first tax deed sale

Foreclosures, Short Sales, Tax Foreclosures
1

hey all,

I’m going to my first tax deed sale the 29th. I’m using a tank of gas tommorow to scout some of the properties. There are 310 properties for sale and so far about 80 bidders. I’m sure the competition will be keen. My question is: For those of you that have bought at tax deed sales, have you had anyone exercise their redemption rights? Was it a painful process? In KS its a year and they have to pay all improvement cost plus interest.

TIA

darren

2

Howdy Darren:

One buddy of mine here in Texas told me he made a lot of money by finding the owners after the sale and getting the deed and then redeeming the property from the winning bidder. It would be better if you could find the owner and get the deed before the sale and then cure the back taxes. Be sure you do a title search first before writing checks.

3

ya, finding the owner and curing that back taxes would be ideal for 1 of the properties. I scouted out 20 of the properties and found 7 suitable for investment(others where in warzones). I think i’m down to 5(2 have paid taxes). This county has 3 auctions a year and this is the last one. I’m sure this is whats left at the bottem of the barrel and some investors have already contacted owners and pruchased their homes. But i was late in finding the auction and though i have secured funds for the auction, I’m looking towards this as a learning xp and will be on the ball come july when the tax line properties get published next year. I’m moving, just slowely. heh :slight_smile: thx for your response ted jr.

4

well just got back from the auction. I was down to 1 property i was interested in, but it was redeemed today. I did learn a lot about the tax deed process, rights, redemptions, resells, ect. I also learned that these are leftovers. Ideally, I don’t think an invester should wait around for the auction, unless it is not very competitive in your location. I will be better off finding my own deals and jumping on the tax forclosure list immediatly next year. I’m checkin out a four-plex and a tatoo shop next week. we’ll see what happens. would be fun to tell people that i own a building that rents to a tatoo shop :wink: just my 2 cents.