Darrell Burks
Coldwell Banker Realty

Portofino Towers - South Beach #1002

CPortofino Towers #1002300 S Pointe Drive #1002 - Outside Builidng 300 S Pointe Dr #1002 Kitchen with View 300 S Pointe Dr #1002  Kitchen with Island Room with View and French Doors Room with Balcony 300 S Pointe Dr. #1002 - Room with Balcony with Door of kItchen 300 S Point Drive 1002 - Master Bedroom 300 S Pointe. Drive #1002 Room with Balcony and view 300 S Pointe Dr. 1002 - Room with Balcony 300 S Pointe Dr 1002. Room with Balcony - side French doors 300 S Pointe with Balcony  300 S Pointe #1002 Floorplan

Portofino Tower Description

Portofino Tower in South Beach is a waterfront luxury building that was built in 1996 with 206 units on 44 Floors.   The magnificent views of government cut, the Ocean, the bay, the intracoastal waterway, Fisher Island and the passage of cruise ships are best in the world.   Unit 1002 is in Foreclosure and will go to auction on June 24, 2020.   So now is the time to act on getting a great deal on a property in Portofino Tower.  Unit 1002 monthly maintenance is $2,103 a month and the annual taxes are $27,732.54.

Full service building featuring two pools, tennis courts, magnificent 29th floor gym and spa, valet, concierge and best of hall the lobby, common area floors have recently been redone to perfection and one of the pools is being completely renovated as we speak.  

300 South Pointe Drive #1002 300 South Pointe Drive #1002 - Fitness Center 300 South Pointe Drive 1002 Tennis Courts

 

 

Foreclosure Procedure

Solutions-RE Auction Program

Solutions-RE Auction Program Overview

By purchasing a property through the Solutions-RE Auction Program, our clients are presented with a unique opportunity to take advantage of Florida’s distressed real estate market. The Solutions-RE Auction Program provides our clients with the potential to purchase foreclosed properties at a discount to current market pricing. In order to take advantage of this amazing opportunity, Solutions-RE will manage the entire process on our client’s behalf. We will apply our foreclosure sale knowledge and market expertise in order to locate, analyze, and price potential acquisitions. We will provide our clients with purchase price recommendations as well a full review

of title in order to secure the best price on a targeted asset.

Although our clients will be presented with the opportunity to achieve adventitious pricing, they will also assume certain risks. An auction buyer is responsible for conducting their own research regarding the property being sold. The Clerk’s Office makes no warranties or representation about the condition, marketability, existing or potential uses, title, outstanding liens, mortgages or other encumbrances, zoning regulations or laws that may affect current or future uses of the property. By working through the Solutions-RE Auction Program, we will guide our clients through any issues which may arise during the purchase process in order to alleviate any risks which may exist prior to purchase.

What is a foreclosure?

A foreclosure sale occurs when a property has been ordered to be sold pursuant to a court judgment called a final judgment order. The final judgment order terminates all interests and rights of a mortgagor (borrower) in the property secured by their mortgage. The judgment is usually the result of a borrower defaulting on their mortgage loan.

Once the final judgment order has been issued, an auction date is set and the mortgaged property is sold under the court’s supervision via an online public auction.

On the auction date, the property is offered to the highest bidder in order to satisfy the final judgment order. The proceeds of the auction sale are then used to satisfy

the lender’s outstanding mortgage debt.

How do I get involved?

In order to place a bid on an auctioned property, a prospective bidder must first place a refundable advance deposit with the County Clerk's registry. The advance deposit must represent, at a minimum, 5% of the prospective bidder’s anticipated high bid amount.

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Solutions-RE Auction Program

Advance deposits are held in non-interest bearing escrow accounts which may be funded with cash, cashier’s check, wire transfer or electronic check (ACH):

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 Cash or Cashier’s Check - Advance deposits must be deposited in person by 3:00PM ET the day prior to the sale.

 Wire Transfer or Electronic Check (ACH) - ACH and wire deposits require four (4) full business days to be processed. The funds will not be available for bidding until such funds have cleared.

In order to determine their advance deposit amount, the bidder must first determine

the maximum amount they are willing to bid on the auctioned property

NOTE: A bidder may not bid in excess of 20 times what they have deposited with the Clerk's office. Therefore, prospective bidders must ensure they have adequate funds deposited based on their anticipated bid.

The Process

Once a bidder determines the maximum amount they are willing to pay for an auctioned property, the advance deposit is deposited into the auction account. Bidders have the option to change their maximum bid amount once the auction has begun.

The minimum amount a lender is willing to accept for an auctioned asset is set prior to the auction. This may be the final judgment amount or an alternate amount of the lender’s choosing (this amount may not exceed the final judgment amount).

If a bidder matches or exceeds the final judgment amount, the lender is deemed to have won the auction. If, however, one or more bidders are willing to pay more than the maximum bid price, then the auction continues.

