most auctions do require that you pay for the entire property, in cash (typically a cashiers check), at the time of sale. While there are many challenges to buying foreclosures at auction, showing up at the sales each day with that much cash is often one of the bigger challenges. The best method is to setup a line of credit with a bank because as long as you return cashiers checks that you draw against the line on the same day you don?t pay any interest? well at least not until you buy something.

Hope that helps.