Advice on Florida Tax lien/Deed Auctions

[Nikki Garner]

Hey everyone, just FYI I have a long story, but I want to make sure I  understand the process before I go forward. I've been looking into Tax Liens and Deed Auctions. I've found a house on a major highway in my hometown that is been vacant for few years, just for curiosity i looked up to see if the taxes have been paid and what do know, the taxes have not been paid since 2013. So I called and spoke with the Tax Collector along with the Clerk of court to get more info. Anyways I found out the first Tax Lien Certificate from 2013 was held by the County because no one came to bid on it that year.  And that I could in fact buy their Cert. And then apply for the Tax Deed, which they will then hold a sheriff sale.  I was also informed Inorder to do that I would have to pay for the other years that the taxes have not been paid. Which totals a little over 3000. And of course pay for other fees the Clerk of Court request like paying to have it advertised in the paper for a month. All in all I would be looking at paying around $5000. When asked what happens at the Sale and how they determine the minimum bid I was told that basically all the fees I paid to have the process started would be the starting bid. If no one bids on the property then I would become owner after paying for the deed transfer and then recorded, basically more fees.LOL but if someone or more than one person bids on the property I would get back all that I paid for along with 1.5 interest in the amount.  Which isn't much but my thought is at least I would be getting my money back and maybe a little more. To me it seems like there's not much to lose if I decided to try my first tax lien/deed investing. The property appraisers office has the the property value listed at just under $20,000 but because the home was built in 1930's and might need some inside work, it might be less than that but the big advantages is that it's on a paved road right inside town and near commercial properties, heck even if I could make $5000 profit from the sale after I took possession, I would be tickled pink. That's saying if all this works out in the sale/funds of getting this all started.  So my question is, did the Clerk of Court explain everything correctly to me or am I missing a bigger picture and could lose some or all of my money.  TIA

[John Thedford]

They gave you the scoop. Keep in mind that if you end up with the property, you might need to do a quiet title action which could cost up to 2K. Also, you then, as owner, become liable for any future taxes when you own it, etc. There MUST be a reason nobody bid on the property IMO.  If you cannot get rid of it....the expenses keep piling up slowly but surely.