Sell My Property

4 Responses to “How do you buy property for the taxes?”

1. David Z, on January 20th, 2010 at 8:44 am Said:

   de provinciale ambtenaar zal een beheerdersverkoop hebben als de huiseigenaar geen belastingen betaalt. u kunt het bezit bij de veiling kopen. deze veilingen vinden waarschijnlijk wekelijks op sherriffkantoor plaats

   Neem van nota als er een geldschieter is zij de belastingen zullen betalen zodat de veiling nooit voorkomt.

2. HEATHER, on January 23rd, 2010 at 3:14 pm Said:

   Illinois is a tax lien state, not a tax deed state. There is a LOT to learn on this topic. Properties very rarely “sell” for unpaid taxes. Cook County, with its ridiculously high population only holds those sales every other year. Start by googling “tax lien illinois” or check out a book at the library.

3. SmartA$$, on January 26th, 2010 at 6:18 am Said:

   Property taxes are assessed, collected and enforced by the county tax assessor. For starters, find the contact info for the assessor’s office in each and every county you are interested in. This is pretty easy with a quick google search.

   Next, you have to understand the 2 different ways that property taxes are enforced. It is STATE law that determines the process, even though its enforced by the county.

   Option 1: Foreclosure. In states that foreclose, they simply come and take the property if the taxes are too far past due. Its very rare to find these foreclosures because most people have mortgages and most banks pay the property taxes through an escrow account to protect themselves against these foreclosures. In situations where someone does own a house outright, they usually understand that its better to get a loan and pay $3,000 worth of taxes than to loose a $300,000 house to tax foreclosure. If people can’t even afford the taxes they usually sell the house and pocket the sale price long before it goes to foreclosure. In these states most of the properties that get foreclosed are worthless, you could literally be buying a drainage ditch or swamp land at the auction unless you do your research first.

   Option 2: Tax Lien Certificates.
   Some states don’t foreclose, they issue liens against the property. Then they sell those liens to investors. State law sets the terms such as the interest rate and when/if you get to foreclose if the owner refuses to pay. In these situations you aren’t really buying the property, you’re buying the debt and the right to collect. You can sometimes get lucky and get a cheap house, but most of the time owners pay up before you get to foreclose so you collect decent interest, but you never get a house.

4. Ed Atun, on January 29th, 2010 at 5:58 pm Said:

   When someone has not paid their taxes for 2 years, you can go and pay the taxes for them. It is not a gift. A box called the “subtax” is marked PAID. If the owner does not pay up in 3 more years (5 total) you can hire an attorney and go to court to get the deed. If you wait 5 years (7 total) you don’t need to go to court. You just pay $85 and get a deed to the house. All mortgages are wiped-out.
   This only works on 1 out of 1,000 houses that are behind on the tax. But when it works, it is a great investment. If the owners rush in and pay the tax at the last minute, you get all your money back plus big interest (16%).