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Tax Sale Forum => New Brunswick Tax Sale Properties => Topic started by: jreist on November 23, 2006, 06:36:29 AM



Title: How does New Brunswick Taxe Sales work?
Post by: jreist on November 23, 2006, 06:36:29 AM
How does New Brunswick Taxe Sales work?  I look at the listings and I see no minimum tender price and the sale given by Moskowitz Capital Management Corporation.


Title: Re: How does New Brunswick Taxe Sales work?
Post by: viking on November 23, 2006, 10:26:07 AM
Jreist,

I must clarify that these listings are not tax sales, they are called Notice of Sales, which usually means the owner(s) have defaulted on their mortgage payments. A public auction is held where the company or person holding the mortgage tries to get back at least what the remaining outstanding principal. The contact information at the end of each listing is either the mortgage company or their lawyer. You can contact them & will get varying amounts of information.....but usually they will tell you the outstanding principal amount (which is normally the minimum amount that they will accept. You really have to watch these, because if the current owner has not built up any equity in the home (which is usually the case) the minimum amount could equal as much as 90% of market value (or more). I have looked into a few of these, but the amounts were all outside of my available budget.

Hopefully that answers a few of your questions.

Thanks

Dan