Procedures of Tax Liens in Florida

[Ryan Lee]

Looking for a little guidance in Tax Liens in Florida, more particularly Broward county.

Is there like a 7 year period for foreclosure?

[Brandy Horkey]

@Ryan Lee the Florida Statutes on tax certs is pretty straight forward.  You can buy certs at auction or OTC after the auctions.  The rules and dates are slightly different for each county but all must follow the state statutes.  In general, you can bid anywhere from 0%-18%.  0 gets you just that....0%.  However, you can bid down to a 1/4 of a percent and still win the auction which pays 5%.  I see a lot of folks do that just to win the bid.  I suppose if you have enough money to invest for 5% and make a sizable profit, then that's the way to go. Remember, Florida has lakes....lots and lots of lakes so always be sure to take a look at what you're bidding on and don't get stuck with a .5 acre of water.  Alligators really aren't all that profitable! :D Once you win a tax cert, it is held for 2 years. Owners can redeem the certificate at any time during that two years. As John mentioned earlier, you do not own any part of the property so you are prohibited from setting foot on the property or contacting the current owner.  Just sit on the cert for 2 years and collect interest if they are redeemed. After 2 years, you can foreclose on the properties for up to 5 more years(total of 7 years on the cert). The owner can redeem the tax certificate at any time until a deed is issued and paid for by a new owner.  You still do not own the property unless you win the bid at the tax deed auction.