Government Auctions Tax Sale Properties - Pay Defaulted Taxes, Get a Property For Under $2,000
- Author Nolan Speers
- Published June 9, 2009
- Word count 432
Unless you have been under a rock, you've heard about foreclosures and what a great investment they can provide. But what if I told you there was a new type of foreclosure opportunity that has only existed for a few years which very few investors truly understand or have taken advantage of.
Most people know that they can loose their house if they fail to make their payments in a timely fashion, what very few know is that the same thing can happen if the home owner fails to pay their property taxes to their local county. When you are unable to pay your mortgage within the terms defined, your property will be foreclosed. Likewise by not paying your property taxes your property will become a tax lien or deed sale.
The internet has revolutionized the way in which tax liens and deeds are sold. Before the internet counties only published information about the tax sales in their local newspapers. As a result the local government auction turnouts were terrible, and there were many more tax liens for sale then investors attending the auctions to purchase them. Over a span of many years, the number of unsold tax liens grew dramatically.
So these liens were placed back into inventory where they sat for years. Now there is a back log of thousands of liens available. Tax liens are sold with a specified redemption period which is the length the time the property owner can still pay the overdue taxes without the risk of losing their property. Once the redemption period has passed, who ever purchased the lien has the right to foreclose and take ownership of that property. The important point here is the redemption period starts on the day the lien went up for sale at the government auction, regardless of whether the lien sold or not. Redemption periods can range anywhere from 6 months to 4 years.
Prior to the internet all these liens also had to be researched at the government auction itself, so this also made it difficult as you couldn't do any due diligence beforehand which increased the risk of the investment. Now with government auction web sites providing information in advance and many of these liens having surpassed their redemption periods, you can purchase a lien and immediately be eligible to foreclosure the property.
In summary you can now research online and find lien properties that you like and if the redemption period allowed for the home owner to pay their taxes has passed, you can purchase that lien to in turn receive full ownership of the property.
To review sites with the best 'tax lien' and 'tax
deed' property tax sale opportunities check out government
auctions or go directly to tax
lien and tax deed property sales.
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- 10 essential tax-saving strategies for landlords: Maximise your rental income
- A Comprehensive Guide to Navigating the Process and the Role of Customs Brokers in the UK
- Outsourced Accounting Services for UK Businesses: A Cost-Effective Solution for Financial Management
- Top 8 Self Assessment tax return software
- How to Close a Limited Company in the UK
- Maximizing Your Finances: Unleashing the Power of CPA Services
- VAT penalties – New rules
- TAX-FREE STRATEGIES IN AN UNCERTAIN ECONOMY
- 2022 Energy crisis and failure to connect Reality.
- When Are Corporate and Personal Taxes Due in Canada in 2021?
- You Would Never Have Thought That Having Accounting Internship Could Be So Beneficial
- ACTIVATION OF UAN
- Focal motivations behind getting a Tax direct for Small Business Firms
- Avoiding the flood — tax issues with water rights in agribusiness
- Social security benefits for a family (COVID-19)
- How to use QuickBooks Component Repair Tool?
- Do you want to reduce your taxes for next year?
- Will you be responsible with your tax refund?
- Getting started with QuickBooks Enhanced Payroll in Brief
- Are DSTs Right For Your 1031 Exchange
- Tax Return Makeovers By Kenya Woodard
- Why have all crypto tax attempts failed?
- Are You a Corporation? Know Why Consulting a Tax Accountant Is Vital
- Share capital or share premium for your Dutch company?
- Everything investors should know about 1031 sponsors
- Why is the income tax so high in UK?
- Should I do my own tax return?
- Get More Money Back on Your Tax Return with help from the Tax Cuts and Jobs Act
- Don’t Fall Victim to these 3 Tax Scams in 2018
- Find Out If 72(T) Penalty Free Income Is a Solution for You