Posted by Bill H on January 19, 2004 at 19:48:46:
Been doing it for about 10 years now. It used to be a gentlemanly game. Now it is FIERCELY competetive. Some guys bid the price up to almost retail and HOPE!
- It is NOT a get rich quick situation.
- It is a $$$$ (lots) cash reuqired business.
- If you get in, get in for the interest and penalties. NOT for the property you hope to get for pennies on the dollar as the late night TV gurus promote.
- You got about as good a chance of hitting the powerball lotto as getting one of the $189,500 houses for a few thousand.
- My experience has shown that 98-99 percent will redeem before the redemption period is up.
- If you bid the taxes up…your return goes down.
- Do your homework. Investigate BEFORE you invest.
- The properties went to tax sale for a reason… and all of them are not worth bidding on.
- You must be prepared to pay cash on the barrel head. Some jurisdictions now require that the sale start, the property is bid up…it is paid for. Cash, Cashier Checks or pre-arranged and fully funded accounts to the county, NO company or personal checks. Then sale is resumes again and the next property is sold and the process is repeated. They want the money NOW! When the man with the big badge says SOLD, it is yours …warts and all.
Good luck,
BIll H