Broward County’s tax deed sales offer an opportunity to acquire property at potentially below-market values. Tax deed sales occur when a property owner has not paid their property taxes for so long that the county takes legal action to foreclose on the tax-delinquent property and sell it at a public auction. The property owner has until the redemption period, two years in Florida, to pay off the property taxes (plus interest and fees). The county will then auction the property and use the winning bid to recover delinquent taxes.
Broward County’s official auction website has a list of properties available for auction, along with tax deed numbers, opening bids, auction schedules, and property maps. This is also where Broward County conducts its tax deed auctions.
Given the competitive nature of these auctions, we’ve created this blog to provide you, our reader, with the perfect starting point. Read further below to enhance your bidding confidence and success in Broward County’s tax deed sales.
Key Takeaways
- Online Participation: Broward County conducts its tax deed auctions online on the county auction website.
- Investment Potential: Broward County’s tax deed auction offers opportunities to acquire properties at potentially below-market values.
- Preparation and Research: Successful participation in tax deed auctions requires thorough preparation and research. Investors should inspect properties, identify existing liens, and understand auction rules.
- The Ted Thomas Advantage: With over 30 years of experience condensed into accessible insights, Ted Thomas equips investors with the tools to excel in Broward County’s tax deed investing scene.
Why Broward County is the Ideal Tax Deed Investing Hotspot
Broward County emerges as a premier destination for investing in tax deeds. Here’s why this vibrant locale offers promising opportunities for savvy investors:
Sustained Population Growth
Broward County is the 17th largest county in the U.S. by population. The population growth in Broward County isn’t just a spike – it’s a steady climb that has been going on for decades. As the population continues to grow, the demand for housing remains strong, bolstering the potential for profitable tax deed investments.
Rising Rental Market
In Broward County, FL, the median gross rent is $1,766, notably higher than the state average of $1525, positioning the area as a lucrative market for rental properties. As the population continues to climb, expect higher rents in the future, which will give higher yields and returns on your investment. As such, it is best to start as early as now.
Surging Property Values
Another reason to start investing in tax deeds now is that for just seven years, from 2017 to 2024, house prices in Broward County have astonishingly doubled. In the past year alone, home values have grown by 7.0%, surpassing the national growth rate of only 4.1%. This trend signals a positive environment for tax deed investors, who can benefit from appreciating their assets relatively quickly.
Where to Find Broward County’s Tax Deed Sale List
For updated listings of real estate properties on the tax deed auction list in Broward County, the local newspaper or the official county auction website is the primary source. With the website, you can easily access comprehensive information about each property. Here are the key details you’ll find:
- Tax Deed Number: Unique identifier for each tax deed.
- Opening Bid: The starting auction price for the property (sum of outstanding taxes and fees).
- Current Best Bid: This is the top bid, updated in real-time for active auctions.
- Bid Start Date & Close Time: Displays auction exact dates and close times.
- Parcel Number: A distinctive number for land identification.
- Property Address: Includes the full address of the property up for auction.
- Assessed Value: The valuation of the property as determined by the county.
In addition, the auction website also provides satellite imagery. The images outline property boundaries with red lines, enabling preliminary inspection from afar. See the example satellite image of a property up for auction for the tax deed sale on 5/15/2024:
Source: Parcel Number: 494123-AL-0100, Broward County Property Appraiser
To discover the properties currently available for tax deed sale and to monitor ongoing and future auctions, visit Broward County’s official deed auction website. You can also use the Ted Thomas Interactive Map if you plan to attend tax deed auctions in other counties.
How to Participate in the Broward County Tax Deed Sale
To join the Broward County Tax Deed Sale, you’ll first need to register for the auction, make a deposit, and manage your affiliates.
1. Register for the Auction
Your first step is to complete the registration process on the Broward Deed auction website. Here’s how to get started:
- Visit the Official Site: Go to Broward County’s Tax Deed Auction Site to begin.
- Start Registration: Click ‘Register’ at the top right of the homepage and accurately fill out the required information.
- Add Affiliates: If you bid on behalf of other individuals or entities, add affiliated persons or entities during registration.
- Check Your Email: After submitting your registration, you will receive an email to finalize the process. Check your spam folder if it doesn’t show up in your inbox.
