Here’s a little know tip for those of you buying properties at the Tax Lien Certificate sale in Florida.
Certificates that don’t sell at the auction become the property of the County and are offered for public purchase at a time and place announced AFTER the auction ends. The unsold certificates carry an 18% interest rate per Florida Statute beginning on the date the certificate was struck off to the County.
In Florida, the Tax Certificate sales all have to end by June 1. After June 1, the counties are then forced to sell the certificates “over the counter” at 18% because they did not sell and they are now the holders of those certificates.
Just make sure you’d be happy with the certificates you buy if they worst case scenario happens and you end up owning it… Buyer Beware.
Originally published in Blog on 6/2/2009