 county tax auction (by bob [NY]) Sep 21, 2014 5:18 AM
 county tax auction (by Frank [NJ]) Sep 21, 2014 5:35 AM
county tax auction (by NE [PA]) Sep 21, 2014 5:44 AM
county tax auction (by rick [NJ]) Sep 21, 2014 7:09 AM
county tax auction (by Ken [NY]) Sep 21, 2014 8:49 AM
county tax auction (by bob [NY]) Posted on: Sep 21, 2014 5:18 AM
Message:
State Specific Question About: NEW YORK (NY)
Hi ,
I live in erie county on New York state and a nice duplex is to be auctioned off at the tax sale this week. They state free and clear from all government and water liens . However , what about lender liens and / or finance company liens ?? Thanks --72.75.xxx.xxx |
county tax auction (by Frank [NJ]) Posted on: Sep 21, 2014 5:35 AM
Message:
what about them?
the existence of other liens and encumbrances are your responsibility to search out and verify.
Sounds like you need to do a lot more homework before participating in such vendues. --70.192.xx.xx |
county tax auction (by NE [PA]) Posted on: Sep 21, 2014 5:44 AM
Message:
There are several stages in tax sales, at least here in Pa. Some are free and clear. Verify the stage and verify the liens. --70.44.xxx.xxx |
county tax auction (by rick [NJ]) Posted on: Sep 21, 2014 7:09 AM
Message:
State specific: and you need to do your homework,
For example in NJ, municipal tax liens, are superior to any and all other encumbrances on the property, including mortgages, and you can legally charge 18%, sounds great right?
In reality: the winning bid on the municipal tax, is the lowest bidder on charging interest, many times you will end up multiple bidders offering zero interest, then the winner is the one who is willing to pay the highest “premium” for the tax certificate
So the first year, you will have paid out of pocket a premium and get zero interest, now by buying the tax certificate grants you the right to purchase next year tax certificate and charge 18%, but if the owner is able to pay off next year tax certificate, you are stuck with a tax certificate paying no interest, the owner has no incentive to pay you off, and looking to spend additional monies to foreclose
But then again there are many investors who have made some serious cash, if you get the right property, the owner cannot pay the tax on the property moving forward each year, charging 18% per year moving forward, with the possibility of foreclosing on the property
--69.141.xxx.xxx |
county tax auction (by Ken [NY]) Posted on: Sep 21, 2014 8:49 AM
Message:
Provided they did the foreclosure properly all mortgages and leins will be wiped out,a couple of the county auctions I buy at there can still be water bill outstanding and most recent school tax bill.The problem is they don't always do the foreclosure properly and many of the title companies won't write a policy on a property that went through a tax auction for 2 years,so difficult to resell or refi in that time frame.You should have an attorney or title company determine before the auction if the foreclosure was done correctly.Also some of the counties the owner can redeem the property right up till a day or two before the auction. --24.92.xx.xx |
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