Tax Liens, Someone School Me
Hey whats up
I am a mortgage broker in the great state of Florida. I would like to know about Tax Lien certificates, how they work, the risks and returns etc... if anyone has questions about financing id be glad to help thanks!
Tax liens work differently in different states, as far as I know in Florida they do tax lien sales and tax deed sales, tax lien sales are for the interest only, if the owner doesn't pay the taxes off during the redemption period the house is sold at the courthouse steps and the certificate holder is paid from the proceeds with anything extra going back to the original owner.
but in some other states, the successful bidder of a tax lien has to wait until the redemption period is over and then start the foreclosure process, if nobody redeems the property during the foreclosure process the tax lien certificate holder is granted a tax deed and can start to file for a clear title.