Redemption Questions
After I purchase a deed at the tax deed auction, and the previous owner wants to redeem...do they only pay back the taxes and interest or ALL the money, including the over bid amount? Or does that portion come back from the county, or is it considered a loss?
Also, I have heard that Florida doesnt allow redmetion after the deed is recorded, and then I heard they have up to 7 years after the first lien? Does anyone know which one is correct?
Thank you for any answers...
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Bargain, I agree...I think I am going to start contacting the owners before the auctions. I think it saves a lot of time, money and frustration in the long run. I cant tell you how much I hate the last few days before the auctions, because out of 25 properties I have researched and driven by....maybe 7 actually make it to auction. Everytime they remove a property off the list it is a disapointment...and I am sure that it is because they are being redeemed by other investors, such as yourself.
The only thing that I have to get over is the fear of approaching the owners. I am a very outspoken,
not-at-all shy, kind of person. However, I cant seem to do this...I think I feel intimidated because I am such a new investor.
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So...donanddenise, you used to go to the auctions but now you use the different approach of speaking with the owners before hand?
I am really tired of researching 50 properties to see 3 go up for auction and then have a bidding war over the 3. This approaching them beforehand is definetly the way to go. I am done with the auctions to be honest! It is just too much unnecesary work.
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moonstruck....I assume if you were to contact them before the auction, you need to do the same research invlolved, making sure they dont have a mortgage or big liens...cuz they wont get wiped out as if they went to auction, however, it might be worth it....you might end up paying more than the lien amounts with your bid......
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