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@1stPlaceDirector it's A different con in the UK, same thing mind. your investing in sombody failing. if the person whom you think may fail you reap the benifits whilst they lose everything they have. Not saying if I had the money to "invest" i wouldn't do it. The band wagon is there, if you don't get on it you might be pissed if you where a starving dog at the time and didn't. But again if you don't get on that wagon then then the fat dogs get all the meat without you. 'tis life, Guilt happens.
@Pkomisky
The 1st thing that happens is a tax lien sale. The redemption period is 2 years. If in that time the owner has not paid the lien then the lien holder has to petition the court for the property to go in to a deed sale. The lien holder does not get the property. If there are other lien holders or outstanding taxes, the lien holder that petitioned for the property to go to a deed sale then pays all the other tax liens holds and the outstanding taxes before it goes to the deed sale.
I received a brochure from one of the counties in Flordia on tax sales.
It said that contrary to what most gurus would have you believe you will
not go to a tax deed sale in Flordia buy the tax deed and leave the auction
owning the house. What really happens is the owner has 2 years to pay the
tax deed investor back and if he doesn't the investor can start the foreclose
process. Then the county will auction off the property to the public and if
you want it you will have to bid on it.
kjhkjhkh
@1stPlaceDirector The whole idea of tax lien investing for many investors is not to foreclose on the property. Forget about what you may have seen in an infomercial, that very rarely happens. Most tax lien investor buy tax lien certificates for the interest they can get on their money. Where else can you get double digit returns without having to worry about the market crashing? So when the property owner pays off his taxes that is not a failed deal, it's what most tax lien investors want.
@pythonjim the winning bidder at a tax lien sale gets the tax lien, they get to pay the overdue property taxes, and put a lien on the property. The reason why they would want to do that is the interest they get. Basically they are giving the delinquent tax payer a high interest loan.
The winning bidder at a deed sale, actually gets the deed to the property.
@liftingcoach and what does the winning bidder get?
Coarse: Rough in Texture, Ridged / Course: Class, Training, or Seminar
search for " Tapped Out: When Water Bills Force Forclosure "before you become a bottom feeder:
i just cant help thinking "Blowing Hot Air" with the stage your on...... and the message .
@SVTSWeb
That's right and in the state of California you have to be 3 years delinquent before they'll sell your home in a tax sale. And most counties will work with you if make payments.
Most states give you at least 2 years before they sell your property in a tax sale.
One thing that I've learned from being in this business is you've got to pay your taxes. If you live in a tax deed state - pay your taxes first, before everything else.
The home does not just go to the person. It takes a year of unpaid taxes for the county to issue a tax lien. Then the redemption period determines the period after the year the owner can pay off the tax. If the owner does not pay it off within the time, then you have the OPTION to foreclose. Usually the bank will pay it off so they do not lose their mortgage and house. The money paid goes towards improving the county's education, roads, etc. This system was made before the country was founded.
If an investor did not purchase the property the county would take it, and the home owner would get nothing - no compensation at all. As it turns out with the tax sales in California, when a property is sold at tax sale, the owner of the property may apply to receive any overbid from the tax sale. They get the difference between what is owed for taxes and what was bid at the sale. So they actually can walk away from a property that they couldn't afford with a lot of cash.
Thank you for sharing this information. I'm going to review your other youtube video's. I've had an interest in Tax Liens/Deeds for quite some time and wasn't sure how to go about investing.
Hello, why not do a video that summarizes how well the whole business works. For example, how many tax lein purchases actually result in your obtaining of the property and how much money and time it generally costs for each failed deal where the property owner pays off his taxes and you ended up wasting a lot of time? Also, what happens when you purchase a tax lein and it turns out that there are a lot of other tax lein owners from previous years? Maybe you will need an expensive attorney then.