Tax Sales - Debts>value
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Tax Sales - Debts>value (by #22 [MO]) Aug 10, 2017 3:32 PM
       Tax Sales - Debts>value (by NE [PA]) Aug 10, 2017 4:04 PM
       Tax Sales - Debts>value (by Deanna [TX]) Aug 10, 2017 4:56 PM
       Tax Sales - Debts>value (by S i d [MO]) Aug 10, 2017 5:33 PM
       Tax Sales - Debts>value (by Kyle [IN]) Aug 10, 2017 6:18 PM
       Tax Sales - Debts>value (by Mike SWMO [MO]) Aug 10, 2017 8:13 PM
       Tax Sales - Debts>value (by plenty [MO]) Aug 11, 2017 6:29 AM
       Tax Sales - Debts>value (by Mike SWMO [MO]) Aug 11, 2017 10:30 AM

Tax Sales - Debts>value (by #22 [MO]) Posted on: Aug 10, 2017 3:32 PM

I have been looking over some tax sale lists in the past few weeks and have seen some parcels owing hundreds of thousands of dollars, even 1 million in back taxes. In these and other instances, the properties owe considerably more than they are worth. If no one bids on them year after year at the tax sale, how to the collectors dispose of the properties in situations like this. I realize it varies from state to state - maybe even county to county. Curious to hear how this process plays out. Thanks #22.

PS Mike and Sid - if there's a pre tax sale pow wow, I'll buy you guys lunch


Tax Sales - Debts>value (by NE [PA]) Posted on: Aug 10, 2017 4:04 PM

Around here after a few years, a judge will squash the liens and it will be sold at judicial sale. --174.201.xx.xx

Tax Sales - Debts>value (by Deanna [TX]) Posted on: Aug 10, 2017 4:56 PM

The city about an hour north of me recently had a tax resale. These were things that had been sent to tax sale, but hadn't sold on the courthouse steps. They wait until they have a decent amount of houses, and then they do a sealed-bid sale. You submit your bid, accompanied by 10% of your proposed purchase price, and you have x time to bring them the other 90% if your bid is accepted. There's a committee made of councilmembers, school board members, and county commissioners, and they decide whether to accept or reject... and sometimes, they'll reject everything, if they don't get a number they're looking for. For example, there was one little 2/1 with a minimum bid of $31k, and they rejected an offer of $25k that had been given after the original sale failure. ????

Out of the 12 houses they had for sale, there were maybe four that were worth considering. But their minimum bid from the first time around was pretty close to half the retail value of the house. They had let the taxes accumulate, unpaid, for about seven years, so by the time they finally did try to sell them, they were so bloated by taxes, penalties, and lawyers' fees, it wasn't competitive. No one wanted to buy a grungy little fixer-upper for so expensive, right? I decided that I would rather get my houses by beating out the competition, rather than having a committee decide my bid was worthy enough to be accepted... especially since bids needed to be accompanied by a cashier's check, and I kept forgetting to ask how long it took for the unsuccessful bids to get their money returned. :) However, when I followed up to see what those four houses had sold for, in each case, the winning bid was higher than what the minimum bid had remained unsold at the original sale.

I also looked into a rural county down the road. They, too, have a tax resale for stuff that isn't snapped up on the steps. It's monthly. In their case, they tell you, "This is what the minimum bid is that we'll consider." And then they accept sealed bid offers. The City Council meets, looks over the bids, and passes judgment. So for July, the last day for bids was July 31st, and the Council meets the third week of August to make their decision.

For my county--- the resales are divided according to the taxing entity that did the foreclosure: Town A, Town B, Town A ISD, Town B ISD, etc. You drop by Town A's City Hall and tell the City Manager, "Hey, I see Property X has been sitting on the tax resale list for 5 years... I'd be willing to offer you $x for it." And then the City Council will meet and decide whether $x is worth getting it back onto the tax rolls. Sometimes they'll accept; if it's hideously lowballed-- like, $200 for a house-- they'll reject.

Tax Sales - Debts>value (by S i d [MO]) Posted on: Aug 10, 2017 5:33 PM

This past year properties that had been offered at least 3 times with no bids were offered over the a few cases for less than what was owed in taxes. One thing I've learned in this process is it's not always about minimizing costs for tax payer who are often shouldered with the upkeep of these places but rather following the letter of the statutes.

Tax Sales - Debts>value (by Kyle [IN]) Posted on: Aug 10, 2017 6:18 PM

In IN they offer them for sale without the same minimum bid restrictions and with a shorter or no redemption period if they don't sell at the tax lien sale.

Tax Sales - Debts>value (by Mike SWMO [MO]) Posted on: Aug 10, 2017 8:13 PM

#22 For those kinds of $$ I would guess you are looking at your town up north. If that is the case remember their tax sales are a little different that the ones in the hinterlands of MO where I live.

I donít know of any pre tax sale pow wow coming up. If there was one I surely would like to attend as a student and see what I could learn. SID is getting to be very knowledgeable and a great teacher. I wish he had been my mentor.

I just finished my paper research today and will drive the county tomorrow laying eyes on things I am interested in.

I should have a little time Sat and Sun if you have any questions I would do my best to answer for you. I believe you have my number. I will yo Ė yo back to the other side of the state Monday and spend one and a half weeks looking over there.

From last yearís sale I picked one up in December and believe I will get two more at the end of this month. One person died and the other person lives in Calif and hasnít been around for a long time. But we never know.

If you bought lunch it would probably be a pine float. I used to have lots of them. They were about the only thing I could afford. I think you are too young to remember what they were. A pine float was a glass of water with a wooden mint flavored tooth pick floating in it.

Let me know if I can help you.


Tax Sales - Debts>value (by plenty [MO]) Posted on: Aug 11, 2017 6:29 AM

In my county i understand those properties that go thru the three years are then sold Over The Counter at the Sheriffs office. I asked once to see this book of Over The Counter Properties and there were some that had been on the books for 30 years! Out of curiosity i look up one of the really old properties... It was a small wedge of land that i could never really find! Another was a small wedge of land land locked. I couldn't think of anything anyone could do with that. Another narrow piece of property was a cliff... Basically the face of the rock cliff along a railroad track... Had to wonder if that wasn't some large land owner's way of giving away something in his will to an unsavory family member! I only followed up on a few in areas of interest before coming to the realization that they didn't get sold year after year at the tax sales for one reason ... Useless!

Tax Sales - Debts>value (by Mike SWMO [MO]) Posted on: Aug 11, 2017 10:30 AM


I think you confirmed my thoughts as to where you are looking for the tax sale properties.

Just look at tax sales, regular or over the counter, as somewhat looking for tenants.

You have to make lemon aid out of lemons. You have to kiss a lot of frogs before the prince or princesses is found.

Example. One guy found a piece of land that was somewhat skinny but fairly long. I donít remember the numbers. No one wanted it. Had been on the books for a few years. He bought it (very cheap) and made a landing strip for his airplane.

So your cliff you found. What can you do with it? Have you thought of opening or finding someone (ex military) who would like to open a repelling school? If this is close enough to the city this might be a niche. I know YOU wouldnít want to open a repelling school but someone might.

I bought a property a couple of years back. Used to have a mobile home on it but termites had a picnic. Couldnít think of what to do with it other than where to strike the match. The post the other day about campsites. Thatís my answer. The property is about 50 or 60 feet wide and maybe 140 feet long. The front of the property touches the dirt gravel road but the back lot line is the embankment of the river. You can put your lawn chair there and cast your hook into the river.

Keep the mind open.

PS i know these sugestions arn't worth you rich guys time but us bottom feeders have to do what we can :)smiling


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