Friday, June 3, 2011

Need help.

I am looking for an auction site in the land of the free, home of the brave, in which I can bid on. In particular, I am looking for the site that offers the bids on back taxes.
A nobody I was talking with alerted me of this. He told me that you can buy the back taxes, charge an interest rate, and if they dont pay it, you take over the house.

Is this all bullshit?

Send me links. If its true, is this not a win-win? I mean putting up $5K, if they pay it back you get interest, if they dont you take over the real estate. Am I missing something?

36 comments:

  1. I've heard of this as well, from Robert Kyosaki, taking a course on this next week. Will let you know the ins and outs of it.

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  2. I looked into this a couple of years ago. They list the properties with back tax issues in the paper. From what I understood from talking to a number of people is that you pay the back taxes and assume the mortgage on the property or pay it off and the property is yours. Where I live the state or city sets the date when people have to pay the taxes or be subject to having the property possibly being taken over.

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  3. You are missing a lawyer and all you have is first lien.

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  4. Every state has different laws. In Indiana & Ohio, the foreclosed properties go to a monthly "sheriff's sale" where the public can bid on the property. The mortgage holder hires a representative that tries to bid up the property the amount owed. Sometimes, the mortgage holder does not want the property back. No lawyer needed. All lien holders have to be at that Sheriff sale to protect their interest. After the judge taps the gavel and says sold, the prior liens are voided (except city and county assessments). If nobody bids on a property, it is taken over by the county and will be sold at the Tax Sale, as SGS describes above. Some are not worth owning. There are good reasons that a bank does not bid. But you can get properties very cheap this way, or earn 5 to 15% on your cash. If nobody wants it at the tax sale, you can buy it at the commissioners sale. In my town they go for 500 to 1500 per house.

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  5. Shit SGS, just go to Detroit, houses are like 3 for a dollar there now. Nice place too, if you like fucking war zones and gang rule. A classic example of what banker occupation does to a once glorious city.

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  6. It appears to be very regionalized to me SGS, here is a good national map that might help you drill it down.

    http://www.foreclosure.com/tax_deed_sales.html

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  7. Plz pay my mortgage and back taxes.

    Signed Linda Green

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  8. down in baltimore city they are down right abusive....taking peoples homes for a water bills...most just try and squeeze the owner for cash ransom and i think their is a limit on the interest and fees...i looked into it briefly a few years ago, to have any chance at mentionable revenues it would be more than a full time job.....a lot of homes are not wirth a water bill....just google baltimore city tax lien auctions....stick with the phyzzz

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  9. and you are also wise enough to know the old looks to good to be true bit...stick with what you know...i think more fun would to go to storage auctions and bid on a "blind" storage unit contents...

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  10. Who the fuck would want to own land in the U.S.S.A. at whatever price right now, give it another 20% - 30% down from here ate least, unless you want to own in a war zone. That truly defines long term/if ever/speculation...

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  11. "land of the free, home of the brave"

    You do mean Australia right? (for now that is)

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  12. might want to Google "tax lien certificates" Its been so long since I have looked into it, sorry, can't remember the ins and outs, but it might help you.

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  13. @UNBEING: Noone if we don't stand up as a global community.

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  14. Tax certificate sales.
    Works differently everywhere.

    My state allows you to bid by agreeing to pay taxes owed.
    You can agree to accept an interest amount between 0% and 18%. Lowest (%)bidder wins the certificate (lien).
    This gives you no right to possession of the property.
    It does guarantee that you'll be paid interest accrued at the time the actual taxes are paid... either through sale of the property, or the owner finally paying them.
    In my state, after 24 months, the certificate holder can request the property be scheduled for auction, and at that time be able to place a bid for actual purchase.
    you're talking peanuts in revenue gained, unless you grab up multiple properties, or go after huge tax delinquent obligations (commercials perhaps).
    You can make a ton if you turn it into a full time thing. The metals market (and your wife) will miss you. Peace.

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  15. So you want to really be like JP Morgue and the rest of corrupt Wall Street by benefiting from the pain of the people who lose their jobs or can't afford to pay.

