FL Tax Lien Sales = No Property?
I read somewhere that in Florida, after buying the Lien
and waiting for the end of the Redemption period, you DO NOT
get the house, instead you get the Proceeds of the sale.
Is this correct?
When you purchase a tax lien certificate in Florida, you are essentially providing a loan to the property owner. If a certificate is not redeemed within two years from the date the taxes became delinquent; the certificate holder may apply for a tax deed, and bring the land to sale at a public auction. Example 2006 taxes are delinquent April 1,2007; therefore, a tax deed application may be made after April 1, 2009. A certificate holder who wishes to apply for a tax deed must redeem all other certificates and pay other fees as mandated by state law.
That still does not guarantee that you will get the property or the proceeds of the sale. A tax deed is issued and recorded in the name of the high bidder.According to Florida Statute 197.562, “Any person,firm, corporation, or county that is the grantee of any tax deed under this law shall be entitled to the immediate possession of the lands described in the deed.†If you are not the high bidder, you will be paid the base amount of your tax lien certificate, plus interest accued, plus fees incurred for filing the tax deed application.
Hope this helps.[ Edited by antmannapoli on Date 06/13/2010 ]
Thank you, I really appreciate your information. thanks!