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| $$bilyal |
 Posted: Sun Mar 19, 2006 12:25 am Post subject: tax liens |
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Investing Sr. Associate
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| Was reading something about a guy making 16% profit on "tax liens". Are these strictly to do with real estate? |
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| Dave Rathbun |
| Posted: Sun Mar 19, 2006 5:13 am Post subject: |
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CFO
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| If it is what I think it is, you simply go in and pay the back-taxes on property that is delinquent. If / when the property owner pays the taxes + the interest, you get paid back the original investment plus the interest. However, if the property owner never pays the back taxes, then you have additional legal costs... but ultimately (and this may vary from state to state) after you have paid the taxes for some number of years (seven sticks in my mind) then you can legally take possession of the property and sell it to try to recover your investment. |
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| efflandt |
| Posted: Mon Mar 20, 2006 8:34 pm Post subject: |
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Investing Manager
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It varies by location. In my county in Illinois, if someone does not pay their property tax due that year, it goes to tax sale (auction for back taxes) in late Oct/early Nov. If the property owner pays the taxes within 2 years, you get the tax and interest penalty. After that time, if you complied with all state requirements to notify the owner, etc. you can get title to the property.
I got a notice of tax sale for my property when I bought a home and both the title company and my lender failed to pay property tax on part of my double lot. I got the money from the title company, but I had to pay the rest myself before the deadline, and then try to get work it out with my lender to get reimbursed from escrow.
I have not been to one of the tax sale auctions yet, but may check it out soon if I have some extra cash some fall.
Unfortunately delinquent tax property in Wisconsin goes to the county, and they sell it at fair market value. So you have to check out the details for the area you are interested in (typically the county website if there is one). |
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| Dave Rathbun |
| Posted: Thu Mar 23, 2006 6:38 am Post subject: |
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CFO
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| It's an interesting way to acquire property. The possible negative is that it's probably best for vacant land rather than housing of some sort. If an owner is not paying back taxes, and has no intention to do so, then they have no intention to keep up the property. There are things you can do to mess up vacant land too, but not nearly as much as messing up a house or business building. |
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| raj84 |
| Posted: Tue Sep 14, 2010 10:37 pm Post subject: |
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Tax lien certificates...
For safe tax rebate i want to advice u most safe mode are-
public provident fund
national saving certificate
RBI bonds
Infrastructures bond
LIC plain policies(plain means which are not denominated in Units, which are only in rupee.)
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Fireman Sam | Omega 3 |
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| maha22 |
| Posted: Wed Sep 22, 2010 5:53 pm Post subject: |
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A lien is method by which a lender can secure, restrict the use of, or encumber property if debts owed are not paid in a timely fashion. A tax lien tends to refer to the government’s right to encumber property when taxes owed are not paid. This is slightly different than a tax levy, where the government seizes property and can sell it to pay back taxes. Tax liens are the right for a government to seize property and notification of this right, but the levy refers to actual seizing of property.
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interior design jerusalem |
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| alinasmith001 |
| Posted: Tue Nov 09, 2010 9:03 pm Post subject: |
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| The whole new industry exploded people to wash their local auctions for real estate sales as a result of delinquent taxes. These forced sales, sales or privilege tax, are becoming more mainstream and popular general public.In some states the property tax lien on the property in first place every year, even if taxes are not due until later in the course of year. Then the constraint is removed when taxes are paid. Other states are obliged to make a bond penalty imposed on the property. |
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| Brett_Price5 |
| Posted: Tue Nov 30, 2010 12:24 pm Post subject: |
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| antojames |
| Posted: Sat Feb 19, 2011 11:02 pm Post subject: |
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Mortgagees (lenders) don't do a title search before approving a short sale. The seller, not the mortgagee, needs to get the lien released and since the seller won't be receiving any money at closing, it's going to be difficult to get the property released from the lien, especially if the seller has nothing else of value.
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