Purchase Tax Liens - Posted by Bill H
Posted by Bill H on January 07, 2011 at 16:36:57:
Been doing this for lots of years. Personally I would go to my local courthouse law library and ask the librarian to assist. Get all the statutes on tax liens and make copies and take them home and read them at least three times. LEARN what you are doing…LONG BEFORE …you attempt to do it.
If you are looking to get property there are better ways. If you are looking for interest and penalties this is the right place.
Last year one county that I invest in had 12,992 parcels that they sold. The bidding can be FIERCE! You do not get any return on overbid or excess.
Most property that you get is up for tax ssle for a reason…it is not worth more than the taxes.
On rare occasions you will pick up something that is worth proceeding with.
I got a house this year that was destroyed by Hurricane Katrina and am now in the process of clearing title and getting ready to rehab it.
In order to get clean clear title you will have to file a quiet title action in your local jurisdiction. This can cost from $1,500 UP, UP, UP depending on what happens.
The most common defense is “I was not properly notified.” The courts will lean their way in about 80-90 percent of the time and you will wind up with only the interest and penalties.
It is an interesting business, unlike any other part of the real estate industry. The books and tapes that I have looked at all present the Highly UNLIKELY situation in which you will get a mansion for pennies. The real truth is far, far from this…BUT… that would not sell books and tapes.
I know some,like the other poster here, who research a few parcels and sit through the entire week or so waiting on them only to lose out to the high income high bid financial institutions that are at every sale.
Google “Jones vs Flowers” SCOTUS and you will see what I am talking about.
Very interesting case that went all the way to the SCOTUS…and the tax lien investor…LOST…even though everybody else up the chain of courts said he had won.
“DUE PROCESS” is a MOST interesting part of our legal system.
Good Luck,
Bill H