Posted by Tim (Atlanta) on July 07, 2000 at 07:24:32:
I guess I a moderately experienced in the tax lien investments here in Atlanta. I have been to a few auctions in Cobb county. I have not ventured into the other counties in the metro area, so I would not be able to speak to conditions in those areas.
Let me tell you some about Cobb county tax lien auctions. There are many properties that make the initial announcement in the Marietta Daily Journal on Fridays. The auctions are held on the first Tuesday of every month at the courthouse. The properties are announced starting on the first Friday of every month for the next month’s auction. This list is almost always trimmed down to nothing by the time the auction comes around. The several times I have participated, there were around 50 properties on the initial announcement. When the auction started, there was 1. That one property was a 1.5 acre plot that was actually owned by a homeowners association and prone to flooding. It was cut up and laid out such that it had no usable land. And it had a 4 year old existing tax lien on it. Talk about a worthless piece of property. It still got $7100 at auction.
Let me tell you why this happens. There are a TON of investors and wannabes in the Atlanta area. We don’t have the largest investors association (GAREIA) in the country for nothing. Therefore, there is great competition, especially at public auction situations. Most of the time, if a owner is behind on the tax payments, an investor comes along and offers to buy the property, or loan money on the property to pay off the back taxes.
One thing I might recommend you look at. There is a web site at gtsweb.com. This site lists other tax lien auctions just outside the Atlanta area. I haven’t been to those auctions, but it looks promising.
Hope this helps.