Tax Sales Advice

Tax Sales Advice

Coming home from churh yesterday, out of the corner of my eye, I saw a house with grass knee high and furniture sitting on the front yard. I went by again today and no one was home, so I got the address, went back and got on my laptop to the tax office and looked up the info. Would you believe it was most likely sold for taxes this past Friday the 29th (they do this once a year here). It stated if taxes were not paid, it would be sold on 5/29 and our tax office also published a list in the local paper which I got and sure enough, there it was. I have the owners name, but phone is disconnected and I have not been able to track her down. Question...would the lien holder (if there was one) most likely had bid on this property Friday to protect their interest? In my state, it is a 3 year period to allow the person to pay the tax back plus interest. Obviously, I would love to find this person and pay the tax and purchase the home at a discount (as it is evident they are in trouble). I'm sure if they haven't paid their taxes, their mortgage is behind as well. If I could find out her mortgage company, would it be worth going to them and if so, with what approach? Any thoughts???

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Randy

Sounds like someone already purchased it at the tax sale, but if not go for it. Those are excellent for buying homes very very cheap. It's a win/win either way, because if you buy the lien and they do repay the taxes they also have to pay you interest on top of that, and if they don't pay the taxes you pick up the home for pennies on the dollar. Ususally, buy the time it gets to a tax sale the mortgage isn't a concern.
I bought a home in Michigan for $1700 at a tax lien sale. Like every other type of investing you have to do your homework and make sure the value is there... Let us know what happens!

Best of luck to you,
Elena M.

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Cool Elena Cool
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."


tax lien sale

ElenaM wrote:

Ususally, buy the time it gets to a tax sale the mortgage isn't a concern.
I bought a home in Michigan for $1700 at a tax lien sale.

Elena,

Are you saying that you got the home for the $1700 and that's it?! When you say the mortgage isn't a concern, do you mean the mortgage is not a lien on the home anymore, tax lien overrides? (I know this has been discussed in the forums before, so I apologize to those whose info I have overlooked Smiling).

Thanks for sharing.

Rina

__________________

"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)

"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11

For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249


yes, tax leins always

override mortgages, taxes will always take a first position over everything else, SULLY.

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YOUR HERO, SULLY


Thanks, Sully.

Now that I'm interested, I'd better go back and read all the tax lien posts again. Smiling

Rina

__________________

"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)

"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11

For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249


Sully...

Tax overrides lien holder?? If so, then is the only person who can pay the tax + interest and get the home back, is the owner of the home? The lien holder cannot pay to protect their investment?

I'm still digging into this, so stay tuned.


randy..

yup....but the lien holder protects his invesment by making sure he/she can buy the tax lien NEXT YEAR..and so on.

http://www.deangraziosi.com/node/4802

http://www.deangraziosi.com/node/3123

Also check out a book called the 16% solution.

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Don't Wish the Past, Create the Future! - DH


Yes Rina!

I actually bought a 2/1 bath home for only $1700 at a tax lien sale, there was NO mortgage on it. Tax lien always overides any mortgages just like Sully said. That's all I had to pay for it! Those deals are out there too folks!

Elena ;D

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Cool Elena Cool
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."


I must have heard it before,

But it's one of those things that seems too good to be true until you meet someone who's actually done it. Thanks for the info, Elena! I'll be checking into that in my area.

Rina

__________________

"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)

"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11

For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249


Randy,

I hope you can still get in on the house deal. Good eye, catching the condition of that property. Check into more tax sales, for sure, and thanks for bringing this to our attention.
Good luck, Randy.

Rina

__________________

"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)

"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11

For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249


You're Welcome Rina!

Good for you. I've researched alot of areas of investing and continue to do so. I like to have a wide range of knowledge so I can tackle anything from mobile homes to tax liens and everything in between!

Keep me posted on your progress, it's such a rush to read your daily posts and what you're doing...
Elena Smiling

__________________

Cool Elena Cool
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."


