| Purchasing back tax property is not as challenging as | | | | to you for nothing, just to be done with the ordeal as |
| you may think. While it has become considerably more | | | | soon as possible. |
| difficult to get tax foreclosure property by bidding at | | | | If you're considering purchasing back tax property as |
| auction, back tax properties are still available all over | | | | an investment but really hate the idea of owning |
| the place for a bargain - if you know how to go about | | | | property, there's another very easy way to make a lot |
| finding and buying them. | | | | of money from tax foreclosure property, without ever |
| If you attempt to bid at auction, you'll find a few things | | | | having to own anything. When more is bid at tax sale |
| are true. First, you'll have a lot of competition, and that | | | | than is owed on back taxes (same for mortgage |
| is likely to get worse in the future. This won't allow you | | | | foreclosure) the overage is held for the owner to |
| to get a great deal. Second, you'll have to pay for your | | | | come in to claim. Since many of these owners are |
| entire bid, in cash, at the sale. Third, you won't be able | | | | long gone from the property, or for whatever reason |
| to inspect the property beforehand. The only surefire | | | | have abandoned the situation, they often don't know |
| way to go about purchasing back tax property | | | | about the tens of thousands of dollars they have |
| cheaply is to get it directly from the owners, after tax | | | | waiting to be collected. After a while, they lose it |
| sale. | | | | permanently to the government. |
| Towards the end of the redemption period (the year | | | | By finding records of these funds, locating their |
| or so after tax sale when the owner can still redeem), | | | | owners, and connecting the two, you are entitled to a |
| there will still be many properties left unredeemed. | | | | finder's fee. And since these funds aren't governed by |
| Purchasing back tax property from the owners of | | | | state law, there's no limit to the finder's fee you can |
| these homes, at this specific point in the process, is a | | | | charge. On a typical $15,000 overages with a 40% |
| gold mine. These owners are desperate and willing to | | | | finder's fee, you're looking at $6,000 for what amounts, |
| negotiate a very, very low price for their properties, | | | | generally, to a few days' work. |
| and sometimes are even happy to sign over the deed | | | | |