Re: Georgia tax lien’s - Posted by Tim (Atlanta)
Posted by Tim (Atlanta) on April 05, 2000 at 07:14:43:
I have been buying tax liens in Ga for the past year or so. You might or might not be able to do this in your county. I know this sounds strange, but each county does it differently. Some counties only have one tax lien auction a year. They don’t advertise when or where or what properties are involved. If you don’t know where to look, it can be hard to find. That is to discourage the average Joe from getting into this.
I am familiar with the way Cobb and Gilmer counties do things. I don’t buy too many of these, so I wouldn’t know about the Columbus area. One thing you will need to know is when and where the county advertises the sales. They must put the tax lien auction notices in the “county legal organ” newspaper. You should be able to find this out by calling the tax commissioner. Here in Cobb, the leaders are very open about these sales and encourage investors to attend. Most of the time, there are only one or two tax liens on the sale, and they are on some 10 foot wide strip of swamp land located in the middle of a subdivision. Not exactly a property you want to own. Speaking of owning, are you trying to use tax liens as a way to buy real estate? Or are you looking for the great returns? By the way, here in GA, you can hold a tax lien for as little as 14 months, and earn 60% return. You earn 20% per year that the lien is held and an additional 20% if you start the foreclosure process. Not a bad return if you ask me. The only problem is finding and buying the liens.
I have never heard of your idea of paying the delinquent tax, then the tax lien goes to public sale. If you pay the delinquent tax, why would the county put the tax lien up for auction? From what I understand, I buy the lien, then hold it for 1 year, then start the redemption process, ending up with a deed to the property. I do agree with your commissioner, it is highly unlikely that you will end up with property from these liens. You would be better off shopping the foreclosure listings.
One other thing, I don’t know if you have found the web site GTSWEB.COM. They list the properties on tax auctions coming up in several counties around Georgia. I hope this idea takes off. Sure makes it a lot easier to find out how many tax liens will be for sale in a given month.