Ontario Tax Sale Property Forum
USA Tax Sale Forums => USA General => Topic started by: silverbach on May 19, 2008, 08:09:27 PM
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Hi,
I'm new in here and new in the world of tax sales.
Everybody probably heard about tax certificate sales and tax deed sales.
I have read things over the internet that leaves question marks in my head.
One of those things is the fact that buying a certificate or a lien makes all other liens disappear.
Another is the possibility of paying a certificate or a deed under a 1000 $ and getting at the end a property worth 75 000 $ to 100 000 $.
I would appreciate your comments on any of that.
I just put my hands on about a 1000 ? recently and I am thinking in investing in a certificate ?
Do you recommend it ?
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What state(s) are you interested in looking for a tax lien or certificate in?
One of those things is the fact that buying a certificate or a lien makes all other liens disappear.
Look further into this. I can imagine a number of federal agency iens remaining.
Another is the possibility of paying a certificate or a deed under a 1000 $ and getting at the end a property worth 75 000 $ to 100 000 $
Through a tax deed sale you could get a property worth $100,000 for very little. The owner has a right to redeem the property for a period of time (usually a year), some states such as Florida do not have a period where the previous owner can redeem the property. Basically you are paying all of the back taxes+interest+fees.
You will have the most success in counties in states where they require you to be in person to submit a bid (naturally).
Through a tax lien sale, you first buy the lien, than after a period of time if the person cannot pay back the lien + interest ( Redemption Period) than you can put the property up for foreclosure. Now it would go through the tax deed sale process.. but in most cases you would have the first right of refusal. That's how you can get a property for much less. But remember you have to pay for all of the foreclosure costs). So getting a property for under $1,000 might prove difficult for your first experience.
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Well Rob, I was thinking of starting off with a vacant land, with the intention of reselling it quickly, and then use this profit, say 5000$ for instance, to bid on a house.
Does that sound like a good idea ? What do you think ?