New Investor In NJ
Does anyone have experience in Tax Liens in Southern NJ? Do you know if there is an opportunity to get started with approx $5,000 for a first time investor?
Does anyone have experience in Tax Liens in Southern NJ? Do you know if there is an opportunity to get started with approx $5,000 for a first time investor?
Hi, I am also starting and I am willing to combine $5,000 with you and I will look in North Jersey. Contact me. I have heard it is extremely competative and the % are usually bid down to 0. But I am still willing to keep looking.
In some states you can purchase the lien "over the counter". However, to redeem the lien you would have to pay all the back taxes owed. In other states you cannot buy a lien OTC.
If no one buys the lien, then after a period of time the county can foreclose on the lien and sell the land at auction. Each state has its own rules as to the minimum bid, you may not be able to bid less than back taxes owed in some places while in others you can.
You might do better to contact the owner directly and buy the property from him/her directly, but even then the back taxes have to be paid.
I doubt seriously that any governmental entity will do a title search for you. Their job is to collect the back taxes. You will have to do this yourself.
First thing to find out is what type of property is this. It may be a worthless lot (if you find something good, make a visual inspection).
Second, what other liens are on the property. If a mortgage, most likely it will be redeemed before the actual sale, the mortgage company will NOT lose its lien by failure to pay back taxes. If another type of lien, such as a mowing lien, this will NOT be wiped out at sale and you WILL have to pay it.
Thank you guys you have been a great help!
london77