Delinquent,Tax,Sale,Unconventi finance, share, loan Delinquent Tax Sale - Unconventional Real Estate Purchases
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If you think the only way to buy property is through agency listings or trolling good neighborhoods for "For Sale" signs, you might be in for a surprise. Thousands of people have gotten far better deals on their homes by bypassing the traditional methods and going through what's known as a delinquent tax sale. These sales take place when a homeowner fails to pay what's due to the government, forcing lien or foreclosure. There are a couple of different types, with one type putting the property itself up for sale and another putting up a certificate, which entitles the winning bidder to collect taxes and interest for himself. Either situation can be profitable for the wise investor.County by CountyA delinquent tax sale will differ according to where you live. While there will be certain similarities from county to county, you will be best served by knowing the rules in your area before you begin planning to attend an auction. In most locales, there will be one auction a year, with all of the available properties put up for bidding at the same time. Everyone will gather for the auction and bidding will take place in the usual way. Contact your local government representative for information regarding the rules, location, and time of the auction.ResearchYou can always get your hands on property information before the delinquent tax sale, and it is essential that you do so. Don't go into an auction blind, expecting that all of the relevant information will be handed to you as the auction proceeds. That isn't the way it works. Potential buyers are expected to do their own research. Once you have an address, drive out to the location and inspect the house for yourself. There's no going back once you place a successful bid. In fact, some counties will pursue criminal charges against bidders who back out of their bids. Make sure you know exactly what you're getting into.Monetary ConsiderationsYou aren't going to have a month to gather financing for your successful bid. In some counties, you'll be expected to pay in full no later than the next morning. In almost all counties, you'll be expected to put down at least a quarter of the payment immediately, if not more. You will not be able to go to the bank and secure financing after making your successful bid. Go to a lender beforehand and explain your situation. As long as your credit is respectable, you should be able to secure a loan for the bid.
Delinquent,Tax,Sale,Unconventi