- Complete Your Registration: Follow the instructions provided in the email to complete your registration.
Step-by-Step Process Source: How to Participate, Grant Street Group
If you’re nearby, you can also visit the county’s office for in-person assistance. County commissioners are always happy to assist potential investors.
2. Manage Your Deposit
To participate in bidding, you need to make a deposit, which should be the larger of either 5% of your anticipated bid or $200. Remember, deposits can take up to four business days to reflect in your account, so deposit ahead of time to ensure you’re ready when the auction begins.
Deposits are made using ACH/Electronic Debit through the ‘My Payments’ link on the auction website. The amount you deposit determines your maximum bid limit. For example, with a deposit of $1,000, your maximum bid can be as high as $20,000.
To manage or refund your deposits, visit the website’s ‘My Payments’ section.
3. Participate in the Tax Deed Auction
So, you’ve decided to participate in the tax deed sale? Below is a step-by-step guide that walks you through the necessary steps from when you bid until the auction closes.
- Start Your Bid: On the homepage, navigate to ‘Upcoming Auctions’ or ‘Auction Calendar’ to locate the sale you’re interested in.
Image Source: Broward County - View the Sale Details: Once you select a sale, access the Bid Page, where you will find detailed information for each tax deed. This page includes the Tax Deed number, Parcel ID, direct links to the Tax Collector, and closing times.
Image Source: Broward County - Understand the Auction Clock: Pay attention to the Auction Clock displayed on the right-hand corner of the Bid Page. This clock is the official timekeeper for the auction.
- Check Your Bid Limit: The deposit in your account determines your maximum bid amount. As a rule of thumb, your maximum bid is your deposit multiplied by 20.
- Submit a Bid:
- Click “Enter Max Bid” next to the tax deed you want to bid on.
- You will be prompted to enter your Maximum Bid amount and confirm it by clicking “SUBMIT.”
- Once submitted, you can verify your bid status—either “Leading” if your bid is currently the highest or “Trailing” if another bid has surpassed yours.
Image Source: Auction Example, Grant Street Group
- Adjust Your Bid: If your bid is trailing or was overtaken and you wish to increase it, click “Change Max Bid” and enter a new maximum amount. You cannot lower your Maximum Bid below any leading bid you’ve previously placed.
Image Source: Auction Example, Grant Street Group - Monitor Your Bids: To focus on the tax deeds you bid on, set your target as a favorite by clicking the star next to it. Then click “Display My Favorite Items” at the top right of the bid table. This option filters the list to show only your active bids. To view all items again, click “Display All Items.”
Image Source: Auction Example, Grant Street Group - Handle Auction Extensions: Be aware of the “One Minute Rule.” If a bid makes you the leader at the last minute of the sale, the auction will extend by one minute to allow further bidding. This process repeats until no new bids are placed in the final minute. See image below:
Image Source: Overtime, Grant Street Group - Finalize Your Participation: After placing your bids, you can stay logged in and monitor the auction’s progression or log out if you have completed your participation.
Step-by-Step Process Source: How to Participate, Grant Street Group
What to Do After Winning a Bid on Broward County’s Tax Deed Sale
Review Your Winning Bids and Finalize Payments
After the Broward County Tax Deed sale concludes, your next steps should be reviewing your results and paying your balance. Here’s how you can do it:
- Check Auction Results: First, log in to the auction site to access your Bidding Summary. This page will list all the deeds you’ve won. Check your email as well; you should receive a notification with a link to view your Bidding Summary.
- Determine the Total Amount Owed: The Bidding Summary will provide detailed information, including your winning bid amounts, deposits withheld, fees due, and the total amount owed.
- Verify Names and Addresses: Use the ‘Verify Names and Addresses’ link to confirm or update the name and address that will appear on each tax deed. Initially, the name defaults to the registered bidder’s name, but you can select different names from your list of affiliates if necessary.
- Make Final Payments:
- Navigate to the ‘Final Payment’ section for instructions on completing your payment. Remember, you must cover your winning bid plus any applicable documentary stamp taxes and recording fees.
- Be aware of the strict deadline: final payments must be made by 11:00 am the business day following the sale.
Following these steps, you can navigate the post-auction process smoothly and ensure all details are correctly settled for your tax deed acquisitions.
