Today I’m answering your questions about Seminole County tax deed sales, and the topics I’m going to cover are:
- Tax Lien and Tax Deed Auctions in Seminole County
- Florida Tax Lien Sales
- Florida Tax Deed Sales
- How Do Florida Tax Deed Sales Work?
I’m Ted Thomas, and I’ve been involved in tax lien certificates and tax defaulted property auctions for over 30 years.
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Tax Lien and Tax Deed Auctions in Seminole County
Florida tax lien certificates and tax deed sales are popular. Newcomers are confused because the state of Florida offers two distinctly different sales. Actually, in both instances what’s called a sale is an auction which is opened to the public.
Tax lien certificate auctions and tax deed auctions have been taking place for decades, and the auctions are authorized in all 3,000+ counties across the United States.
Today I’m answering your question about Seminole County tax deed sales.
As a point of interest, Seminole County is one of the three counties that make up the city known as Orlando, Florida. The other two counties are Orange County and Osceola County.
Florida Tax Lien Sales
Florida has two auctions. At the first auction, the county will sell tax lien certificates which are really certificates of paper that represent unpaid taxes to the county. These certificates are sold at live auctions and online auctions.
Before the property gets to the Seminole County tax deed sale, the property would have defaulted on a tax lien certificate.
The state of Florida in my opinion is a benevolent state, in that the legislature allows the defaulting property owner who has failed to pay property taxes to remain on the property.
The county treasurer following the mandate from the legislature and the local board of supervisors of county commissioners will give many due process notices advising the property owner that is on default on taxes. If the owner fails to come forward and pay the property taxes, the treasurer will place the property in default.
The bidding process at a tax lien certificate auction is a reverse auction. In Florida, the bidding would start at 18% and go down as low as 1 quarter of a percent.
The defaulted property owner could remain on the property for as long as 2 years. However, if they haven’t paid the property taxes plus the interest or the penalties by the 2-year expiration date, the purchaser of the tax lien certificate may request the county conduct a tax deed auction.
Florida Tax Deed Sales
Tax deed auctions are considerably different.
This is a point where many student investors become confused and discouraged. Starting a business can be intimidating. There are many tough decisions, but the answers to those decisions have already been worked out by other successful business owners. If you’re not talking to a coach you are missing the boat.
Florida is unlike other states that auction tax lien certificates. In states other than Florida, if a tax lien certificate is unpaid, using a legal process, the tax lien certificate owner may foreclose on the property and take ownership. The defaulting property owner will lose the property, and the county treasurer will delete the mortgage or trust deed loan.
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How Do Florida Tax Deed Sales Work?
The owners of the properties at Seminole County tax deed sales have failed to pay past due taxes on tax lien certificates.
The starting bid at the second auction will be the back taxes, accrued interest, and penalties. If the property sells at a higher price, the highest bidder will get the property.
Assume the property sells at auction for more than the minimum bid. The original purchaser of the tax lien certificate will now be paid first and receive 100% of capital invested returned plus interest and other expenses.
The treasurer will delete the mortgage or deed of trust loan and the new purchaser will receive a property free of loans and encumbrances.
Think about it, if you could buy slightly used and abused real estate for 10, 20 or 30 cents on the dollar and sell the property for 50 or 60 cents on the dollar, how much profit could you make?
We hope you enjoyed Ted’s lesson, “Seminole County Tax Deed Sales”
Seminole County tax deed sales offer great bargains to knowledgeable investors. If you know the rules and do your homework, you can purchase mortgage-free properties for pennies on the dollar at Seminole County tax deed sales.
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 Ted’s Free Master Class! 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.