Hi all. I have not partipated in 2 years as I moved to N.C. in 2007 and have been laying low.
I’m ready to get back in and was considering TAX DEEDS. In New Jersey it was Tax Liens but I’m told North Carolina is a TAX DEED state and not a Tax Lien state.
In NJ we had one central site where for a small fee - you would get notified of each county/municipality’s auction.
I am unable to find any listings in NC … not even the paper.
Any suggestions where I can find listings for tax deed sales?
My understanding is you pay the back taxes - you get the deed (instead of interest).
ANY SUGGESTIONS?
Call the local tax man and he will tell you when the next tax sale is.
My understanding is you pay the back taxes - you get the deed (instead of interest).
It is different in every state. In Virginia you go to a tax sale which is nothing more than an auction of a bunch of lots and junker property. You bid on it against others and the highest bid gets it. The purchase price then has to be approved by the judge and if so it is yours. The proceeds go to paying off the taxes owed and other liens on the property.
You will need to ask your tax man how it works in your state if no one here is familiar with NC. I lived in Boone, Winston-Salem and Wilmington but it was prior to real estate investing.
Call the county Directly. Also ask what the interest rate it that they are paying on the liens. Keep in mind that while you hear success stories of people getting the house for the price of the lien you also hear more about people winning the Lotto or getting struck by lightning… So your chances of getting the property are pretty slim. I personally use them as a investment tool I know that Clark County Vegas is paying 21% now on there liens so I make a good amount on the Investment. With little to no risk on your part.