Judicial Sale (Foreclosure Auction)
En español: Subasta judicial (foreclosure auction)
A judicial sale is the court-ordered auction that ends a Florida foreclosure. The clerk of court conducts it, the highest bidder posts a deposit on the spot and funds the balance on the clerk's schedule, and title passes when the clerk files the certificate of title rather than at the moment of the winning bid.
- The bid is the first number. Surviving senior liens, association arrears, occupancy and condition are all added after it.
- A sale on a junior mortgage leaves the senior one in place, so reading the case without reading the chain of title is how bidders lose money.
- It is a cash instrument. No financing contingency exists and the clerk's payment deadline does not move.
- The work that wins an auction is done days earlier in public records, not in the bidding.
A winning bid on a Miami-Dade foreclosure sale.
Missing the balance forfeits the deposit and the property, and the clerk readvertises the sale. There is no extension to ask for.
Related terms
All termsLis Pendens
A lis pendens is a notice recorded in the public records announcing that a lawsuit affecting a specific property is pending.
ClosingREO (Real Estate Owned)
REO is property an institution owns because it took it back, at a foreclosure sale or by deed in lieu, and now holds as an asset it never wanted.
ClosingEstoppel Letter
An estoppel letter is a written statement of what is actually owed and agreed, given by the party in a position to know and binding on them afterward.
Terms arrive with the writing.
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