subject: Buying Foreclosed Homes By Paying Delinquent Taxes - Possible? [print this page] Buying Foreclosed Homes By Paying Delinquent Taxes - Possible?
Want to build a real estate empire buying foreclosed homes by paying delinquent taxes? Do it now using the following methods! A rich investor who doesn't know what he's doing won't be able to hold a candle to you, once you know the secrets of which properties are the best to invest in. Tax foreclosure property is the name of the game - but probably not in any way you've ever heard of to invest in it before.
Buying foreclosed homes by paying delinquent taxes at tax sale is not something beginners should be doing - or any smart investor, really. Competing with other bidders is a recipe for paying the highest possible price for property. Want another reason? You can't inspect the property first, and have to pay for your bid up front - without ever seeing the property. Then, most of the time the owners find a way to bail out their house before you get it anyway.
Don't worry - there's a much easier and less risky way for buying foreclosed homes by paying delinquent taxesget. How to get them? From the owners - when they're about to lose the home to the government permanently, at the end of the redemption period. Now, most of the remaining owners are just going to give up the property to the government.
These are the exact type of people you want to work with. You'll often find these owners live across the country, and that this is a second home, or inherited home, that they just don't want to deal with anymore. All you have to do is ask these folks for the deed! The paperwork necessary could take an hour to fill out - offer them $200 for their time. Then, if you want to keep the property, just pay the taxes and it's yours! Otherwise, sell immediately and take your profits.
Admit it... this is the best way of buying foreclosed homes by paying delinquent taxes without going to tax sale that you've heard of to date. With sky-high foreclosure rates over the last few years, you'll have no shortage of properties to choose from.
I'll give you one more major tax sale tip. in about half the states in the U.S., when someone bids more for a property than is owed for taxes, that overage amount is held for the owner to come in and collect. More often than not, the owners don't understand their legal right to the money. Since they usually are gone from the property, any mailings they get from the county go unnoticed. After a year or so, legally, the money becomes property of the government, and the owner loses it forever - even if it's $50,000.
But since this money is held outside the state level, the funds aren't subject to money finder laws (in most states). That means you can charge much more than 10% as a finder's fee - more like 40-50%. So if you collect one $20,000 overage a month, that's a six-figure income from overages alone.