Step-by-Step Process Source: How to Participate, Grant Street Group
Accepted Payment Methods
- Cashier’s Check: Each property purchased requires a separate cashier’s check. Checks must be drawn from an American banking institution.
- Money Order: Money orders must also issued by an American banking institution.
- Wire Transfer: Ensure the total amount includes any applicable bank fees from both remitting and receiving banks to avoid underpayment.
Source: Frequently Asked Questions, Broward County
Failing to Pay the Balance
If you do not meet the final payment deadline, your entire deposit will be forfeited, and you will also lose your rights to the property. Furthermore, you may be barred from future auctions for at least one year.
When making payments via wire transfer, make sure to pay early to allow time for processing. All funds must be received in the County’s account by the deadline. As such, late arrival of funds will cause the forfeiture rules to apply, regardless of when the transfer was initiated.
Broward County’s Tax Deed Auction Rules
Proxy Bidding
In Broward County, they use a proxy bidding system for auctions. Proxy bidding means you can set the highest amount you’re willing to pay for a property right in the system. Here’s the best part: if someone outbids you, the system doesn’t immediately jump to your highest bid. Instead, it bids just enough to keep you in the lead, using the smallest increase necessary. You only need to update your maximum bid if another exceeds your limit. This setup allows you to participate in the auction without watching it every moment.
One Minute Rule
An important feature to note is the “One Minute Rule.” If you become the leading bidder during the final minute of the auction, the closing time is extended by one minute. The extension continues until no new leading bids occur, ensuring you have the time to secure your desired property.
Due Diligence Guide: Read This Before Participating
Before bidding on a property at a tax deed sale in Broward County, you need a clear understanding of the potential risks and rewards. You are responsible for the due diligence process and must assess each property meticulously.
Visit and Check the Property
Online pictures can be misleading and not show a property’s actual condition. It’s imperative to visit the property yourself or have someone do it for you to see exactly what you’re buying and ensure it will be a solid investment later on.
If you need help with what to look for during your visit, consider bringing a contractor or get a checklist of common inspection areas. Here are three critical things to check when you’re assessing a property’s value:
- Roof Condition: Look for any signs of old or damaged roofing that may need repair, as this can be expensive.
- Foundation Issues: Check for cracks or unevenness in the foundation, as these can lead to significant problems.
- Plumbing and Electrical Systems: Ensure the plumbing and electrical systems work correctly and meet current standards.
These checks can help you avoid buying a property with costly hidden issues.
Assess the Neighborhood Quality
While assessing the value of a property is essential, evaluating the quality of the neighborhood is equally crucial. A well-rounded investigation provides a more comprehensive understanding of the property’s potential. When considering a neighborhood, pay attention to the following:
- Surrounding Property Value: Check how the values of nearby properties compare to assess potential appreciation.
- Crime Rate: Investigate local crime statistics to gauge safety and security.
- Community Amenities and Upkeep: Assess the availability and condition of local amenities such as parks, schools, shops, and recreational facilities. Observe the general maintenance of these areas to gauge community pride and potential issues.
- Transport Links: Evaluate the accessibility and convenience of public transportation options.
Observing the neighborhood at various times and on different days of the week can also provide valuable insights into the local lifestyle and any potential issues that may take time to be apparent during a single visit.
Check for Other Liens
Tax deed sales extinguish many liens, but not all. For example, in Brevard County, Florida, certain liens, such as those from governmental entities and judgment liens, may persist after the sale. Any excess funds from the sale are used to pay off these liens as far as possible. However, any remaining unpaid governmental liens will continue to burden the property.
Use ROI and Risk Assessment Tools
To make an informed decision, utilize real estate investment tools designed for analyzing deals and calculating the return on investment. Tools such as DealCheck can provide critical insight into the profitability of your potential investment, factoring in costs, revenue, and risk metrics.
Our Take on Broward County’s Tax Deed Sale
In real estate investment, location is everything, and Broward County offers some prime areas for tax deed sales. However, navigating these waters requires expertise due to stiff competition among investors.
The Best Tax Deed Investment Areas in Broward County
- Fort Lauderdale: With ongoing redevelopment and robust tourist activity, neighborhoods like Flagler Village and Progresso offer significant growth potential, making them excellent choices for property investors.
