Tax Deed Sale In Florida,marion County, To Good To Be True
Can somebody tell me how this works? I located the tax deed sale next week and for 1,500.00 to 4,500.00 I can buy a tax deed,right? Well that seems to cheap to get a property. I thought that by buying a tax deed that you only got 1st priority on the title as 1st lienholder, that you don't get the property, right or wrong?? To get the property you have to wait years to get it, or am i wrong? Please help me understand this, thanks. 
pktd1072---(FL)---------------
You get the lien, not a deed to the property. If you are not reinbursed, the property has to be sold at a public bid auction to the highest bidder. That could be you, but it might well be over the amount of your lien. You will get the money back you paid, plus your interest, if somebody else buys the property.
I suspect you will find a lot of people bidding for those liens. Why don't you telephone the office that will be offering them for sale and ask them what their experience has been with the past few sales? How many got sold, whether there was competitive bidding, etc.
Thank you for the reply I will do just that, even though its the county doing it. thanks again
Quote:
On 2004-02-09 16:35, RonaldStarr wrote:
pktd1072---(FL)---------------
You get the lien, not a deed to the property. If you are not reinbursed, the property has to be sold at a public bid auction to the highest bidder. That could be you, but it might well be over the amount of your lien. You will get the money back you paid, plus your interest, if somebody else buys the property.
I suspect you will find a lot of people bidding for those liens. Why don't you telephone the office that will be offering them for sale and ask them what their experience has been with the past few sales? How many got sold, whether there was competitive bidding, etc.
I believe you took the question the wrong way. He wants to know about the actual tax deed sale, not a tax lien certificate auction. The deed sales are where the bidding on the actual property takes place whereas at the tax lien certificate sales, you are actually bidding toward owning the tax lien on the property. The numbers you see $1500, $2000, etc. at deed sales are the starting bid prices of the properties. At the certificate sales, the amount of the lien will is announced and then (in Florida at least), the bidding is based on the percentage of return you want to receive, starting at 18% (the best return) and getting bid down to as low as 7% or so.
Hope this helps.
betchacantride--------------
Thank you for pointing this out. I think you are right, the reference is to a tax deed sale.
So, here is my new response.
There are likely to be a lot of people bidding. The chances are that the properties will not sell for anywhere near the opening bids. However, you never can be sure.
I'd suggest you research the properties that you might consider buying. Set your maximum prices and have your funds available to bid. You might make a great deal.
Last June at one of the county tax resales in OK I bought two houses for about $1200 each. One I paid about $2K to put on a new roof. The other, no outlay. I have been getting rent since July or Aug on them. So yes, there can be super deals if there are not many people competing with you at an auction.
Good Investing***********Ron Starr********
DOES ANYBODY KNOW A PERSON WHO DOES SUIT TO QUIET DEED
CUTCHKIDS,
Yes! Send me a private message.
Mitchell Goldstein