Introduction
Tax lien certificates are liens that are usually placed on a house when the house owner fails to pay taxes. Each year, the house owners have a financial obligation to settle accumulate taxes that are positioned on their real estates. If the property owner settles the taxes within due time, the tax certificate is removed but, if they fail to settle it, the county enables real estate investors to settle the taxes on behalf of the property owner. The tax certificates are usually auctioned to the property investors at county stage of governance. Each county has unique redemption intervals and interest rates. The proceeds that are received by the county government from the tax lien sale enable them to finance public operates like hospitals and public parks.
How to buy tax lien certificates
- Contact the county tax collector of the specific county that you interested in buying and selling. Enquire about the dates, time and area of the tax certificate sales. Most counties conduct the tax lien sales once or twice in a year. Ensure that you acquire the room numbers and specific time of the auctioning. In some cases, this information can be obtained through going to the official websites of appropriate counties or states.
- Acquire a list of the tax certificates that will be up for auctioning. This list describes the properties to be sold, their last inspection date and their current market worth. This list is sometimes printed in the local newspapers located in the particular county of the tax certificatess sale. Furthermore, there are some on-line companies that sell tax lien certificates classes for several counties throughout the United Says.
- Do some research on the tax lien properties that interest you. You could start by visiting the assessor?s office to enquire about the property in conditions of sq. footage and value. going to the house before the auction date is vital. Inspect the house for damages, ensure that its located in a safe place, determine the latest market value and the required costs for maintenance and repairs. Learn the redemption period and the interest charges that apply to the property. This assures that you do not bid on unlivable property that may not be worth your time and money.
- figure out and understand the selling and bidding rules and specifications of the county wherever the tax certificates is located. Each county has its own bidding and registration requirements that vary partly or totally from other counties. Some counties require the interested investors to register at least 10 days before the tax certificates sale. It is As a result essential to familiarize on your own with the bidding methods and methods that apply in your county of interest before the auction date.
- Above all, ensure that you have adequate funding to settle the tax certificates in case you are the successful bidder. Understand the payment options that are available in the particular county. Some counties will require that you pay for the tax certificate once you are deemed the winner Even though others enable up to 47 hours. It?s worth the effort to understand how to buy tax lien certificates.
Conclusion
Buying the tax certificatess can be overwhelming in particular if you are not familiar with the procedure and the rules as well. However, with proper research and understanding, buying tax lien certificatess can be a gratifying and fulfilling expertise.
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For more information on how to buy tax lien certificates, click here.
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Source: http://www.exemptionstax.com/archives/8119
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