- Hollywood: Known for its stable demand, Hollywood features a variety of real estate options, from waterfront condos to single-family homes in areas like Hollywood Hills and Park East, which are attractive for both rental and resale.
- Pompano Beach: This beachfront city attracts both long-term residents and short-term visitors, boosting its rental market. Areas like Cresthaven and Kendall Green show dynamic growth, increasing their appeal to investors.
- Deerfield Beach: A draw for retirees and families thanks to its top-notch schools and abundant outdoor activities. Investing in communities like Deer Creek and Waterford offers access to a growing market of spacious homes appreciated by a stable demographic.
- Coral Springs: With excellent schools and low crime rates, the real estate market here is expected to rise and is supported by well-planned developments, making it a secure investment area.
Broward County’s Tax Deed Scene Favors the Knowledgeable
Entering the tax deed auction in Broward County is akin to entering a competitive arena. With investors coming from far and wide, the ambiance is fast-paced and requires decisiveness.
The digital platform provided by Broward County is comprehensive, offering tools to assist even new investors, but this doesn’t make the auction easy. The speed and aggressiveness of bidding here are suited for those with a solid understanding of tax auctions and a readiness to act swiftly.
Invest in Broward County’s tax deed sales with the perfect starting point by having the Ted Thomas Advantage: specialized courses designed to master the intricacies of tax deed auctions.
Here’s a free gift to give you a glimpse of the Ted Thomas Advantage.
The Ted Thomas Advantage: Your Perfect Starting Point
Navigating Broward County’s tax deed auctions requires a keen understanding of the landscape and strategic investment choices. With over 30 years of experience condensed into accessible insights, Ted Thomas, your trusted mentor, equips investors of all levels with the tools to excel, even against seasoned competitors. With his focused expertise, you’ll position yourself for success from the perfect starting point: The Ted Thomas Advantage.
Frequently Asked Questions
How can I register for the Broward County Tax Deed Sale?
To participate in Broward County Tax Deed Sales, you must register online through the official Broward County tax deed auction website. Check this blog’s How to Participate in the Broward County Tax Deed Sale section.
What are the requirements to participate in a tax deed auction in Florida?
You must be at least 18 to participate in a tax deed auction in Florida. You’ll also need to bring a valid ID and make a deposit. Your deposit limits your maximum bid so that additional funds may be required during the auction. Check this blog’s section on how to participate in the tax deed sale in Broward County.
What payment methods are accepted for tax deed purchases in Broward County?
Accepted payment methods are cashier’s check, money order, and wire transfer. For more information, see the Accepted Payment Methods section of this blog.
How can I access the auction calendar for tax deed sales in Broward County?
The auction calendar for tax deed sales in Broward County is available online. You can view upcoming sale dates, pre-bidding times, and other pertinent information relevant to the auctions.
Are there any redemption rights for properties sold at tax deed sales in Florida?
Florida Statute states that the original owner typically has no redemption rights once a property is sold at a tax deed sale. The ownership of the property is transferred to the highest bidder after full payment of the bid amount.
What should I be aware of when buying a property at a tax deed sale in Broward County?
When buying a property at a tax deed sale in Broward County, be aware that the county does not issue warranty deeds. Understand that properties are sold as-is, and thoroughly researching the property before bidding is advisable.
Conclusion
Knowledge and due diligence are critical to navigating the Broward County Tax Deed Sale. The auctions operate online, which means anyone can participate from anywhere. This county is the ideal tax deed investment hotspot, and the sale attracts seasoned investors.
By leveraging strategic investment choices and embracing the expertise provided by Ted Thomas, investors like you can confidently navigate Broward County’s tax deed scene. With careful preparation, diligent research, and the right resources, investors can uncover lucrative opportunities and position themselves for success in the dynamic real estate market.
If you’d like to know more about tax-defaulted real estate investing, Ted Thomas provides full support and complete training with home study courses, Q&A webinars, live tutorials, workshops, web classes, personal coaching with certified coaches, and an interactive map and auction calendar research tool that allows you to visit each county online to find the details about upcoming auctions.
Start your money-making journey by attending Ted’s 7-hour foundational training. Book your seat today to attend the Retire Rich From Home Virtual Workshop.
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