I am curious. How do you go about finding homes owner's have lost due to non payment on taxes? Help?

Question

Seen the infomercial John Beck Free and Clear. Purchasing homes lost due to non payment of their taxes. Pennies on the Dollars.....he said. How would I go about locating this homes. Don't want to purchase his cd's. Read terrible customer service reviews

Answer 1

John Beck is such a crock. If there were millions of these homes selling for pennies on the dollar as he claims, he could make much more by buying and selling these homes than selling his scam of a program on a late-night infomercial.

Answer 2

I'm trying to find more information for you - but until I get it, I will tell you that unpaid tax lien foreclosure is a matter of public record, and should be obtainable from your county recorders office, or collectors office.

More info. to follow......

Okay - got it!!

First and foremost, let me preface this by making sure you understand that you "buying" these properties - means you are NOT buying the real estate. You are simply buying the tax lien on the home. Meaning you do not take possession of the real estate, you are only giving the local government money so that you can then be due the taxes previously owed to the local government. IF however, after 3 years, the taxes on the property still go unpaid, then you can request a "Treasurer's Deed" which then means you take possession of the property. After a 6 month process which by all accounts is time consuming and costly. But if the existing home owner who is tax responsible pays current their due taxes, all you get is the taxes that were due, plus all applicable interest accrued!!

Having that said, you can purchase a copy of your local governments list of foreclosed upon tax liens through the Treasurer's Office.

Hope this helps!!

Answer 3

The first answer ^above is WRONG. Maybe where he lives it works that way, but that's not how it works everywhere.

In the area where I live (and the county where I work), unpaid real estate taxes are collected by Tax Claim Bureau's (part of the county government). If you do purchase a home via the delinquent tax sale (here in my area at least), you DO own the home. However, when you buy it, not only are you paying off that lien......but you then become responsible for ALL other liens and monies owed (ie-other misc. liens, the mortgage, water/sewer/trash bills, etc.).

Assuming you're in the US, you're best bet would be to take a little field trip to your county courthouse. Contact Tax Claim, Recorder of Deeds, and Treasurer's offices as well as possibly contacting any other taxing body in your area.

Answer 4

What John Beck is not telling you is that you can buy these homes for 'pennies on the dollar' but they're not free and clear of OTHER liens. No one is going to let a $200,000 house go to a tax sale over a few grand of unpaid property tax. Generally these houses are heavily encumbered by other liens, such as mortgages, lawsuit judgments, and the like.

I don't blame you for not wanting to buy his CD's. Not only is his customer service wanting, but the information he provides is downright misleading.

Answer 5

Unfortunately, every state is different. Becasue I'm from Michigan, and I specialize in working with Investors who buy Single Family Homes, I know how it works here.

In Michigan, we no longer sell a tax lein. Instead, when property taxes are unpaid for 3 years the state forecloses on, and then sells the property. When property comes up at the tax sale auction it is cleared of any leins. You buy the property by bidding at auction. The minimum bid is the cost of 3 years worth of taxes.

The properties that do come up are typically vacant land. That's becasue as part of the foreclosure process any mortgage company or other lein holder is notified. Typically those lein holders will pay the past due property taxes.

There are a few tax sales left for this year.
https://www.tax-sale.info

Felicia Randall
www.cherrycapitalhomes.com

Answer 6

Here is a book you may want to get. "Profit by Investing in Real Estate Tax Liens by Larry B. Loftis, copyright 1985. As far as pennies on the dollar. Not true. You better save a few thousand. I about to go to a tax sale in a few months and I have a little over 6k. Besides I do not want the property. I just want my money back plus interest and penalities. I make my money in the interest and penalities, why own the property?

Answer 7

Call your local tax assessor's office and ask them when their tax sale is...(Usually, these sales happen once a year, depending on the jurisdiction)...If the sale is going to occur soon, ask them for their tax sale property list...(You can also get the previous year's tax sale list).

Also, make sure you do your due diligence...these properties can be subject to other mortgages, liens, etc.

Check out TaxSaleWealth
http://www.taxsalewealth.com