You are rewarded deed upon successful bid but it can still be redeemed within 12 months following purchase.If redeemed, the tax buyer surrenders the tax deed to the homeowner in exchange for all principal invested plus 20% penalty.
If not redeemed, a tax buyer can begin the foreclosure process. Also referred to as a “hybrid deed.”
If the property does not redeem, the investor has the opportunity to receive the title of the property and if they do not want the property we can sell the property to another investor for an amount a little higher than the taxes and foreclosure costs the initial investor put into it.
There is very limited inventory on this type of acquisition, therefore they get sold very quickly.