OfflineI live in phoenix, Arizona, is there anyone that has done a tax lien purchase or tax sale and how they work exactlly???
I am intrested in doing so but I dont fully understand it i called the county court house and went about it that way but do I get the property if they dont pay me or????
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There are often redemption periods so the owner can reclaim it. They will have to pay you interest (amount varies by county) on the money if they do want to claim it. Otherwise, it is yours.
Search google for specifics about the Maricopa tax lien process.
Tax liens are tricky and a lot of big boys make plays on them before they even make it to the auction block. Good luck!
I have checked into it in Florida and it seems that you have to hold onto to the lien for 2 years before the property becomes yours, and you can not have any contact with the owner in this time. I don't see this as a plus but maybe if you have the time to sit on something and pay the additional taxes it might work out in the long run. And yes they do have to pay you any intrest earned if they want to buy it back. Check the county website for information or call the county court house where you live. watch out for any other liens on the property also because if they did'nt pay the taxes there could be more liens, power company,water company,cable, or in Florida the HOA fees, in a lot of cases. Again good luck with this, let me know what you find out in your state. Diane