Exciting news is sweeping through Central Florida. Seminole County, one of the last holdouts for in-person tax deed auctions in our area, has officially moved its auctions online. While this change offers new opportunities, it also brings a few challenges. Let’s dive into what this means for you as an investor and how you can make the most of this transition.
A New Era of Convenience
Gone are the days of trekking to the Seminole County courthouse to participate in auctions. Starting January 9th, a popular online platform will be hosting the Seminole County’s tax deed auctions, making it easier than ever for you to bid from the comfort of your home (yup, even in your pajamas!). With just a few clicks, you can now compete for properties in this affluent county where tax delinquency is relatively rare.
But with convenience comes competition. The move to an online platform opens the door for bidders from across the globe, potentially driving up prices. So, while you’re saving on gas, you’ll need to sharpen your bidding strategies.
How to Get Started
- Register on the Platform: Create an account on the RealAuction website if you haven’t already. This account will allow you to participate in Seminole’s tax deed sales and others nationwide.
- Submit Your Deposit: A deposit of at least 5% or $200 (whichever is greater) of your maximum bid is required. Keep in mind, deposits must be sent 24-48 hours before the auction. Plan ahead so your funds are ready when you need them.
- Do Your Due Diligence: Before placing a bid, research the properties thoroughly. Use tools like the property appraiser’s website to check for liens, title issues, and zoning restrictions. Most importantly make sure you or someone looks at the property before you place a bid. If you miss a critical detail, you could turn your investment into a costly mistake.
Pros and Cons of Online Auctions
Pros:
- Bid from anywhere, anytime.
- Access auctions beyond your local area.
- No need to travel or carry physical funds.
Cons:
- Increased competition from global bidders.
- You must send your deposits in advance and the county may take weeks to refund it if unused.
- You’ll need to keep track of deposits across multiple counties.
Your Next Steps:
Whether you’re new to tax deed investing or a seasoned pro, preparation is key. My comprehensive programs, Tax Deeds at Your Fingertips and the 2-Day Field Trip Experience, are designed to help you navigate this exciting world with confidence. From analyzing properties to understanding auction rules, you’ll get the training you need to make informed decisions and maximize your returns.
Visit BuyingTaxDeeds.com to learn more about these programs and register for one of our webinar sessions or trainings.
Ready to take your tax deed investing to the next level? Watch my latest video below and on YouTube, ‘Oh No! Tax Deed Investors Lose an Advantage,’ for an in-depth walkthrough of Seminole County’s new online auction system. Don’t forget to subscribe for more tips and insights!
Stay informed and happy investing!