Auction Example

The auction is automated and bids will increase in $100 increments. The winner is the bidder who is willing to pay $100 more than the next higher bidder.

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Maximum Bid Amount*: $100,000

Bidder #2 Maximum Bid Amount: $120,000

*Set by the holder of the final judgment

Bidder #1 Maximum Bid Amount:

 

$150,000

Winning Bid Amount:

 

$120,100

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Solutions-RE Auction Program

At the conclusion of the auction, the winning bid would equal $120,100. Although Bidder #1 was willing to pay $150,000, the winning bid was set at $100 above the next highest bid amount.

I won the auction, now what?

Once a bidder has secured the high bid and won the auction, 5% of their final bid amount will be deducted from their advance deposit and applied toward the sales price.

The balance of their final bid amount plus additional clerk fees and charges by must be paid by12:00 PM ET on the first business day following the auction. Failure to pay

the balance of the final bid plus all fees will result in forfeiture of the 5% deposit and nullification of the sale

Transfer of Ownership

A Certificate of Sale is issued by the county clerk once all amounts due are paid in full. Objections to the sale may be filed with the Clerk of the Circuit Court General Civil Division, within ten (10) days after the filing of the Certificate of Sale. If an objection to the sale is filed, the clerk will not issue a certificate of title until the court enters an order on the objection.

A Certificate of Title may be issued by the clerk once ten (10) full days or later have elapsed from the issuance of the Certificate of Sale and provided there is no objection or other action relating to the subject proceeding pending.

Documentary stamp and surtax for the transfer of title to the successful bidder are also due at the time that the balance is due.

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Solutions-RE Auction Program

What additional costs can I expect to incur in the transaction?

Asset Valuation / Research Costs

Title Search Fee

Estoppel Letter

$250 (Estimate)

$200 (Estimate)

Lien Search Fee

 

$100 (Estimate)

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Broker Fee

3% of Auction Purchase Price

County Clerk / Acquisition Charges

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Court Service Charge

3% of first $500 1.5% for each subsequent $100

Electronic Service Charge

$70 Flat Fee

Publication Fee

$75 (Estimate)

 

Document Stamp Tax

 

$0.60 per $100 (Miami Dade) $0.70 per $100 (Broward)

 
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Solutions-RE Auction Program

Auction Example

  1. When first analyzing a property presented in the Solutions-RE Auction Program, a potential bidder must first determine the current market value of the asset. Market value is determined by analyzing the sales price of comparative properties in the market. Solutions-RE will provide our clients with a complete market report detailing comparable sales in the market.

  2. Once the market price for the auctioned property has been determined, the potential bidder must then determine the maximum bid price they are willing to pay for the auctioned property. The intent of purchasing a property through the Solutions-RE Auction Program is to achieve a purchase price

which is below the market price. In order to achieve a below market purchase price, Solutions-RE will provide our clients with bid price recommendations which take into consideration the additional costs associated with the purchase. Solutions-RE we will ensure our clients make an educated decision on their final bid amount by conducting a full title search, lien search, and estoppel certification prior to auction. These searches will ensure that there are no outstanding issues associated with the property’s title.

Note: Since we are dealing with foreclosed properties, our clients must understand that there will most likely be issues such as past due real estate taxes, HOA liens, contractor’s liens, etc. associated with the property. It is very important for our clients to understand that once title to the property has been secured, the auction purchaser is responsible for the payment of such liens and encumbrances. These title issues must be factored in the bidder’s auction bid price.

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3. LET THE BIDDING BEGIN! An example of the auction costs and analysis is outlined on the following page.

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Solutions-RE Auction Program

Auction Example

Estimated Market Value
Maximum Amount you (bidder) is willing to bid Potential Purchase Discount
Potential Additional Investment Costs
Home Owners Association Liens (if applicable)
Past Due Real Estate Taxes (if applicable)
Current Real Estate Taxes (if applicable)
Title Search/Lien Search/Estoppel Letter
Total Additional Costs
Auction Purchase Price (Max Bid Amt – Total Add Costs) Commission
Broker Commission (3%)
County Clerk / Acquisition Charges
Court Service Charge
Electronic Service Charge
Publication Fee
Document Stamp Tax
Total County Clerk / Acquisition Charges
Liens & Real Estate Taxes
Total Acquisition Cost (9% Discount to Market)

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$500,000

$435,000 $65,000 (13%)

$5,000 $10,000 $10,000

$550

$25,550 $409,450

$12,284

$6,157 $70 $75 $2,457 $8,759 $25,550 $456,043

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Check out the details on the Foreclosure

Please click on 300 South Pointe Drive #1002

For the listing information on this Foreclosure  - Auction in the exclusive neighborhood south of fifth in South Beach