Save time and make more money: Tax Sales Part 2
Amy J Yoshimitsu
Protecting and growing real estate investors and small business owners so they save time, make more money, and have peace of mind with our legal services, business tools, and strategies.
3 of 7 Fast Cash Real Estate Strategies: Tax? Sales Part 2
What is a Tax Deed?
A tax deed entitles the purchaser to own the property. Once a tax deed is sold at an auction, the property is transferred to the tax deed purchaser. Several weeks before the auction the county treasurer will post a list of properties that will be auctioned off. It is the real estate investor’s responsibility to thoroughly research the property and any potential risks of acquiring the tax lien certificate or the tax deed.
We caution Tax Deed investors to be aware of the property’s physical conditions and the financial calculations, to make sure their investment is profitable.
Take video and pictures of the property’s surroundings and of the structure itself. Not all properties are vacant. Investors are not allowed to take pictures inside the property. It is the municipality that typically sets the opening bid for the amount of the levied taxes, plus the accumulated interest and penalties.
Investors bid up from there. If the owner cannot pay off their taxes during the redemption period, the purchaser has the option to Foreclose on the property.
Tax Lien or Tax Deed State Not all states offer both tax lien and tax deed sales. There’s also a third system to collect delinquent taxes called Redemption Deeds.
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Focusing on tax lien states will get you richer faster! Generally, the county collects the money from the property owner and then you get paid so the county does the work for collection and payment.
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The approach for auctioning off a a tax deed or a tax lien certificate property varies from municipality to municipality, but generally, there are 2 options:
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1.Live Auctions? This is the common method for smaller communities that don’t have online auctions.
2. Online Auctions As counties work to become more digitized, this is the most common option offered.
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