Properties For Back Taxes - How to Get Them, and a Huge Insider Money Making Secret
- Author Maggie Dawson
- Published March 4, 2010
- Word count 520
"Can I buy properties for back taxes only?" This is a fairly frequently asked question in the current real estate market, since delinquent tax foreclosures are at an astounding all-time high. The answer to that question is yes - but almost definitely not the way you're thinking.
You cannot, generally, just waltz into the county tax office and flip through a book of lovely properties and then pick one up for the lowly few thousand in back taxes that's owed. You can buy properties for back taxes at the tax sale auction - but the bidding will go way higher than just the amount of taxes owed. Especially on a nice property, you can expect the bidding to end near retail value.
If you want to buy properties for back taxes and back taxes only, you will have to buy them directly from their tax delinquent owners. Now wait - if the idea of contacting owners turns you off, think again. These are often some of the easiest people to work with - if you contact themafter the tax sale. By then, they know it's time to accept that they're not going to be able to redeem the property - it's already been "sold" at tax sale - and they're ready to sell to you for very little just to get something out of the property.
There are also countless other deals you can make with these owners - some will sign their deed over to you for free, provided you're willing to pay those back taxes off and rent the property back to them. Or, you can buy the owner's property for a dollar, and agree to a 50/50 split of whatever proceeds you are able to get from the property later. There are so many more ways to make money from these deals, they'd take all day to list off. So the answer, again, is yes: you CAN buy properties for back taxes, if you're smart about it.
Not interested in those kinds of deals? Here's a massive insider tip that will having you making your entire last year's salary in the next few months: the tax sale overages. These are the funds created when the property is sold at tax sale. For instance, if an owner owed $5,000 and someone bid $20,000, now that owner has $15,000 coming back to him from the tax sale. Sadly, owners frequently don't realize this, fall off the radar, and never collect the money. After a while, it escheats to the government.
Due to a major loophole that almost no one knows about, these funds are not subject to limits on finder's fees. If you can find these owners, and get together and agreement with them to give them the information and assistance they need to get their lost money (there's a very specific procedure to doing so), you can legally charge whatever you want for a finder's fee. For the few people who are working in this industry, 40-50% is the norm. Since these funds often run into the many tens of thousands of dollars, you do the math on the income potential there.
So where to find records of these funds, and how to find their owners? Read the free Hooked On Overages "Insider's Guide." Visit Hooked On Overages now.
Learn insider deedgrabbing strategies from this free guide. Visit the Deed Grabber Website now.
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