OfflineYesterday was the first time I attended a tax sale. The room was packed. Apparently some of these investors come year after year. Some one asked a question and she was told "this is not a classroom. It was a new experience. I sat quietly and observed. They started off bidding percentages and then went into premiums. That's when I got lost. I didn't understand why the premiums went higher than the taxes owed. I choose not to ask any questions after I witnessed someone being told that they were not answering any questions. I decided that I would go back to that city and try to find out more about how their tax sale works or maybe the info. is already here and I didn't read up on it. 
Left there at 4:15pm since I was to meet a realtor after 4:00. I only got to see one and it needed major work. The realtor told me that the repairs would probably be 67,0000 and the asking price was 70,000.
I would have to go back and see it in daylight with someone that can give me a professional estimate. I have to check the value and the comps.
I'll be visiting my dad in puerto rico for a wk. talk to you when I get back. I'll be checking to see how the real estate is over there. 
kellie's journal
Posted on: Wed, 10/08/2008 - 22:39
kellie's journal
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How the bidding goes will depend if it was a
Tax Lien Certicate or Tax Deed state (sale).
If you attended a Tax Certificate sale, how the bidding is structured is determined by your state. The bidders can bid down the percentage rate they will receive from the homeowner. If the property is vacant and there is a good chance of no redemption, bidding down the int. rate will insure you win the bid.
If you are interested in Tax Deed or Tax Cert. sales, I would contact your Treasury or Collectors office and ask them for the particulars for your state. That way, next time you go you will follow right along.
Hope this helps.
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