Buying OTC
I was pleased that some of my recent tax certificates I purchased in Lake County Florida were already paid off, but now I want to reinvest them quickly in again. When I go to buy over the counter it seems that there are a lot of properties that already have prior certificates outstanding. Should I buy one with a prior certificate outstanding? Will most other ta cert. buyers eventually foreclose on the property after their two years and therefore just pay mine off? I am still just worried that I will get stuck having to close a property when I really just want to get my 18% investment. Any advice is appreciated. Thanks.
No you do not have to pay the current property taxes to keep it in force, if, after two years, you decide to foreclose on the home you must pay of all current liens then it goes to auction.