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Tax Auctions - 5/9/2008 6:12:13 PM
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devinevessel
Posts: 324
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Has anyone bought property through a tax auction? What are the pros and cons? I realize each city, county and state are different. I am thinking about investing in real estate.
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RE: Tax Auctions - 5/13/2008 11:43:56 PM
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dyj314
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If you check you local government online you will be able to ascertain which listings are available in your area and what properties are being listed for auction as well as what price.
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RE: Tax Auctions - 5/15/2008 9:33:02 AM
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Szaftoo
Posts: 969
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From: So. Calif.
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Do your homework so you will know the worth of the property before going in. If improvements are needed, know how much that will cost. Find out how attractive the area is to buyers. Know ahead of time what you are willing to spend and don't go over it. It's easy to get caught up in the bidding and go over.
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RE: Tax Auctions - 5/15/2008 11:05:04 AM
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phreddy
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Research your local and state laws. In my state, even if you win the auction, you do not own the property free and clear for over a year. The previous owner still has an option to purchase it back. There is risk in making improvements to the proprerty before it is yours free and clear.
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RE: Tax Auctions - 5/16/2008 7:50:13 PM
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devinevessel
Posts: 324
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It's the same way in my state.
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RE: Tax Auctions - 5/19/2008 9:24:05 AM
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rhippie
Posts: 616
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From: Rich The Hippie
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quote:
ORIGINAL: phreddy
Research your local and state laws. In my state, even if you win the auction, you do not own the property free and clear for over a year. The previous owner still has an option to purchase it back. There is risk in making improvements to the proprerty before it is yours free and clear.
It's the same way here in Maine although if the former owner "redeems" the property they have to repay the purchaser for all of the capital improvements that were made as well as the purchase price.
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RE: Tax Auctions - 5/19/2008 10:25:35 AM
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mrtigger
Posts: 308
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quote:
ORIGINAL: devinevessel
Has anyone bought property through a tax auction? What are the pros and cons? I realize each city, county and state are different. I am thinking about investing in real estate.
It is rare to get a bargain on a decent property for just the back taxes. Most investors in tax liens do so for the interest paid on them, not in hopes of getting title to properties.
Look up local real estate schools and see if they offer a class in this particular topic. The laws and procedures vary too much from state to state to say much about it in general.
I've only bought a tax lien once in my area (Arizona). Just to see how it worked. I found it takes a lot of time to do the research on each property and I decided it might be a good investment during retirement (when I have more time) but for now, stocks & 401ks fit my time schedules better.
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RE: Tax Auctions - 5/20/2008 6:54:09 PM
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devinevessel
Posts: 324
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quote:
ORIGINAL: mrtigger
quote:
ORIGINAL: devinevessel
Has anyone bought property through a tax auction? What are the pros and cons? I realize each city, county and state are different. I am thinking about investing in real estate.
It is rare to get a bargain on a decent property for just the back taxes. Most investors in tax liens do so for the interest paid on them, not in hopes of getting title to properties.
Look up local real estate schools and see if they offer a class in this particular topic. The laws and procedures vary too much from state to state to say much about it in general.
I've only bought a tax lien once in my area (Arizona). Just to see how it worked. I found it takes a lot of time to do the research on each property and I decided it might be a good investment during retirement (when I have more time) but for now, stocks & 401ks fit my time schedules better.
This is one of the things that I am concerned about and it does take a lot of work to do research.
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