Elena,

You need to start a journal so we don't have to chase you around the forums to find out what you're up to! Smiling

Rina

__________________

"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)

"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11

For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249


Lol

I'm not up to anything yet, I'm on vacation and supposed to be concentrating on relaxing and having fun, but I can't stay away from this site and all the great posts, plust I keep updating my websites. So I don't have anything to put in my journal right now, but I'm already preparing it for my return home. So for now, I'm gonna chase you around... LOL!
Elena Smiling

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Cool Elena Cool
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."


You do still need a title

You do still need a title search though. IRS liens are NOT removed.


How the heck do you read the tax lein document?

I found it on our county site but I can't make any sense of it!

THE FOLLOWING PARCELS HAVE BEEN LISTED IN PREVIOUS TAX-LIEN SALES AND
ARE AVAILABLE FOR IMMEDIATE ASSIGNMENT.
CONTACT THE COCHISE COUNTY TREASURERS OFFICE FOR ASSIGNMENT INFORMATION

PARCEL #---NAME OF OWNER----DESCRIPTION OF PROPERTY----ASSD VALUE---DEED YR

6 00 025----SINJAY INC-------1 SEC 6 T14 R25 IMP ONLY-----960---------2010

Can anyone help with this so I can do whatever research is requied?
It is so confusing.
Is it okay to phone the treasury dept in our county and ask them how to interpret the document?????

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Deb


That's what I would do.

Deb,
When I first started looking at properties, all that stuff was Greek to me. I made a LOT of phone calls to the Treasurer's office. AND I spent HOURS looking at plat books and descriptions learning how to decipher them, and driving around learning where different divisions, ranges, townships, parcels, etc. were. This is what I make of your info.

PARCEL# - 6 00 025 (That's the number that "parcel", or piece of property, is listed under at the Treasurer's office)

NAME OF OWNER - SINJAY INC

DESCRIPTION OF PROPERTY - 1 SEC 6 T14 R25 IMP ONLY (SEC=Section, T=Township, R=Range, I don't know whet the IMP ONLY is) This tells WHERE the property is located and the boundaries of it.

ASSD VALUE - $960

DEED YR - 2010 (when the deed can be taken over???)

That's my best guess of what it means. Call the Treasurer's office, I'm sure they'll be glad to help. Well, maybe not glad, but they'll do it if you ask nicely. Smiling

Rina

__________________

"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)

"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11

For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249


Take the info

like the parcel number, the property description and go to the county recorder's office and have them look up the property address for you. They will print you a copy with everything on there like the owner name, property address, lender who finance the property and other important info. They may charge you a $1.00 per property info. I bought four properties through a tax lien sale for less than $5,000.00. They have 3 years redemption to claim their property back if the lien holder pay their taxes within period of 3 years. If after three years and still have paid their taxes, then the property belongs to me free and clear. Good luck and happy investing!

lloyd


tax sales advice

I know the your deed sale was mortgage free, but if there is a
mortgage, doesn;t it need to be dealt wth, before you evict the current residents or work out some type of payback deal?


tax sales advice

I know the your deed sale was mortgage free, but if there is a
mortgage, doesn;t it need to be dealt wth, before you evict the current residents or work out some type of payback deal?


Rina

I can see what you mean with the abreviations and I guess the treasurer would be a good bet and I will do as much research as I can to sort out the 'code' that they use.
Thanks again.

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Deb


Thanks Lloyd

I am going to work from this angle as I need to get a really good deal to get into the race here!
Can't you do what Dean did when he brought a tax lein property? He got the owner to sign it over, or he could have used an article 15 to challenge the owner to pay it in a specific time frame or the deed goes to you? Or is there different laws where you are? That was what I read on page 243 of 'Be a Real Estate Millionaire'

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Deb


lot/block unraveled, maybe

I stumbled upon a neat tool on the county government web site of an area I'm thinking of purchasing property. I was able to download the properties available for sale at the next auction, and from the list I was able to enter the county's account number for that taxpayer and was able to get addresses and a fuzzy aerial photos on another part of the site. I took that info and went to google maps and was able drill down to a street level photo of quite a few of the homes. This is hugely important as the area I'm looking to invest in is 1400 miles from my current address. As a bit of advice (from a newbie no less!) check out the county government web sites. You may be able to do a lot of the leg work sitting at the computer. I'm sure very few counties have such a detailed site, but it's worth checking out!!


