OfflineToday 02/03/09 NY Post published more than 100 pages of Tax Lien properties on all the boroughs. This was the definition of such which was also on the paper.
"When the City sells a lien, it is not selling the property. The new lien holder does not take title to the property. Rather, the lienholder purchase the right to collect the money that was owed to the City. Ultimately, however, if the property owner does not pay what is owed, the lien holder can begin a formal foreclosure proceeding incourt".
Guy's! Is this is a good deal or I was thinking who would want to go through court proceeding and all if there are other methods available to obtain real estate.
Any suggestion would be very much appreciated.
Thanks
VV
__________________
If you have the time I would go to the sale just to see how it is done. I have gone to one in NY because a property in my neighborhood was up for 22k for taxes owed.The funny thing is they pulled it off the list before the sale started. I guess they paid up or something legal happened. It was educational if nothing else. But i forget the waiting period for you to take over the property. I think it is 18 months in NY. From what I remember the bank that has interest in the property(holds the mortgage) puts up the first bid then you can bid from there. I think it was tax sales and regular forclosures that they were doing going by the prices on some. But i saw a few good deals go down.If you get there early they hang the property lists on the wall outside the court room so you can look at them. That was in Jamaica court houses anyway.
good luck.
Richie.
That would be a good idea. What strike me was the fact that its probably the first time it happened in many years that liens on all the boroughs are published by one of the major daily in the City. I actually spend the whole night marking down some liens close to my area and luckly some have even had their address published. Anyway, good luck to you Richie.
VV.
Remember, If you are going to bid make sure you have the funds to cover the % amount that they require. If you don't you may not be aloud to bid again at an auction. They made that clear when I was there. Once you sit down they will tell you the rules. listen carefully.
When is that auction on for? I'd like to go as well. I was told time and time again that tax liens (sales) aren't sold to private investors. Was I given the shaft all this time?
I have a question...
If someone owed a substantial amount of money on their mortgage and also owed taxes, why would someone opt to be bought out of the taxes owed to the property rather than try their best to pay the taxes and work out a pre-foreclosure deal?
And what happens to the mortgage if you acquire the property via back taxes?
this is for westchester too?