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Foreclosure Defense Florida

Manatee County’s Online Foreclosure Auction Prevents Bidder Participation Due To Missing Information

article-71342_1280The fact that information is missing from Manatee County’s online foreclosure portal is extremely concerning. The website, Manatee County’s Real Auction, lacks information necessary for third parties to do sufficient research to invest in local foreclosed properties. There are fewer investors, meaning the county as well as the state are losing out on money, and consumers are losing out on opportunities.

Factors Preventing Third-Party Bidders

There are many factors that could prevent third-party bidders from participating in the auctions, and the lack of addresses and parcel IDs on Manatee County’s foreclosure site “really hamstrings” the ability of third parties to do research. Without the information, many third parties will give up. When there are no third parties to drive bids up, both the county and state suffer missing out on documentary stamp taxes and clerk fees revenues. These fees increase as third party bids increase.

Clerk fees are paid to county clerk of courts. Documentary stamp taxes are also paid to the county clerk and then the money goes to the state where it is distributed, according to the Florida Department of Revenue website.

Documentary stamp taxes are distributed among the state Transportation Trust Fund, Ecosystem Management and Restoration Trust Fund, Economic Development and Enhancement Trust Fund and other funds used for management of public services and lands.

From January 1 to June 26 there have been 702 foreclosure sales in Manatee County. Of those 702 foreclosure sales plaintiffs (banks or firms representing financial operations that mortgaged the property) won 532, 72%.

The Harsh Reality

$0 was paid in clerk fees from those cases won by Manatee County plaintiffs, roughly $335,000 was paid in Stamp Taxes. The county makes almost nothing when these properties are reverted back to the plaintiffs! $224,586 was paid in clerk fees and over $105,000 in Stamp Taxes from the 170 cases won by third parties. Clerk fees are paid to county clerk of courts. Documentary stamp taxes are also paid to the county clerk and then the money goes to the state where it is distributed, according to the Florida Department of Revenue website.

From the Bradenton Herald Article, Manatee County foreclosure auctions fall behind technology curve

“It’s so critical because this is an open marketplace where people from all around the world are deciding if they are going to participate in an auction with real money,” Weidner said. “It’s the basic information that you need.”

Bradenton Herald reached out to foreclosure defense attorney Matt Weidner to get his professional input. Read what he had to say as well as what the Bradenton Herald found out about Manatee County’s Real Auction website HERE