assignment of bid form

What Is an Assignment of Bid in a Foreclosure?

Foreclosures can be a source of tragedy for one investor and a golden opportunity for another. In between the two lies a complex legal and financial process that requires many steps to complete. The assignment of bid occurs when the title for a distressed property is changing hands after an auction. It is one of the last steps in the process and is completed by the court and the eventual buyer.

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When a property's owner fails to pay its mortgage, the loan falls delinquent. After a significant delinquency, the mortgage lender will file paperwork with the local court to auction off the property. The court then reviews all the documents it receives from the property owner and the lender. If it finds that the lender's case is valid, the court will then auction off the property, generally starting at the price of the loan. Investors can then bid on the property. If the auction is successful, the winning bidder must complete steps to buy the property.

Bid Assignment Paperwork

Putting in the highest bid doesn't automatically make the bidder into the new owner. Instead, the winning bidder at the auction must file paperwork with the court, certifying that she did make that bid. If the bidder fails to turn in that form, the next highest bidder is considered the winner. If she does turn in the bid assignment form, the court grants her the right and obligation to buy that property at the price she bid. Real estate auctions are generally handled by a county-level court, and each county has its own bid assignment form.

Title Transfer

Once the court has received the bid assignment from the winning bidder, the court then finally completes the last step of the foreclosure process: transferring the title. This process legally takes the property's title away from the first owner and gives it to the new owner. That new owner must pay cash to the bank for that property, either by paying outright or by taking on a new mortgage and using that loan to pay the amount she bid. This completes the foreclosure process.

Failed Auctions

Auctions set their base price at the loan amount that's still owed to the bank. If the property is "under water," or worth less than the amount of the loan, often there will be no bidders. If no one in the auction bids on the property, the property then becomes "REO" or bank-owned. The court will formally take the legal title to the property away from the original owner and transfer it to the lender.

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Assignment of bid and assignment of right to bid.

Assignment of Right to Bid

This assignment is exactly as the name would imply, the assignment of the judgment holder’s right to bid the judgment amount at the auction. So, let’s say Wells Fargo has a foreclosure judgment against John Doe. Wells Fargo’s judgment says John Doe owes Wells Fargo $200,000.00 and the property will be sold off to satisfy the judgment amount. If Wells Fargo does not want to wait to have the property sold at the auction, a third party who was not part of the lawsuit can come to Wells Fargo and buy Wells Fargo’s judgment. At this point, Wells Fargo has sold its right to bid at the foreclosure auction but nobody else knows this. Enter the Assignment of Right to Bid. Wells Fargo executes one of these assignments and states that it is assigning its right to bid at the foreclosure auction to a third party. Like magic, Wells Fargo is paid and some third party who had nothing to do with the foreclosed loan, the lender, the borrower, or the foreclosure action, now has the absolute right to bid at the foreclosure auction just like Wells Fargo did.

The primary benefit for a lender like Wells Fargo in a situation like this is they will be paid, and paid quickly. After who knows how long of maintaining a non-performing asset on their balance sheets, they finally have some finality. Further, lenders are not in the business of owning real estate , otherwise they would be landlords instead. Thus, by utilizing the Assignment of Right to Bid, Wells Fargo did not have to appear at the foreclosure auction, never ran a risk of being an owner of the property, and, most importantly, cleared a non-performing asset off of its balance sheets.

Assignment of Bid

Now, take the same situation as above. Wells Fargo has a foreclosure judgment against John Doe for $200,000.00. Except this time, Wells Fargo goes to the foreclosure auction and wins the property at auction. On the day of the auction, the Clerk of the Circuit Court files a certificate of sale which states how much the property was sold for, who won the property at auction, and the date the property was auctioned off. Between the certificate of sale and the issuance of title to the winning bidder, there is a 10-day statutory period for objections. In this time period, Wells Fargo can assign its bid to some third party. When Wells Fargo assigns its bid to a third party, the third party will ultimately receive title to the purchased property at the end of the 10-day waiting period. Essentially, Wells Fargo has just resold the property without having to pay real estate agents, documentary stamp taxes, or recording fees that traditionally accompany the sale of real property. Upon recording the assignment of bid, and the end of the 10-day waiting period, the title is issued by the Clerk of the Circuit Court to whomever Wells Fargo has assigned their bid to. This means that the new party will be responsible for paying any taxes due to the Court and State of Florida. Further, this new third party is responsible for paying the Court any unpaid amounts still due and owing post foreclosure.

