Today I’m answering your questions about Palm Beach County tax deed sales. I’m Ted Thomas, and for more than 30 years, I’ve been involved in the highly profitable subset of traditional real estate, tax defaulted property investing.
The topics I’m going to cover in “Palm Beach County Tax Deed Sales” are:
- The Palm Beach County Tax Deed Auction
- The 2-Step Florida Tax Auction Process
- Reauctions for Unredeemed Tax Lien Certificates
- How Tax Deed Sales Work in Palm Beach County
- Palm Beach County Tax Defaulted Auction Rules
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The Palm Beach County Tax Deed Auction
Even wealthy counties will have real estate property tax auctions.
Palm Beach County, Florida conducts tax deed sales one or more times each year. The sale is an auction which takes place online, and the county will provide instructions on how to do the bidding.
In most instances, county employees conduct the live tax deed auctions. The bidding starts at very close to the back delinquent property taxes, and the highest bidder wins the property.
At Palm Beach County tax deed sales, it is possible to purchase real estate for pennies on the dollar.
Experience has revealed that approximately 25% of the properties on the auction list will be land of some type.
Property research is the responsibility of the buyer. If you purchase real estate at Palm Beach County tax deed sales, the condition of the property and any defects in the title are your responsibility.
The 2-Step Florida Tax Auction Process
The county board of supervisors are required by law to hold two auctions in Florida. Therefore, Palm Beach County starts the defaulted property tax process with a tax lien certificate auction.
The auctions usually take place in the months of May and June, and Palm Beach County will have thousands of tax lien certificates to sell.
The tax lien certificate auction is a reverse auction that starts the bidding at an 18% interest rate and then goes down.
If a tax lien certificate is not redeemed, in other words, if the property owner has not paid the delinquent property taxes plus penalties owed to the county, then the certificate holder must request an additional auction.
This second auction will be a tax defaulted deed auction, and this latter auction will determine if the tax lien certificate investor owns the property or if there is a new owner.
In Florida, newcomers sometimes become confused about from which sale they will receive the property. At the first auction, the tax lien certificate auction, the purchaser of the tax lien certificate has no right to enter or be on the tax lien property associated with the tax certificate.
Reauctions for Unredeemed Tax Lien Certificates
The tax lien certificate purchaser must hold the certificate for two years with the possibility of no payment, no redemption. During that time the property owner is allowed to stay on the property.
If the tax lien certificate buyer is not paid within two years, he or she must request that the county conduct a re-auction.
The proceeds of the second auction will pay the original holder of the tax lien certificate. However, if there are no bids at the second auction, the tax lien certificate investor will receive the property.
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How Tax Deed Sales Work in Palm Beach County
The second auction in Palm Beach County is a tax deed auction where the county is selling the property, and these auctions are also referred to as Palm Beach County tax deed sales.
The Palm Beach auction list is available on the Palm Beach County website, and it is also announced in the local newspaper which is The Palm Beach Daily Business Review.
At Palm Beach County tax deed sales, the highest bidder will win the property mortgage-free because the treasurer is authorized to delete the mortgage and deed of trust loan.
Palm Beach County Tax Defaulted Auction Rules
It’s wise to know and understand the auction rules and the county process.
Bidders at Palm Beach County tax deed sales must deposit funds equal to or greater than 5% of the maximum they intend to bid on each property or $200, whichever is higher.
The full or completed payments are due by 2:00 PM the next business day after the sale. Payments may be made in cash, official bank checks, or wire transfer. No personal checks!
The sale is not complete until the county has been paid. Bidders could lose their position to the property owner by not paying immediately.
We hope you enjoyed Ted’s lesson, “Palm Beach County Tax Deed Sales”
In summary, the Florida legislature has created a process of two auctions.
In Palm Beach County, the first is a tax lien certificate auction where the certificate holder will either receive a high interest rate or get the property.
The second auction is the tax deed sale where the local government sells property to the highest bidder. Properties can be purchased for pennies on the dollar at Palm Beach County tax deed sales, and the real estate is sold mortgage-free.
If you’d like to know more about tax delinquent property investing, Ted Thomas provides full support and complete training with home study courses, Q&A webinars, live tutorials, workshops, web classes, and personal coaching with certified coaches.
Learn how to reap huge rewards from tax lien and tax deed investing! Get started today by taking advantage of this Free Gift from Ted. Act now, it costs you nothing and will give you a big head start!
Ted Thomas is America’s Leading Authority on Tax Lien Certificates and Tax Deed Auctions, as well as a publisher and author of more than 30 books. His guidebooks on Real Estate have sold in four corners of the world. He has been teaching people just like you for over 30 years how to buy houses in good neighborhoods for pennies on the dollar. He teaches how to create wealth with minimum risk and easy-to-learn methods.