Richard Weiss, Clerk of the Circuit Court in Polk County, Fla., has launched a new foreclosure sale site that he says will increase the number of potential buyers for each property. The county processed more than 10,000 foreclosure cases last year.
Live foreclosure sales currently held in the Polk County Courthouse in Bartow will immediately switch to an online system starting Sept. 21. The new site will allow a person to make deposits, place bids, monitor auction activity and pay for his or her winning bid online. Bidders must register in advance for this service.
Fort Lauderdale, Fla.-based Realauction.com is providing the software, hosting the site and providing customer service.
Development of the website builds on a Florida law change in July 2008 that cleared the way for electronic foreclosure sales. According to Weiss, the software will be easy to use, allowing individuals to register, review property data and enter bids at any time until the auction ends. Once the auction closes, payment is transmitted using the online ACH process or electronic wire transfer through the website.
‘The site has links to the tax collector, property appraiser and official records, and customers can bid from the comfort of their homes or offices,’ Weiss says. ‘In addition, the system also protects bidders from 'sniping' or placing last-second bids hoping to beat the clock and win the auction.’