Florida Tax Sales Structure Flashcards
Florida is a
- Tax deed state
- Tax lien state
A: YES- both. It is a hybrid state
Bid-down Liens until go to auction.
After Auction if not sold->
Goes to OTC deeds.
What is the interest rate and redemption period of Florida?
18% bid down and 2 yr redemption
What months does Florida hold lien Auctions?
What do you need to consider if buying a lien regarding price?
May-June only.
If someone else buys it- you get your money back plus 36%.
Not sold at auction- Yours if doesn’t sell.
Caveat: Homestead- you pay lien amount plus half the assessed value.
$2500 lien plus 50k (100k assessed value).
When is best time to buy in Florida?
About 20-25k deeds left over after lien sales per county held May-June.
After May OTCs start becoming available.
*We only want these. No 2 yr wait time like with liens.
What are Florida OTCs called?
“Lands Available”
What Auction website does Florida use?
3 counties use _________?
The rest use this website _____?
Auctions: REAL AUCTION-
Grant street: Palm, Brower, Lindsay
Real Auction: the remaining 26 counties.
Memory help- Lindsay uses brown palm leaves on Granite.
Describe Auction process for RealAuction website.
BIDDING PROCESS
RealAuction-
Can place bid early
If tie on bid you win if bid first.
Auto bid $100 at a time till your max bid.
Deposit usually 1 week before sale. How much deposit?
Navigate in your head how to get to the deed auction sales.
USTLA folder-> auctions-> realauctions-> click Florida-> choose RealForclosures-> Cmnd F (search Polk)-> click on Polk tax deeds (not Polk tax liens)-> goto Calendar- choose Auction by date.
You’re in!
Describe in head how to get to property card
New tab->USTLA->Property Card->online searches->Florida->cmnd F POLK->Property Search->Search by parcel#->
Name the main five steps in researching a property
- get list from ULS
- property card
- GIS
- lien search
Redemption period begins when?
After first delinquency. Unlike AZ.
What kind of Deed do you get at Auction
Foreclose-able tax deed.
