Tax Lien Property Auction?
Oct 18, 2009 in
Questions And Answers
Ok, so my husband is a "get rich quick" scheme kinda guy, yes, embarassing, i know. So he has his mind made up that his life is going to include buying propertry by means of winning it at a tax lien auction. I just doin’t think it’s as simple as all that. i mean, the list out shows property for anywhere bewteen 200 dollars up to the thousands, but i know it’s just not as simple as that. can someone please tell me what it’s like to go to an auction and what realistic expectations one should actually have of tax lien property.
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One comment
eeb on October 18, 2009 at 8:41 pm
First, whatever you are buying make certain you are intimately familiar with how to assess the properties fair market value, its marketability, pre-sales repair and selling costs. Second, some property will have a reserve on it. Regardless of what anyone claims be advised reserves do exist. Third there are "old salts" out there that go to these auctions all the time and know the ins and outs. Get to know the people and go to a few to see how many repeat people show-up. I would recommend several trips for watching before acting with this. Get to know the repeats and what constitutes a good deal. It is possible to make money going to these auctions but you have to know what your doing.
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