I’m an experienced foreclosure investor, and generally know the risks of buying foreclosed properties at auction. However, there is a property I’d like to purchase that has a substantial tax lien attached to it, and I’m not sure how much I should take that into consideration. Exactly how often does the IRS exercise its redemption rights in foreclosed properties? Are there any particular factors that make the IRS more inclined to redeem a particular property?
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My friend He has severe back problems and stays home all day but have lots experience in real estate he used to to buy rental properties and owned for a while and then sold them for some profit, But now it is not possible to do the same . Iis there any place in Real Estate he could make money without any lifting or repairing properties. I sugested Tax Lien certificates but I dont have any clue about that myself if it is the best. What do you suggest where can he excel as investor. I shall highly appreciate
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DETAILS: Basically, I’ve really taken to real estate investing and have read about 8 books now (7 more to go! ouch), so have some good "book knowledge" but zero experience. My question is this: When you’re reading, eg, a foreclosures.com-type of website data on a PRE-foreclosure, which numbers should the investor (aka "credit saver") be evaluating in order to make an intelligent OFFER to the buyer? I know the basics like I’ll have to pay the back payments, back taxes, etc (PLUS any stated or hidden liens etc), but do I use these to present a deal:
Improvement value / Land value / Taxable value (Ar these 3 important in my offer or instead use:
Last sale price…(I know this one)
zestimate (I know this one)
Transfer value (what is this?)
Default value…(I know this one)
In other words, I want to make an intelligent offer on the preforeclosure. Please, someone with experience, what’s the math? And are there any missing numbers?? (eg loan balance, equity). Sincere thanks.
small typo sorry: <<above "Improvement value", please add the word "how" so reads "but HOW do I use these to present a deal?:">>
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I purchased a property 7 years ago and have never been late on my mortgage, insurance or my city taxes. I have no other liens and this is not an IRS or federal issue at all. An investor bought a tax lien certificate from my county from taxes that I didn’t realize I owed. I moved out of state shortly after purchasing the property and never received anything from the county in 7 years. Now I am getting a letter from the investor’s attorney that I owe approx 6 times what my normal tax bill amount is (after adding interest and fees). The property is actually in a real bad neighborhood and needs a ton of work and I have not been able to sell it now and I’ve been trying for 6 years. I still owe about ,000 but if they were to foreclose and auction it I doubt they would get more than a couple thousand for it.
My question is 1st of all, can they foreclose on it and if they do, can I buy it back for let’s say ,000 plus pay off the tax lien, and save myself over ,000 plus interest in the long run? If they go along with this scenario would it be legal?
It has been over 2 years since the tax lien certificatge was sold and I can no longer pay the county because my delinquent taxes were paid off by the 3rd party investor. I don’t owe the county anymore and I’m current except for that one year (2002).
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