The primary benefit to using the Assignment of Bid, as opposed to the Assignment of Right to Bid, is that now Wells Fargo has resold the property for, hopefully, an amount that is close to the fair market value, as opposed to the foreclosed value. While Wells Fargo’s judgment may have been for $200,000, the property may have been worth $350,000. Most third parties are not going to pay over and above a judgment amount prior to a foreclosure sale, in hopes of becoming an owner. However, after the sale has occurred, it is more common to receive amounts above and beyond the judgment amount. And, just like with the Assignment of Right to Bid, Wells Fargo is not becoming a landlord/property owner.

Whether you are purchasing the Assignment, or selling the Assignment, knowing how to navigate the convoluted process is key. Failure to follow the appropriate timelines may result in a lender unintentionally becoming an owner of real estate as opposed to a lender. Moreover, if you are purchasing as an investment, it can become a complicated process to remove the homeowner or tenant that just had their home foreclosed. With 45 years of real estate experience, the attorneys at Chiumento Law, PLLC know how to help you navigate this process.

About the Author

Vincent L. Sullivan graduated in the top quartile of his class from the Florida Coastal School of Law in 2015. He specializes in Consumer Defense, Appeals, Debt Collection defense, Foreclosure defense, and Real Estate law. Mr. Sullivan has represented both landlords and tenants in court, which has given him an understanding of each party’s needs. He is passionate about consumer defense and has helped clients fight debt collectors and stop harassing phone calls. Mr. Sullivan also works in both state and federal appellate courts and has been able to successfully represent many homeowners and consumers who have appealed their cases. Mr. Sullivan lives in Palm Coast.

§ 10A:7. Form—Agreement for assignment of winning bid in foreclosure auction | Secondary Sources | Westlaw

§ 10A:7. Form—Agreement for assignment of winning bid in foreclosure auction

Comrefrm app 10a § 10a:7 commercial real estate forms 3d acquisition and disposition of property  (approx. 9 pages).

Okaloosa County Clerk of Circuit Court

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How do I file an assignment of bid?

An assignment of bid designates the name of the party to be listed on a certificate of title after a foreclosure sale has been held. The assignments are typically filed by the Plaintiff and/or the successful bidder.

An assignment of bid may be e-filed through the Florida e-filing portal, sent via US Mail or hand delivered to either of the Clerk's office locations.

Recording fees should be submitted at the time of filing. The fees for recording an assignment of bid are as follows:

$10 for the first page $8.50 for each additional page and $1 per name for any name listed over four.

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Related questions.

• Once you have placed your highest bid/bid limit in Real Foreclose, can it be changed? This is a question that may be answered by Real Foreclose.  You may contact them ...
• When will foreclosure sale be canceled due to efiled Suggestion of Bankruptcy? The sale is canceled upon receipt of the filing of a Suggestion of Bankruptcy....

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Bidders Form

To ensure that the parcel(s) you have purchased is confirmed and recorded into the correct name, please complete and submit the Cuyahoga County Sheriff Bidder’s Form (and assignment of bid, if it applies) to  [email protected]  by 4:00 pm on the day of sale. The taxes to be paid with sale proceeds portion must also be filled out, if it is not, the taxes due at the time of sale will be included in the amount due on the Billing Statement and must be paid prior to the deed being recorded. Should this form not be received by the said date and time, the sale may be confirmed in the bidder’s name.

To request a Bidder’s Form, please email  [email protected]  and  [email protected] .

Assignment Of Purchase And Sale Agreement: Definition & Sample

Jump to section, what is an assignment of purchase and sale agreement.

An assignment of purchase and sale agreement is a real estate transaction contract that defines the parties and terms of a real estate purchase. This agreement allows the original purchaser of a property to transfer or assign their rights in the deal to a third party. This agreement is often used in flipping houses.

Assignment of purchase and sale agreements allows the purchaser to take their rights and obligations under a purchase agreement and reassign them to a third party who will take on those responsibilities. Some contracts may have clauses that prohibit assignment or allow it under specific circumstances usually laid out in the agreement.

Common Sections in Assignment Of Purchase And Sale Agreements

Below is a list of common sections included in Assignment Of Purchase And Sale Agreements. These sections are linked to the below sample agreement for you to explore.

Assignment Of Purchase And Sale Agreement Sample

Reference : Security Exchange Commission - Edgar Database, EX-10.1.1 2 d245573dex1011.htm ASSIGNMENT OF PURCHASE AND SALE AGREEMENT , Viewed October 18, 2021, View Source on SEC .

