how to get started,,,how much cash do you need??

[vulcun]

Hi,
I have been interested in tax sales for a long time, and want to get involved.  Can any one give me some advice, as to how to get started...how much money you should have to spend, and just basic advice???  In my town, there are notices all the time about tax sales.  Any information would be greatly appreciated.

[jreist]

Go through the posts that are on this Forum and you find many of the answers to your questions have already been answered.  Read other peoples posts.

[Rob]

how much money you should have to spend, and just basic advice???

You can get a property without a house for as low as $500 dollars. 

[vulcun]

Thanks, I can handle the money part,,,now how do I start?  There are notices in my local paper for properties for sale, minimun tender amount of $2,000.00 .  How high should you go to guarantee that you get it?  Can you find out what other bids are in, and for how much??
Thanks again.

[Rob]

There is a "View Current Tax Sale Property Listings" link above.  Click on that and you can see a list of different dates.  Each of those pages hold information on different tax sales released that week.  On each listing you will see a phone number or email.  Contact that person, buy the kit. 

"Can you find out what other bids are in"?
Only in a public auction.


Bid as much as you think the property is worth.  They might let it go for under $2000.00

[speedfreeksteve]

as you think the property is worth.  They might let it go for under $2000.00

Are you saying that someone could potentially bid lower than the minimum tender on a property, and they may honour that bid if there is no other bids? Have you ever heard of that happening?

[Rob]

I have never seen that happen and it is unlikely to happen. 

But when I see a property listed and receive no bids then relisted a short time later.  I wonder if they would accept a lower bid.  I wonder if they could accept a lower bid or would they need to sell this property using a different method.

[Patihfinder369]

I believe that the municipality cannot accept less than the outstanding tax as it is set out under the Municipal Act as to how they much they can accept. If they do not get the amount asked for, then they have the option of taken legal ownership of the land and they could then use it for municipal purposes or then sell it at a later date, for whatever fair market value is.  (Im not sure of the procedure to make this done.)

Also keep in mind, currently, property taxes are the only way that municipalities generate revenue to provided services to the residents.  So it does not make sense to accept anything less.