How do you purchase tax lien properties?
Answers:
Where I live you must pay any county, city, or other gov't liens and any mechanic's liens. The mortgage remains with the previous owner.
You must file for a Quiet Title and have one granted before you can get title insurance. Quiet Title takes 3-6 months and costs anywhere between $1,500 and $3,000.
It varies greatly, depending on where in the US the property is located.
GO on net/ck out John Beck/ Freee & Clear
call 1-800-829-1040. Thats the IRS. Ask to speak to a lien specialist in collections. Im a Rev Agent
It depends on the state you live in. In most states but not all, non government liens are wiped out at a tax lien sale.
Some states have a redemption period so even if you purchase the property at a tax lien sale, you can not get title insurance on it until the redemption period has passed.
This is high risk investing.
BOB FORD
The first thing you have to do is decide in which county you want to purchase the tax lien in. Some counties allow you to purchase tax liens over the counter whilst some only sell at auctions.
Here's an example-Texas sells tax liens on the first tuesday of each month and they allow over the counter sales, while Utah only sells deed at auctions and this happens once a year on the third and fourth thursday in may.
To participate in an auction just call the local county courthouse or city hall to find out when they are holding tax lien auctions.
Above and all tax liens are a good investment because even if you don't get the house you are guranteed a high return on your investment- sometimes as high as 180% but never lower than 10%.
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