Who Helps With Assignment Of Purchase And Sale Agreements?

Lawyers with backgrounds working on assignment of purchase and sale agreements work with clients to help. Do you need help with an assignment of purchase and sale agreement?

Post a project  in ContractsCounsel's marketplace to get free bids from lawyers to draft, review, or negotiate assignment of purchase and sale agreements. All lawyers are vetted by our team and peer reviewed by our customers for you to explore before hiring.

ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.

Meet some of our Assignment Of Purchase And Sale Agreement Lawyers

Experienced in-house attorney with focus on acquisitions, divestitures, general corporate matters and litigation support.

After starting my professional career in Human Resources in the Healthcare and Non-profit fields, I decided to expand my options and attended law school, passing the North Carolina bar in 2016. Since then, I have practiced in-house for healthcare companies, in the civil rights arena, and run my own business. I am currently looking to return to my legal roots and am excited to practice business law again.

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Transactional attorney with experience in drafting, reviewing and negotiating contracts related and ancillary to commercial leasing. Licensed in CA and NY.

Loi Laing is a seasoned contract lawyer with a meticulous eye for detail and a passion for delivering excellence. Currently a legal consultant for KPMG, most recently she has also worked in San Francisco for Silicon Valley startups. Holding a Juris Doctorate from Florida State University College of Law, Loi has also studied law at Oxford University and the University of the West Indies. Throughout her career, Loi has a proven track record in meticulously reviewing and drafting contracts across various legal domains. She possesses a robust legal foundation that spans commercial business, tech, entertainment, and real estate law.

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NYC Assignable Bids – REO

TOWER will start the sealed bid auction by faxing a Standard Bid Form to all parties who have expressed an interest in acquiring the property. The bid package describes the procedures to follow and contains the terms and conditions to participate. You can download the Bid form below . Bids are subject to review and approval by a committee that evaluates all bids. TOWER will notify the successful bidder in writing and call to confirm to whom the Assignment of Bid Agreement should be forwarded. The successful bidder must execute and return the “Assignment and Assumption of Bid Agreement” (for foreclosure bids) or “Purchase and Sale Agreement” (for properties) together with the required 10% deposit within ten business days. Deposits must be made in certified or bank funds and will be held in an escrow account by the attorney representing the trust. If the winning bidder does not return the signed “Assignment and Assumption of Bid Agreement” or the “Purchase and Sale Agreement” within the required ten day period, TOWER will either award the bid to the next highest bidder or conduct another round of bidding. Each auction is evaluated individually and is subject to committee approval.

The above is a brief summary of the sealed bid auction procedure. TOWER may modify the procedure at anytime. The Standard Bid Form will contain the procedure applicable to any particular auction. In the event of conflicts between the text on this website and the Standard Bid Form, the terms of the Standard Bid Form shall govern.

Closing on the Purchase of a Bid Assignment or Property At the closing of the purchase of a foreclosure bid, the bid will be assigned to the purchaser and, at the same time, the referee will execute and deliver a referee’s deed conveying the property directly to the purchaser. If the property was owned by a foreclosing trust or a related company, the seller will deliver a quit claim deed or bargain and sale deed without covenants conveying the property to the bidder. Foreclosure bids and properties are sold “as is, where is, and with all faults” and neither TOWER nor any trust can make any representations or warranties. Accordingly, it is extremely important that potential purchasers conduct a thorough investigation prior to making a bid.

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Assignment of Bid form needed

I was the winning bidder on a foreclosure auction. I want to close using my self-directed IRA as a partner with myself. The bank attorney said I have to file the captioned with the County Clerk of Court - North Carolina. No one (court clerk, bank atty, IRA custodian) can identify, confirm, nor direct me to such a form. A simple letter of request doesn't seem to be acceptable. I am doing this Pro Se. TY!

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UNDP-BGD - BANGLADESH

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Description of the Assignment:  The overall objective of the assignment is to explore the structural barriers or deep roots of gender inequalities and women’s disempowerment, gain a better understanding on the socio-political context as well as intersections between different forms of discrimination in the Chittagong Hill Tracts (CHT). Using a feminist approach, the analysis is expected to further examine the impact of existing gender inequality on the human rights of the most marginalized people as well as analyze the role of CHT institutions and governments’ commitment on Gender and Women Empowerment issues.

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