Please do as Rick advised…get a good education in this BEFORE you jump in.
The water can be very deep…and…in most cases…when the auctioneer says SOLD…it is yours…no contingencies, no backing out, …it is absolute and yours.
You posted:
I beleive it is a public auction for unpaid taxes and assesments. …A normal requrement in every state, you must tell the owner he is in jeopardy.
The owner has one year from the time of the auction to pay the tax plus interest to retain the property…This tells me that RI is a tax lien or tax certificate state with rights of redemption. During this time ANYONE with an interest may redeem the property.
I hear this is a good way to purchase property or to get a better return on money.
Get your hearing aid checked!
Do not take as gospel all that you see or hear on TV.
Penalty and interest are normally higher than you get at a bank. Could be less if you overbid, etc.
I am planning to go to a tax sale in a neighboring town. I have the list of properties available. What should my next step be? Should I research all of these properties?
If you are this unprepared prior to the tax sale, you are far from being ready to bid at the sale.
Spend your money if you wish, but your simple little question is like asking: “OK, now I’m walking up to the airplane, the keys are in it, now what do I do to fly it?”
You need to study this inside and out, not ask for a simple answer on a discussion forum.
There are some home study courses around. Just make certain that you get them by way of referral. Bill H. knows about as much as anyone that I know of on the topic, absent John Beck (not his infomercial alter-ego, though).
Once you’ve studied, practised, and targeted the properties that interest you, then we’ll have something to help you with.
If you are this unprepared prior to the tax sale, you are far from being ready to bid at the sale.
Spend your money if you wish, but your simple little question is like asking: “OK, now I’m walking up to the airplane, the keys are in it, now what do I do to fly it?”
You need to study this inside and out, not ask for a simple answer on a discussion forum.
There are some home study courses around. Just make certain that you get them by way of referral. Bill H. knows about as much as anyone that I know of on the topic, absent John Beck (not his infomercial alter-ego, though).
Once you’ve studied, practised, and targeted the properties that interest you, then we’ll have something to help you with.
The auction will be in RI.
I beleive it is a public auction for unpaid taxes and assesments. The owner has one year from the time of the auction to pay the tax plus interest to retain the property. I hear this is a good way to purchase property or to get a better return on money.