County Auction
There is going to be a county auction and I would appreciate some help.
The properties are ones in which the county purchased the certificates and have all remained unredeemed for more that three years.
I checked out a bunch and would like to bid on a few. What exactly shall I be checking out in regards to liens on the property? Are all but taxes removed? Do these types of properties bring in much more than the taxes when they are bid on?
I purchased a bank forclosure once, and did very well. I was lucky because I'm sure I did not do enough research.
[ Edited by ETA on Date 03/23/2004 ]
ETA--(NY)----------------
You need to study the state statutes about the collection of delinquent property taxes, in my opinion. Get to the law library and read up. Then you will know if there are any other obligations that might remain that you need to check.
As for as the bidding goes, I recommend that you talk to the poeple who will be conducting the sale and ask them what they expect in terms of bidding. Ask them about the bidding at the last few similar sales.
You never can know when there will be a bargain that you end up with. However, these days there are a lot of people interested in the tax sales and tax resales, such as the one you mention. There well may be a large crowd and it is possible that properties will get bid up to prices that do no make sense to you.
You need, I feel, to expect that you will get no more than one or two properties. However, check with the governmental agency which will be conducting the auction.
Good Investing*******Ron Starr***********
Thanks for the advice! I'll call the county today, and maybe the title company I use.
The prospectus says that the winning bidder will receive a quitcalim deed conveying the interest of the county in the parcel. I'm unclear as to what that means, but will check it out today.