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  16. Once again, it might be time to edge slowly away from this blog. The last time I got that feeling was when he converted to mainstream and announced Obama was wonderful.

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  17. @uncharted thoughts

    fuck a robert kiyosaki. no offense to you.

    he's no different then suckadick orman.

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  18. "So you want to really be like JP Morgue and the rest of corrupt Wall Street by benefiting from the pain of the people who lose their jobs or can't afford to pay."

    Have I not done enough to help people? If I can sit on a parcel on beach front for a few years and hope to christ the USA fixes its problems, it would far better living in sunshine and ocean than living this shit hole Southwestern Ontario weather where it goes from 110F to 65 to the next day overnight, and winter...dont get me started on winter.

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  19. @ PainInGold: Orman is a lesbian, so she ain't a suckadick. LOL!

    WINTERS SUCK! I don't know why I haven't moved. Canada winters suck even worse than North East U.S.A.

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  20. @George, how would SGS buying distressed real estate make him a criminal? Better to buy this stuff and maintain it then letting it go and be like Detroit.

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  21. Be careful in the U.S.A SGS, there is no doubt in my mind you are on some government shit list. You don't want to be sittin on that beach only to be scooped up by a black helicopter.

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  22. @SGS have you seen the July 11 options tables for SLV

    http://finance.yahoo.com/q/os?s=SLV&m=2011-07-15

    What's up with the 68/69 puts?

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  23. My plan is to sell 1,000 ounces of Silver at my target price and make a cash offer on a property I have already selected. I just hope I have a window of opportunity to do so before TSHTF.

    Joe M.

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  24. Check out south florida--ft. myers/naples area. It works like you said, you can write off business trips here to look at the properties as a business expense. Only problem is you have to be here bid day and you really only want to buy the certs. for good stuff, not dogs.

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  25. Damn... check out the fuckin little hurricane about to touch down off the west coast of Cali right now... ITS FUCKING JUNE!!! This is some strange ass weather happining right now... unheard of out here.

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  26. How are you going to get your properties when they refuse to move out ? Spend another 10k to hire someone to kick them out ? And then spend 50K to clean up the properties to a livable condition ?

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  27. I wouldn't do this. Some people affected by thgis are very desperate, very depressed and shooting one of their perceived tormentors would brighten their day. It sounds evil and worthy of a bullet, stick to silver dude.

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  28. Look, it doesn't always have to be rapacious in nature. Where I live (southwestern Indiana) a lot of people have already abandoned the homes because they couldn't pay their mortgages. And the banks that own them are often out-of-state and often times unaware that the property is even on their books, so these places are just sitting around, being reclaimed by nature.
    It would be an excellent thing for someone interested in actually living on the property to buy it up cheap and make it habitable again. I've been considering doing it myself, actually.
    I've seen several people come to county commissioner meetings to complain that the house next door is getting overgrown/becoming the site of drug activity/infested with critters, and no one can do anything because it's private property, owned by an entity that doesn't know they own it! It's a dream situation for someone with enough to pay the back taxes, which, admittedly, can often be thousands of dollars.

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  29. You're a little late to the party. The big banks are all over this, and have been for the past two decades. Their minions attend the auctions and bid the price down - dramatically.

    As well, don't buy outside of an area you know yourself very well.

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  30. Wille: You around Culver Indiana by chance?

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  31. good luck with that! The big banks already have dibbs, and they charge a pretty penny interest rate! If you are extremely organized and have a small army of researches you might make a buck!

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  32. Someone owns a nice home, has paid on it for years with blood, sweat and tears. Elite criminals buy into government, get politicians to write new laws, regulations, raise taxes (to be paid to the foreign bankers) which puts the homeowners out of work so they can't afford to pay taxes on the home. They are forced to leave. Home stands empty. Criminal bankers plan to buy the home for pennies on the dollar, but there are so many victims of their crimes, they can't get to all of the loot right away. You sweep in and grab up some of the stolen crumbs before the criminals notice.

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