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| cwing |
 Posted: Thu Aug 11, 2005 3:01 am Post subject: Tax and Bank Foreclosed Auction |
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Associate
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I went to a tax and bank foreclosed auction yesterday. My how much people are paying for condemend homes. A parcel of land with out a road was cheap thou  .. Next time I go I will be better off and I will be looking at more then one house. Just a waste of time to try bidding on one house. All and all it was a good experience. |
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| Grimreaper |
| Posted: Thu Aug 11, 2005 4:21 am Post subject: |
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CFO
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| Cwing, do you happen to be in the Ind, Oh, Pa area of the country? if you are I think I have a good REO (real estate owned) bank contact for you, if you are in one of those 3 states gimme a jangle |
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| cwing |
| Posted: Thu Aug 11, 2005 4:27 am Post subject: |
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Associate
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| No im in the best taxed state of the us.. New York |
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| Grimreaper |
| Posted: Thu Aug 11, 2005 4:32 am Post subject: |
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CFO
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Ahhhh, could be worse, you could be living in Ca. the state where things are so messed up that the residents don't even care anymore!  |
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| MrInvestor |
| Posted: Thu Aug 11, 2005 5:01 am Post subject: |
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Investing Manager
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Where do you find out about these auctions?
I've seen advertisments on TV and the internet for lists, but I'm sure the info is public and free somewhere. |
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| cwing |
| Posted: Thu Aug 11, 2005 6:37 am Post subject: |
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Associate
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| Yeah I found out from a friend. You can probably goto town hall find out if there are any upcomming auctions. The city where I live is going to have a foreclosure next month but the one I went to yesterday was a county auction. They are all different like the county auction is held every year and the city one is done every 2 years.. For my area.. |
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| grimes |
| Posted: Tue Nov 01, 2005 11:39 am Post subject: |
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New Poster
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Disclaimer: I have not actually used any of this information yet. I'm too poor, so I'm building knowledge before building cashflow.
A couple books said that they will post upcoming tax lien/deed auctions (big difference) in the 'boring' part of the newspaper. Also, get to know the county tax assessor's office. They will have all the information you need to know.
Good luck. |
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| efflandt |
| Posted: Wed Nov 02, 2005 6:11 pm Post subject: |
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Investing Manager
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I live in IL and discovered tax sale auctions when I received a tax sale notice for half of my double lot. The title company paid late and not enough to cover both lots (so some of their money had been returned), and the mortgage company slipped up and failed to pay tax on one lot from escrow even though everything was correct in closing papers. Fortunately I took care of it before the auction.
I am amazed when I hear about some states where property taxes have gone unpaid for many years. In my county, installments for previous year property taxes are due about June 1 and Sept. 1 and if unpaid, they send out a tax sale notice in early Oct. and auction taxes late Oct. or early Nov. If you bid and win the auction for tax on a property, I think there is a 2 yr period where you will either get tax and penalty if the tax is paid, or can then gain title to the property if still unpaid and you follow the state procedures. I will study it further some fall when I have enough cash.
In WI any property with unpaid taxes goes to the county and they attempt to sell the property at fair market value. So usually no bargains there.
Many counties have websites where you can get more info. My county provides a list of all properties with unpaid taxes when the auction is approaching. And you can even find out what your neighbors are paying and when by searching street names. But others provide little information. |
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| DKnightSr |
| Posted: Fri Nov 25, 2005 2:21 pm Post subject: |
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Member of the Month
May
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For my money, the BEST investment is in your home. But either mortgage it to the hilt, or pay cash. Nothing in between makes any sense. If you mortgage to the hilt, buy a "fixer upper" and use the additional $$$ saved from the down payment to do basic repairs. Don't get carried away, keep it simple. Fix it to where it's livable, and respectable, then sell and go again. Keep in mind landscaping is critical for "curb appeal" but a few bulbs, bushes etc (usually less than $200 total) will help you over the hump. Over the period of the last 20 years my wife and I have done 4, working on our 5th. With just a bit of luck, the next one we fix up will be purchased "cash", and we'll keep it. We literally started with nothing but a handshake on a lease option, and worked our way up. FYI, it helps to build strong marriages too when you work together. Soon to be 25 years for us.
Good luck on yours! (Both marriage and home  ) |
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| dman81 |
| Posted: Mon Jan 02, 2006 1:21 pm Post subject: |
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Investing Sr. Associate
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| Grimreaper wrote: | | Ahhhh, could be worse, you could be living in Ca. the state where things are so messed up that the residents don't even care anymore! |
Exactly! |
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| marketkid |
| Posted: Sun Apr 09, 2006 12:46 pm Post subject: |
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Investing Associate
Joined: 07 Apr 2006
Posts: 12
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| Is it better to purchase foreclosed homes, or purchase fixer uppers. And what is the best way to start?? |
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| e_pang |
| Posted: Sun Jul 02, 2006 2:12 am Post subject: What about now with interest rates? |
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Investing Sr. Associate
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| What about interest rates going up? Do you think it's still worth investing in properties? Or do you just change your plan meaning instead of selling you rent or whatever? just wondering! |
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| Vester |
| Posted: Mon Jul 03, 2006 6:19 am Post subject: |
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Investing Sr. Associate
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I think the deals are still out there, but you have to be more picky and not be streched and need to sell right away.
I think you can still get your price, but it may take twice as long to sell. |
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| pepe |
| Posted: Thu Jul 06, 2006 9:38 am Post subject: |
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Investing Associate
Joined: 29 Mar 2006
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| sheriff's auctions are held on the courthouse steps. you just need to find out when which will usually be in the newspaper, and where the courthouse is |
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| bobis |
| Posted: Fri Sep 22, 2006 6:30 pm Post subject: I think there is a magizine you can get at a bank or realest |
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Investing Sr. Associate
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| MrInvestor wrote: | Where do you find out about these auctions?
I've seen advertisments on TV and the internet for lists, but I'm sure the info is public and free somewhere. |
My father gets them from time to time but I dont know where, He use to be in real estate but its very time consuming so now he has a Us Postal Service Job....... but he is still interested in real estate he just got a new licence from allied schools!!! |
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