subject: Buying Foreclosed Homes By Paying Delinquent Taxes - No Bidding Required [print this page] Regardless of your experience level or bank balance, if you you're buying foreclosed homes by paying delinquent taxes, you can make a lot of money in real estate. All that stands between you and a real estate empire is knowing what property you should buy, and how and when to get it for as little as possible. Buying foreclosed homes by paying delinquent taxes is easy to do, if it's done after the foreclosure auction.
Isn't the simplest way to get tax property just to bid at auction? No, no, no. There is stiff competition at tax sale, and the bidding will never end low enough for you to profit. In addition to that, if you do win, you'll have to pay every cent of it right there at the auction. And here's the saddest part: if you do somehow prevail, 90% of the time the owners pay the taxes and it's gone anyway.
All this means is that you'll be buying property another way. The timing: when only a few months are left in the redemption period. The sellers? The tax-delinquent owners themselves. Owners that still aren't paid up are usually those that are letting the property go on purpose - because they don't want it anymore.
It will be easy to buy their properties cheaply. Most of these owners will be landlords, or heirs that got a property when someone died, and don't want to deal with the taxes. Tell them you'd like to get the deed out of their hair sooner. Offer to pay them for their time, in signing the paperwork. Then, it's up to you to decide how to take your profits from your $200 property!
Use this method of buying foreclosed homes by paying delinquent taxes and you're sure to have success buying property, even if you've only got $200. Has there ever been a better time to get started? Don't put it off another day.
One more little treat from the insider tax sale investors: when bidders overpay for a property at tax sale, that extra money over the taxes owed are usually held for the original owner. But the former owners are often unaware of this! Notifications from the government often go to the tax sale property, where they no longer live. And guess what happens next? If they don't collect it in time, the government gets to keep it.
However, these funds are not held by the state, and that means that state money finder laws don't apply to them in most places. That means that you can charge 40-50% as a finder's fee for reconnecting these owners with their funds. And as you can imagine, real estate surpluses are often for a lot of money - $10,000-$50,000. You do the math!
