Pasco launches live online foreclosure auctions

Pasco County, Florida - The frenzy once seen on the courthouse during a foreclosure auction has been silenced to a computer and keyboard and opened to the world to bid.

Paula O'Neil, Pasco's Clerk and Comptroller, says there's plenty to choose from in Pasco County. "Last year, we had 8,000 foreclosures and, as of October, we have nearly 8,000 foreclosure filings."

Pasco County is now the 8^th Florida County to launch the live online foreclosure auction service using the "realauction" technology.

One can go on the website and look at what is up for sale by opening the calendar, picking a day, and then clicking on the case number. Serious bidders need to register first and make a 5 percent deposit.

"It's buyer beware. Do your research. Do your homework," says Craig McIntyre, VP Business Development for Online Auction Technology. "Novice bidders should consult a real estate attorney. They need to make sure there are no second or third mortgages, or condo or housing association liens."

When the bidding begins, bidders have two minutes and McIntyre says don't worry about last second bids. "IF you try that, here it's sniping, try it here. We add a minute to the clock to simulate a traditional sale of two bidders out bidding each other."

The service helps the clerks of courts deal with budget cuts. O'Neil says, "We had to cut 80 positions. Any efficiency we can find, we look for everyday."

But selling the homes is not easy. Banks bought the 14 homes up for auction. In most cases, the homeowners owe more than twice what the property is worth and often the banks want more than the appraised value.

Don Fisher lives in Hudson and he worries what will happen to his neighbor's foreclosed home. "It's not a good thing. You don't want vacant homes around. They start going down, looking shabby. Doesn't do my property value any good," says Fisher.

He adds there's already one vacant home on his street. Fisher wants to see serious buyers come in. "The biggest problem is people buying them and renting them and having not up-to-par landlords. If the house falls apart, it falls apart.

Fisher adds, "If you're in a buyer's market and have a pocket full of money, now's the time to jump on it."

Bidders who win a bid are expected to pay in full by the end of that business day. Besides Pasco, Manatee and Sarasota offer live online foreclosure auctions. By the end of the year, 12 counties will be online with the service.