PA TAX SALES?
In PA it is my understanding that there are three sales:
1. UPSET SALE
2. JUDICIAL SALE
3. REPOSITORY SALE
If I am interested in purchasing tax liens, which one of these sales would serve that purpose.
If in fact, these are all tax deed sales, what is the risk associated with Upset Sales. Is there the risk that :
- I would not recieve any interest,
- lose my entire investment,
- incure additional liabilities
Hello Danny,
I would recommend you go to the courthouse and research the procedures that govern the tax lien/dees for PA. Learn the state statutes and then the county guidelines and then go from there. Your best freind will be the education you get from learning the local and state laws on this lucrative venture.
Good luck
Danray,
The Upset sale is the first tax deed sale. It gets its name from the upset price which is the minimum price that can be bid. This is made up of all the back taxes and fees due on the property. The success bidder would get a fee simple deed.
Presuming you bid correctly, you would not lose anything. If the tax foreclosure that took the property was conducted incorrectly, then your deed would be overturned but you would get back any monies that you paid.
There are other tax deed auction procedures after, if the property does not sell. However, I do not know the name of them.
It is possible that the Repository Sale is a tax deed sale of lands held by the county which have not sold at other auctions. This is called a Resale in Texas, Oklahoma and other states.
I have not seen this in Pennsylvania law. After the Upset tax sale, the county can try to resell the property upto three times. If no one bids the upset price then a hearing is held to see if there is a reason to not sell the property at a Private Tax Deed Sale. The Private sale is conducted by the Tax Claim Bureau and sold to the highest bidder, with no minimum bid. It is possible that if no one bids at the Private Sale that another sale is conducted, possibly called a Repository Sale.
Contact the county Tax Claim Bureau to verify what goes on in PA and report back.
Best of luck,
Mitchell Goldstein[ Edited by Mitchell on Date 02/05/2004 ]
DanRay,
Pa has Tax deed sales. The upset sale is the first one, that sale is for the back taxes but does not wipe out any other debts (such as mortgage) the next sale is the Jud. sale if the property did not sell at the upset sale. this sale wipes out most of the debts so you must check to see if there are any and the resp. sale is the left overs from the jud. sale