The Tax Certificate and Tax Deed Process
When an owner does not pay their property taxes, the city or the county is going to have a shortfall in their revenue. To make up for that shortfall they sell what is known as a tax certificate. All right, that tax certificate is sold to an investor who once it is redeemed will get the amount that he paid in the taxes, plus the interest on that money.
All right, in Florida, an owner has two years to redeem a tax certificate. At the end of the two years, the holder of the tax certificate can then petition the court to sell the property at a tax deed sale in order to get his investment back, plus the interest. The court then issues a notice to the public and to the owner about the pending sale. And this is where our seller is currently.
The tax deed auction solution
Now the solutions that we have for this young lady, there’s basically two. One is she can raise the money to pay the taxes and the interest and the court fees now in this case, and that should stop the sale. All right, since she cannot do that, Rapid Home Deals can buy the property, pay the back taxes and stop the sale. In either case you’ll need to find another place to live.
Now we offered her a price that would cover her mortgage, cover the back taxes, cover the court costs, cover the moving expenses and cover her first and last month’s rent at the apartment she’s going to move to. While she does need to move, we want to make it as simple as possible for all parties. Now we cannot save everyone, especially if they wait that long to take action, but we can serve them as best we can when faced with a tax deed auction and the loss of their home.
So, that’s what we had going on this week. Tune in again next Friday, where we once again talk about Fan Mail Friday. And remember if you know someone who’s looking to sell their property, have them call 352-480-0955, or go to our website www.rapidhomedeals.com. And we’ll see you next Friday.