If you're unfamiliar with the concept of the delinquent tax sale, you may be missing out on a tremendous opportunity to buy a home for less than its actual value. These properties are put up for auction. Typically, this is a year in almost every county in the country. There are a number of advantages to participating as a buyer. For one, you are cutting the middle and buying straight from the county. This expedites the process and keeps you from going through escrow. Secondly, it is an opportunity to make an investment that can turn into a real cash cow.
Your next step will be to contact your county courthouse and ask for the date of the next delinquent tax sale. After you have this information, ask them where you can get all the information you need. In many cases, a pamphlet wants to be available. A prospective bidders look for the property before the date of the sale. You may have to pay for the materials, but it should not cost more than $ 10. For that price, it is a valuable tool.
Do not take out a loan and show up for auction on properties without having seen yourself. This is a big mistake and it can not be put up for sale. There are some very nice finds at a delinquent tax sale. But let's face it: 90% of the properties are going to be in some state of disrepair. The millionaires in your city & nbsp; s netest neighborhoods are not going to suddenly forget about paying their taxes. Do not let this discourage you! There are still some gems out there. But you have every bit the slightest interest in bidding on.
You can not wait until you've made a successful bid for a tax deduction. Most counties are going to expect the next day at the very latest. If you can not get the money right away, they are just going to sell it to the next guy in line. You may not be welcome to return next year. Make sure you get whatever you need in advance.
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Source by Anna Woodward