OfflineJust curious. I'm trying to research tax sales in GA. It seems as though the owner has a year to pay the back taxes, plus 20% interest. My question now is, even though I have to hold the property for a year before I can sell, can you rent the property during that time?
Anyone have any experience with any literature available on Tax Sales? I'm going to re-read Deans section on that, but wondering on State specific info. Thanks!
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Emily
ECC Investments, LLC
I reside in Fulton County GA where do they hold the county Tax Deed sales at for Fulton County? Anybody, been to one their auctions?
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hey emily i think you should get as many properties as you can get. But you are not suppose to get any rent or anything . not even suppose to get on the property!But I was talking to this million air who buys 1.2 million in tax liens.He says that after the tax sale he goes to the house and talks to the people who is living thereand gets rent out of them I was amazed. Because our laws are about the same as yours in Ga. But I was thinking of getting some properties in Ga.I already bought some from Arkansas I turned Grady onto what he doing!
I did bought 3 property recently (june 2011) at tax lien sale and honestly dont know what to do with it now. My first time buying at tax lien sale was 2009 and made 6 % interest after a year when the bank paid off the back taxes(about $300.00+).The following year I bought another tax lien but after a month the owner paid the tax so I maid $10.00 on my investment. Any suggestion on what I can do with this years tax lien sale I bought(its been 3 months now )?
Make sure you research this fully. GA is one of the worst states to buy tax liens in. I was checking into it and one of my coworkers in GA bought in other states because GA is just not friendly. Imagine that.
I reside in Fulton County GA where do they hold the county Tax Deed sales at for Fulton County? Anybody, been to one their auctions?
It's done on the court house steps (check out the following URL for more details).
http://www.fultoncountytaxes.org/fultoniwr/11d_depts_property_taxes.htm
Tax sales is one of my specialties.
Keep in mind that the Fulton County tax liens have a quirk. If the lien holder doesn't do something within 5 years, then it's game over. Also, if a lien holder moves to foreclose his/her interests, then he/she has to pay off the other subsequent tax liens.
Someone asked a question about tax sales in OH. OH is kind of odd. It traditionally was a tax deed state, but now it's somewhat of a hybrid state. Counties with a population greater than or equal to 200K (namely Cuyahoga, Franklin, and Hamilton) can sell tax liens. All 88 counties still do tax deed sales; however, one typically won't get decent deals there. By law, the sheriff has to set the minimum bid at 2/3 of the assessed value--except in a few special cases. (Clear as mud, right?
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Someone earlier mentioned that all properties acquired via tax sale are free and clear of all other liens. That's not always entirely true. Although tax liens are superior to IRS, HOA, and child support liens, the first and last stay with the property (and could survive a tax sale foreclosure). A HOA lien might survive a tax sale foreclosure in certain areas; FL has some interesting laws in place on this.
Most states are set up differently as far as their rules are concerned but renting the property out until you actually own it should be a no no just about anywhere.
What you want to do is give a call to your local county tax office or better yet pay them a visit. 20% interest is great though!
Remember you are only holding a piece of paper and that does not give you any latitude on what happens to the property.
Randy Bailiff
hi; does anybody knows how to do tax sale overbids in IL, WI, or MI?
You have to be very careful when dealing with tax liens. Where some states like Georgia may be a year, this can go up to 4 years in other states.
Also keep in mind that there could possibly be other liens that can show up during that period of time that need to be satisfied.
Here is a link you can use for Georgia properties: http://www.taxliens.com/georgia-tax-liens.html
So remember with your initial investment to by the lien you may have to wait up to 4 years to get your money or the property and the owner can bring it update at any time but you still get get interest and initial investment back.
Randy Bailiff
Dean Graziosi Real Estate Investment Coach
In NY the municipality takes title to the property and lists it with a RE agent.
In PA the property goes to upset sale (buyer beware of liens, etc) and auctioned with minimum bid set for taxes and expenses.
The properties not sold at upset sale are offered through sealed bids and through repository and judicial sales via sealed bids with liens removed from title.
Hopefully this helps any body looking in these states.