Tax Sales Advice

Sounds like someone already purchased it at the tax sale, but if not go for it. Those are excellent for buying homes very very cheap. It's a win/win either way, because if you buy the lien and they do repay the taxes they also have to pay you interest on top of that, and if they don't pay the taxes you pick up the home for pennies on the dollar. Ususally, buy the time it gets to a tax sale the mortgage isn't a concern.
I bought a home in Michigan for $1700 at a tax lien sale. Like every other type of investing you have to do your homework and make sure the value is there... Let us know what happens!

Best of luck to you,
Elena M.

Elena,

Are you saying that you got the home for the $1700 and that's it?! When you say the mortgage isn't a concern, do you mean the mortgage is not a lien on the home anymore, tax lien overrides? (I know this has been discussed in the forums before, so I apologize to those whose info I have overlooked ).

Thanks for sharing.

Rina

override mortgages, taxes will always take a first position over everything else, SULLY.

Now that I'm interested, I'd better go back and read all the tax lien posts again.

Rina

Tax overrides lien holder?? If so, then is the only person who can pay the tax + interest and get the home back, is the owner of the home? The lien holder cannot pay to protect their investment?

I'm still digging into this, so stay tuned.

yup....but the lien holder protects his invesment by making sure he/she can buy the tax lien NEXT YEAR..and so on.

http://www.deangraziosi.com/node/4802

http://www.deangraziosi.com/node/3123

Also check out a book called the 16% solution.

I actually bought a 2/1 bath home for only $1700 at a tax lien sale, there was NO mortgage on it. Tax lien always overides any mortgages just like Sully said. That's all I had to pay for it! Those deals are out there too folks!

Elena ;D

But it's one of those things that seems too good to be true until you meet someone who's actually done it. Thanks for the info, Elena! I'll be checking into that in my area.

Rina

I hope you can still get in on the house deal. Good eye, catching the condition of that property. Check into more tax sales, for sure, and thanks for bringing this to our attention.
Good luck, Randy.

Rina

Good for you. I've researched alot of areas of investing and continue to do so. I like to have a wide range of knowledge so I can tackle anything from mobile homes to tax liens and everything in between!

Keep me posted on your progress, it's such a rush to read your daily posts and what you're doing...
Elena

You need to start a journal so we don't have to chase you around the forums to find out what you're up to!

Rina

I'm not up to anything yet, I'm on vacation and supposed to be concentrating on relaxing and having fun, but I can't stay away from this site and all the great posts, plust I keep updating my websites. So I don't have anything to put in my journal right now, but I'm already preparing it for my return home. So for now, I'm gonna chase you around... LOL!
Elena

You do still need a title search though. IRS liens are NOT removed.

I found it on our county site but I can't make any sense of it!

THE FOLLOWING PARCELS HAVE BEEN LISTED IN PREVIOUS TAX-LIEN SALES AND
ARE AVAILABLE FOR IMMEDIATE ASSIGNMENT.
CONTACT THE COCHISE COUNTY TREASURERS OFFICE FOR ASSIGNMENT INFORMATION

PARCEL #---NAME OF OWNER----DESCRIPTION OF PROPERTY----ASSD VALUE---DEED YR

6 00 025----SINJAY INC-------1 SEC 6 T14 R25 IMP ONLY-----960---------2010

Can anyone help with this so I can do whatever research is requied?
It is so confusing.
Is it okay to phone the treasury dept in our county and ask them how to interpret the document?????

Deb,
When I first started looking at properties, all that stuff was Greek to me. I made a LOT of phone calls to the Treasurer's office. AND I spent HOURS looking at plat books and descriptions learning how to decipher them, and driving around learning where different divisions, ranges, townships, parcels, etc. were. This is what I make of your info.

PARCEL# - 6 00 025 (That's the number that "parcel", or piece of property, is listed under at the Treasurer's office)

NAME OF OWNER - SINJAY INC

DESCRIPTION OF PROPERTY - 1 SEC 6 T14 R25 IMP ONLY (SEC=Section, T=Township, R=Range, I don't know whet the IMP ONLY is) This tells WHERE the property is located and the boundaries of it.

ASSD VALUE - $960

DEED YR - 2010 (when the deed can be taken over???)

That's my best guess of what it means. Call the Treasurer's office, I'm sure they'll be glad to help. Well, maybe not glad, but they'll do it if you ask nicely.

Rina

like the parcel number, the property description and go to the county recorder's office and have them look up the property address for you. They will print you a copy with everything on there like the owner name, property address, lender who finance the property and other important info. They may charge you a $1.00 per property info. I bought four properties through a tax lien sale for less than $5,000.00. They have 3 years redemption to claim their property back if the lien holder pay their taxes within period of 3 years. If after three years and still have paid their taxes, then the property belongs to me free and clear. Good luck and happy investing!

lloyd

I know the your deed sale was mortgage free, but if there is a
mortgage, doesn;t it need to be dealt wth, before you evict the current residents or work out some type of payback deal?

