I need info about tax forclosure houses?

Question

Someone was telling me obout the tax forclosure houses that we just pay the tax that the owner did not pay which sometimes is as low as 1000 $,Is that true?If yes how do I find their website or learn about them more?

Answer 1

well, that's what everyone believes. but it isn't true. i wish these "tax" sales were held more often so you could see what REALLY happens!

which is:

about 95% of the people who go to them are ready, willing and able to pay off the outstanding real estate tax bill plus some ($). but who gets the bid? why, real estate licensees, of course! they know the market. they know the properties. they know the locations. they know how to finance the purchases. they know to bring certified earnest money checks in an amount equivalent to at least 10% of the final price they intend to pay for the real estate. i.e., you should get yourself a piece of real estate, but find a very experienced and service-oriented Realtor(tm).

the real estate pros offer close to market price for these properties. their offers are about 1000% higher than the outstanding tax bill, if it is a good piece of property in a good location. location, location, location. those 3 words are all you need to know when you buy real estate. remember that.

so many people like you walk out of a tax sale disappointed that they never had a chance to bid. well, of course they didn't. how can you, when professional people in real estate already know the value and can afford to pay for it?

you'd be better off being able to attend one of these madhouses before you ever even try to buy a piece in that fashion. it would be a good learning experience, but alas, they do not come up often.

now a bank foreclosure, whereby the owner has not paid the mortgage, will normally go to the bank or a superfunder, who will then hire a real estate broker to sell the property for at least the mortgage that is outstanding. however, know that really, they want market price. so that is what the listing price will reflect.

also know: in a tax sale, the owner of the property (especially a single family residence) has a "right of redemption" period. that means that usually, within 2 years from the date you buy the property, the owner can come up with all monies owed and outstanding and get the real estate back, kicking you out. get legal advice, from an attorney specializing in real estate, to know the pros and cons of this.

good luck! (oh, it is a way big, huge buyer's market, so do it: go buy a piece and watch it grow in value over and above any other financial investment vehicle).

Answer 2

how do you NOT realize what you owe? are your loan repayments up-to-date? is estate tax incorporated for your loan fee? if sure, then teh loan manufacturer must be paying your estate taxes from the escrow account? if residence has no loan, have you ever paid your annual county and tuition estate taxes? if now not, then ask the county and tuition tax workplaces how a lot you owe and pay them