07 Sep Important Information on Tax Sale Properties
Tax sale Properties are selling properties that are repossessed by the tax authorities when borrower has failed to pay taxes on their properties. A lien is then placed on the home, until the borrower pays or until the home is auctioned off to another buyer. The person that buys the property immediately have possession of the property and the title after paying all said fees and dues on the home. If there are an monies left on the property it will go toward the balance of he delinquent tax amount owed.
When you are buying a tax sale properties you pay high interest rates of at least 18% interest after the lien is paid off. It is an investment that is rewarding and profitable. You can be compensating for some lost delinquent taxes at local auctions. When you are paying for taxes that the borrower has left owing you are getting principal added to the balance owed. ‘The government take possession of the property and has a tax lien on the property, it allows the buyer to bid on the property, who ever bid the highest has to pay all taxes along with fees and balances of the original loan.
At the sale of the property is a critical moment to understand because the rules and guidelines has to be followed to obtained the tax sale property. Tax sale properties are found in more state and local listings in the country. You are able to get information on each property listed.
Tax Sale Auction
An advertisement is placed with all the information when, where and what time it is specified. The treasurer handles all the business of the tax sale auction.
The following are the procedures at a Tax Sale Auction’;
o The bid starts with the minimum bid in the advertisement
o The bidders are acknowledged and the bids are repeated once called.
o Once a bid is called if there is no other bids, the higher bidder is acknowledged.
o The person that bid highest will be the winning buyer.
o The payment is paid immediately after bidding.
o The method of payments are cash, cashiers check or money order.
An investor can profit greatly in an opportunity with tax sale properties . The investor becomes the lienholder on the property, in which he searches for a buyer. Once the investor pays the taxes on the home the buyer has a time schedule to pay the amount back to the lien holder (the investor).
Researching Tax Lien Property
You can request to do a search for tax sale properties at your local county clerk’s office. It will involve you paying fees for the list. Another method would be an online public record services.
Tax Sale Properties are sold quickly at auctions, they are one of the fastest due to all they would have to pay is the delinquent taxes and any additional fees. You can register at the auction to participate in the bidding. Many investors compete with the tax sale properties, because it is a wise investment.
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