I know the your deed sale was mortgage free, but if there is a
mortgage, doesn;t it need to be dealt wth, before you evict the current residents or work out some type of payback deal?

I can see what you mean with the abreviations and I guess the treasurer would be a good bet and I will do as much research as I can to sort out the 'code' that they use.
Thanks again.

I am going to work from this angle as I need to get a really good deal to get into the race here!
Can't you do what Dean did when he brought a tax lein property? He got the owner to sign it over, or he could have used an article 15 to challenge the owner to pay it in a specific time frame or the deed goes to you? Or is there different laws where you are? That was what I read on page 243 of 'Be a Real Estate Millionaire'

I stumbled upon a neat tool on the county government web site of an area I'm thinking of purchasing property. I was able to download the properties available for sale at the next auction, and from the list I was able to enter the county's account number for that taxpayer and was able to get addresses and a fuzzy aerial photos on another part of the site. I took that info and went to google maps and was able drill down to a street level photo of quite a few of the homes. This is hugely important as the area I'm looking to invest in is 1400 miles from my current address. As a bit of advice (from a newbie no less!) check out the county government web sites. You may be able to do a lot of the leg work sitting at the computer. I'm sure very few counties have such a detailed site, but it's worth checking out!!

I do use the government site and have kept an eye on foreclosures and those also going to auction on this site, but I do not understand the 'county's account number' part of your message.

Can you explain that to me when you get a chance.
sound like something I could really use!
Thanks for the info..

Each tax payer has an account number, and that is the search critia that county uses,I've since found other counties that use the lot and block numbers of the property itself.
I have encountered another issue though. There is a condo complex that has 55 units listed in the next auction/sale for non-payment of taxes. I've done some research, and the complex changed from apartments to condo in 2004, right when Florida real estate took a dive due to hurricanes. Can anyone think of any other reason to have 55 units up other than they aren't moving? I live 1400 miles away, and if we purchase this'll be home base, not investment property. I have to move due to family illness/ lost job combo, so I'll be there a while. I've had someone I know drive through the complex and it's a big place, well kept and lots people apparently living there.

I have located several properties in my area with existing tax liens. I guess - first thing - I am a newbie and getting a little confused, so I am posting here for advise. How do I go about purchasing these tax liens? If there is a mortage against the property - how does this come into play. I am in Ohio. Any help is greatly appreciated. Thanks

Hi,

I just finished Dean's latest book this morning and have been looking for properties. I found some properties that are going to auctioned off on 3-11-09. I found three three properties with homes and one vacant parcel(There were actually more but the others were not sufficient).

The tax deed are $4617.10, $3503.26, $10436.35, and $4886.73. Each of the properties are assessed for $120,000 and up. I know I need to search the titles, but what else should I look for and is there a way to do something like an assignment where you would allow other to get involved? I am trying to build up enough cash flow to eventually be able to buy these myself.

I live in the Orlando are and expect to find lots of deals in this are and throughout the state of Florida. Any advice would be appreciated.

Thanks,

Tim

Contact you tax assessors office with the address of the desire property. They will tell you everything that you need to know about the property. Then I would contact the property owner and talk to them about what they want to do with the property. If you need some help let me Know. OH10, hmm, A tax deed state!I'll be waiting to hear from you. Good Luck!

I have a question:

What happens if you purchase a Tax Lien but you decide you don't want to hold the Lien anymore, do you get penalized if you get out of the Lien? Do you get your money back if you DONT get penalized?

I just purchased a Tax lien for a piece of land. I bought it with 5% interest back. I mean i could hold on to it but i feel i made a mistake.

nygnyk30 Well you could auction it off on ebay or just out-right sell it to someone. Then you would have to get it in their name which is only about $20 at the courthouse! But no you can't just cash out of it like a life insurance.But If I were you I would ride it out.Like Dean says in his book once you start a deal see it through!We are here to ride it out with you!You are not alone!

In my opinion, it is a great way to build on long term goals. Building a residual income never hurts. We have an opportunity to be a part of a ground breaking opportunity. According to Dean, there is no cap on buying real estate. Take advantage of this chance of a life time. No Regrets. Only success! Look foward to hear your success story from this purchase.........
Lubertha

Hold on... I just read this whole forum and I'm interested. Anyone know of any material about how I can get started on this?? It's all greek to me lol. Newbish question but only if I knew more about it.... man the possibilities.

Any help appreciated.

Knowledge is Power
- Pimpedoutgeese