Re: tax liens - Posted by Dennis in Denver
Posted by Dennis in Denver on November 20, 1998 at 23:29:09:
There were definitely some big hitters at the auction. Here’s a brief explanation on the auction- there were 955 liens for sale, and about 250 people showed up. Some were couples that bid as 1, so probably about 200 or so actual bidders. On liens between $300 and $3000 it was offered on a rotation basis for the amount due. If bidder #1 wanted it they got it. If not #2 was offered it, and so on. In the normal rotation bidding, my number came up 4 times. So on those 4 bids I had no competition.
On liens below $300 and above $3000 it was open for bidding. A nonrefundable premium is bid above the amount due. During this open bidding is when the big guns cleaned up, however I was the winning bid on 4 open bids. These were under $300 and the big guys didn’t really bother with this chump change.
The interest rate is 14%. Redemption period is 3 years then you can apply for a Treasurer’s Deed. All 955 liens were sold in 3 hours. It was my first auction and will attend several other county auctions next year.