How can buying property tax liens get you a house for $3k. Wouldn’t you have to pay of the mortgage loan?
May 10, 2009 in
Questions And Answers
Thinking of investing in property tax liens but I am worried about what happens when they do not pay the delinquent taxes. Would I get the house free and clear or have to fight for the right of ownership in long court battles. Or would I simply have a lien on the property?
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One comment
budhah1 on May 10, 2009 at 9:10 pm
Investing in tax property takes a tough soul. Kicking people out of your house after you "Stole" it from the by paying their taxes that they could not afford. is tough.. In my state of Illinois you buy their property at a scavenger sale, and it is then yours. Mostly garbage stuff, and not worth the time or trouble.
Tax sales are also held each year for late taxes that will take you two years to get possession as they have that long to pay the make up their late payment. You are not allowed on property until you get a tax deed. Mostly you get the interest that they have to pay on the tax amount you paid. That could be a big return in itself.. The catch is that there are companies that go around paying late taxes and pretty well have it tied up. At lease at my last auction, it was pretty well in the bag.
Mortgage is lost on tax sales..
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