Thaks Alan

I do use the government site and have kept an eye on foreclosures and those also going to auction on this site, but I do not understand the 'county's account number' part of your message.

Can you explain that to me when you get a chance.
sound like something I could really use!
Thanks for the info..

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Deb


lot/block continued

Each tax payer has an account number, and that is the search critia that county uses,I've since found other counties that use the lot and block numbers of the property itself.
I have encountered another issue though. There is a condo complex that has 55 units listed in the next auction/sale for non-payment of taxes. I've done some research, and the complex changed from apartments to condo in 2004, right when Florida real estate took a dive due to hurricanes. Can anyone think of any other reason to have 55 units up other than they aren't moving? I live 1400 miles away, and if we purchase this'll be home base, not investment property. I have to move due to family illness/ lost job combo, so I'll be there a while. I've had someone I know drive through the complex and it's a big place, well kept and lots people apparently living there.


Tax Liens - Newbie question here

I have located several properties in my area with existing tax liens. I guess - first thing - I am a newbie and getting a little confused, so I am posting here for advise. How do I go about purchasing these tax liens? If there is a mortage against the property - how does this come into play. I am in Ohio. Any help is greatly appreciated. Thanks


Found some tax deed properties...

Hi,

I just finished Dean's latest book this morning and have been looking for properties. I found some properties that are going to auctioned off on 3-11-09. I found three three properties with homes and one vacant parcel(There were actually more but the others were not sufficient).

The tax deed are $4617.10, $3503.26, $10436.35, and $4886.73. Each of the properties are assessed for $120,000 and up. I know I need to search the titles, but what else should I look for and is there a way to do something like an assignment where you would allow other to get involved? I am trying to build up enough cash flow to eventually be able to buy these myself.

I live in the Orlando are and expect to find lots of deals in this are and throughout the state of Florida. Any advice would be appreciated.

Thanks,

Tim


Guess what 1rockypug

Contact you tax assessors office with the address of the desire property. They will tell you everything that you need to know about the property. Then I would contact the property owner and talk to them about what they want to do with the property. If you need some help let me Know. OH10, hmm, A tax deed state!I'll be waiting to hear from you. Good Luck!


I have a question: What

I have a question:

What happens if you purchase a Tax Lien but you decide you don't want to hold the Lien anymore, do you get penalized if you get out of the Lien? Do you get your money back if you DONT get penalized?

I just purchased a Tax lien for a piece of land. I bought it with 5% interest back. I mean i could hold on to it but i feel i made a mistake.

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"Whenever you find yourself on the side of the majority it is time to pause and reflect."
-Mark Twain


DO NOT DOUBT YOURSELF

nygnyk30 Well you could auction it off on ebay or just out-right sell it to someone. Then you would have to get it in their name which is only about $20 at the courthouse! But no you can't just cash out of it like a life insurance.But If I were you I would ride it out.Like Dean says in his book once you start a deal see it through!We are here to ride it out with you!You are not alone!


Tax Lein Certificate

In my opinion, it is a great way to build on long term goals. Building a residual income never hurts. We have an opportunity to be a part of a ground breaking opportunity. According to Dean, there is no cap on buying real estate. Take advantage of this chance of a life time. No Regrets. Only success! Look foward to hear your success story from this purchase.........
Lubertha

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"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"


Hold on... I just read this

Hold on... I just read this whole forum and I'm interested. Anyone know of any material about how I can get started on this?? It's all greek to me lol. Newbish question but only if I knew more about it.... man the possibilities.

Any help appreciated.

Knowledge is Power
- Pimpedoutgeese

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Allow your fear to gently pass. Then genuinely ask yourself,
“What needs to be done?”


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