Auction Buyer Pays $9,100 for Property, then Discovers it's a 1 Foot Wide Grass Strip Worth $50!

Auction Buyer Pays $9,100 for Property, then Discovers it’s a 1 Foot Wide Grass Strip Worth $50!

A Florida man thought he’d landed a steal when he bid on a $9,100 Florida villa in an online auction but ended up buying a strip of grass running between two homes – and officials say there’s nothing he can do about a refund.

This is the 1 foot wide $10k piece of landThe Tamarac resident and newbie investor thought he purchased a Tamarac villa, worth $177,000, during a Broward online auction in March this year of properties that defaulted on their taxes. However he ended up with a one-foot-wide, 100-foot-long strip of grass on Northwest 100th Way in Spring Lake – a tiny piece of land worth just $50.

The land begins at the sidewalk curb where two mailboxes are placed and then goes under a wall separating two garages of two adjoining villas, then extends to the backyards of the homes. What seems on the surface a seriously misrepresented transaction, there is nothing that the first time auction bidder can do according to state law, claim Broward County Officials. It’s “deception” the buyer said to the Sun Sentinel, a local Florida Newspaper. “There was no demarcation to show it’s just a line going through the [villa duplex], even though they have the tools to show that, the buyer claims”, he continued “that the property appraiser images were linked to the auction site that showed the villa as the item to be bid on”.

This is the 1 foot wide $10k piece of landOur viewpoint here at Propertyonion.com is that an experienced investor would have known exactly what the single red line denoted and the $50 land value is another giveaway, you see this occasionally in what are called “pathways” and “alleyways”. Now officials are warning auction participants to be wary of bidding on properties, however if the buyer had taken out a PropertyOnion.com title report, our highly trained abstractors would have picked this anomaly out immediately, placed a comment on the title report which would have alerted the bidder. We can only hope someone at the County level steps up and does the right thing!  

Such a shame the buyer didn’t contact a reputable title company first to help him do his due diligence on the tax deed auction. The $50 title search would have been insignificant in comparison to the $9,100.00 wasted on a worthless sliver of land.

Share This:

Tony Stern

Born and educated in the UK, Tony began his real estate career in 1976. By 1982 Tony launched a real estate development firm. In the 1990’s he created, acquired & sold several companies including Star Refining an international precious metal refining company with offices around the world. Since 2001 Tony has been investing in all aspects of real estate, concentrating on the Florida foreclosure market. Seeing a need to help investors, in 2016 Tony co-founded, PropertyOnion.com.

Leave a Reply

Log in or Register before you can comment.

You May Also Like

abortion-row-v-wade-ruling

Does the Roe v. Wade Abortion Ruling affect Real Estate?

Should Interest Rate Hikes Change Your Purchasing Strategy as An Investor?

Should Interest Rate Hikes Change Your Purchasing Strategy as An Investor?

11 Questions Newbies Have About Starting in Foreclosure Auctions

8 Questions Newbies Have About Starting in Foreclosure Auctions

real estate book list

Books for Real Estate Investors for 2022

Join 1,000s of Home Buyers, Investors, and Professionals using PropertyOnion.com
with a 100% free account today.

"Thank you for your terrific support,
and prompt response. I wish I had
found you before I overpaid for an
MLS deal."

William Genske, Investor