|
Home FAQ Testimonials Useful Links Meet the Author Questions about the Auction Why tax foreclosure instead of mortgage foreclosures? Do properties bought at tax auctions come with clear deeds? Does an investor need to pay for the property as soon as it's bought? How many people show up for tax auctions? What if someone outbids me on a property I want? Can the original owners get the property back once I have bought it? How much do properties generally go for? Questions about 'Tax Property Sales' What format does the product come in?
Why tax foreclosure instead of mortgage foreclosures? Tax foreclosures offer a much smaller opening bid and are usually less know about by the majority of people. Property taxes are a small percent of the appraised value of the property. The tax foreclosure bid is normally set at the amount of back taxes owed, plus interest, fees, and auction costs. An example: Joe Homeowner owes $800/ year for property taxes on a $120,000 home, but doesn't or can't pay. After 2 years, the taxing entity forecloses on his property and sets the minimum bid at slightly more than $1600. Mortgage foreclosures are regulated by federal law and the lender must charge no more than what was owed on the mortgage, plus fees and costs involved with the auction. An example: Joe Homeowner owes $90,000 for a $120,000 home, but doesn't or can't pay. After several months, the mortgage company forecloses on his property and sets the minimum bid at slightly more than $90,000. Do properties bought at tax auctions come with clear deeds? Many states make the tax lien a priority lien. This means the property basically has a clear deed and all other liens, including mortgages are wiped out. Some states, like Texas do not. These issues are covered in Tax Property Sales on a state by state basis. (Note) Texas is an excellent place to buy tax properties because less people show up for the auctions knowing it is not a priority lien state. Simply research the existing liens before bidding to determine if the property is a good investment. Does an investor need to pay for the property as soon as it's bought? Yes. Most counties want the money within 48 hours and typically take check or bank draft. How many people show up for tax auctions? This depends on where you are. In many areas, only a handful of people show up. Many times only 1 or 2 show up. There are other areas that have many people who attend tax auctions regularly. In one of my favorite areas, the same two wealthy investors show up every month. They compete with each other for the really high dollar properties. I could compete, but I don't. They aren't interested in the little $60,000 single family houses that need repairs and are auctioned for around $5000. I find that these make excellent rental properties. We all have a niche. What if someone outbids me on a property I want? Do your homework, have a plan, and stick to it. I have been to auctions where people get caught up in the bidding process. They end up paying more than retail. It's just business and there are plenty of properties and plenty of auctions. I already have a figure in mind for each property and I don't let the bidding get personal. Can the original owners get the property back once I have bought it? In many states, there is a redemption period for the owners to get their property back even after it has been sold. Of course the owner would have to pay the investors bid amount, plus a high interest rate determined by state law. In most states that have a redemption period, the investor has complete control over the property and can use it or rent it out. The rental income is the investors to keep. This is covered in Tax Property Sales on a state by state basis. How much do properties generally go for? This varies not only from state to state, but county to county, and even auction to auction. There are many properties that sell for the minimum bid; sometimes $200-$300. There are other properties that are bid up to $70,000 or more. Here are some anecdotal examples from recent auctions:
I try to target $45,000-$60,000 homes for a successful bid price of $5,000, but there are plenty of other opportunities for higher or lower investments. What format does the product come in? Tax Property Sales is a downloadable PDF product. You will need the free Adobe Acrobat Reader, which already on most computers. This format makes the product dynamic and interactive with live websites and will allow users to use the 'bookmarks' or index to easily navigate from state to state. I chose an e-book because it utilizes the interaction of the Internet. This makes the product immensely more useful than a print book because users can click on a variety of integrated sites and get current up to date information and property listings. Certainly. Electronic processing of checks is included as an option when ordering. Purchase Tax Property Sales For Only $49
Act now! Buy now! Your satisfaction is guaranteed. CLICK HERE TO PURCHASE - Tax Property Sales - |
