How Common Is It To Acquire Property Through Purchasing Tax Liens?
How common is it to acquire property through purchasing tax liens
? The answer is, too common - and becoming more common. About 95% of the time, you'll be paid off on your lien. However, as people's finances take a further turn for the worse, that number is growing. If you're looking to acquire tax property to own or rent out, there's a much better way. If you're looking to make money from tax sale without owning property, there's a much better way to do that as well.
First, if you're looking to acquire property through purchasing tax liens, you're barking up the wrong tree. You can't inspect the property first. Your lien will probably be bid up too high to make any real money anyway. Plus, you have to pay for it all up front and then hold the lien for up to 5 years and go through a complicated legal process to become the deed holder.
The best way to get tax property for cheap is by waiting until the original owner is about to lose the property (after the tax sale) and then approach them at that time. You'll find the people who still haven't redeemed are either missing in action (find them, and you'll make some real fast cash) or can't pay the taxes and are now willing to sell to you for cheap.
If what you really want is to make a lot of money from tax sale without owning the properties, believe it or not, there's a great way to do that too. Overages. That is, the money that is bid over the amount of taxes owed. These funds are generally held for the owner for a short time, and if they don't collect, the money is lost permanently.
Owners are frequently clueless or disconnected, or have moved on, and leave the money behind and lose it. Billions of dollars are lost each year this way. Find the records of the funds, find their owners, and due to a legal loophole, you can legally charge 30-50% as a finder's fee. It's fairly easy to do, and brings in cash quickly - not five years after the fact.
by: Maggie Dawson
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