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Boardwalk :: Forum List Tax Liens General Discussion
lklndmom
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 explanation how it works - 2007/03/19 13:43 Can anyone explain to me how the tax liens work. I am wondering about the listings, they give amount of back taxes owed and year of delinquency, What I want to know is if all I have to do is pay back taxes to own it or what else I have to do? And what happens if the listing is showing back taxes owed but the place you are interested in is occupied? Can someone help please.
Pat
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Luanne
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 Re:explanation how it works - 2007/03/19 14:01 Hi Pat!

Sure, I'll be happy to explain to you how tax liens work. Keep in mind that every county has different rules governing the process of tax lien and deed investing.

Basically, when investing in a tax lien you are only purchasing the taxes owed and the property owner repays you with interest over time. If however the owner does not repay you within a specified time period then you may go through a tax foreclosure proceeding, A.K.A a tax deed auction. Here you have a chance to actually own the property. However, you will be bidding amongst other investors.

You could however bypass the lien investing and go straight to tax deed investing where you won’t have to wait and can bid/purchase on a home to own.

You will have to go through the county in order to participate in an auction. Some cities have auctions online, others take place on the courthouse steps, etc.

Hope this helps and feel free to ask any further questions whether on the forum or directly by using the contact form on the site.

Thanks,

Luanne
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boston
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 Re:explanation how it works - 2007/05/27 21:09 Hi,

Can you let me know the web link of deed properties auction on line sale for New England states.



Thanks in advance
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Luanne
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 Re:explanation how it works - 2007/05/29 14:57 Hello Tax Lien User,

Please look on the "Tax Sale Auctions" page for information on tax deed sales in New England. If there is a link available it will be under the "link" column.


Thanks,

Luanne
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phildcan
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 Re:explanation how it works - 2007/11/06 22:12 I don't see any links under that section.

I am looking for Illinois.
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mrrwade20
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 Re:need to knows - 2008/08/06 23:20 Now i wasnt to sure how the tax liens work but i have a good idea from the ealier comment. If i go to a tax lien its more of a investment with time(okay) ?Quest:1 How much time and interest could i give the person before starting foreclosures.Question#2 If i bid with other people and someone else out bids me do i recieve some of the money that i invested in the tax lein from the previuos owner who didnt pay me.

now 1 more thing getting a tax deed and auctions is the a certain personal in the county you live in that needs to be contacted for certain info like auctions and deeds. :O) im hungry for knowledge and thanks for responding
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Luanne
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 Re:need to knows - 2008/08/07 13:51 Hi Mr. Wade,

Your answers are in bold.

Quest:1 How much time and interest could i give the person before starting foreclosures
- You aren't selecting the interest or the time to give the owner. THe county supplies that information as a standard. Many times you are actually bidding for the interest.


Question#2 If i bid with other people and someone else out bids me do i recieve some of the money that i invested in the tax lein from the previuos owner who didnt pay me.
- In a tax deed sale, whoever is the winning bidder must pay the full amount of the lien plus interest to the lien holder.

now 1 more thing getting a tax deed and auctions is the a certain personal in the county you live in that needs to be contacted for certain info like auctions and deeds.
-Yes, normally the tax collector handles both
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Boardwalk :: Forum List Tax Liens General Discussion

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