Newbie In Kansas City - Posted by Teresa

import · March 9, 2002, 9:22pm

Posted by Dennis on March 11, 2002 at 16:19:00:

Nope…was a tax lien that went on auction in Sept. in
Clay County on the north side of Kansas City

import · March 9, 2002, 9:22pm

Posted by Teresa on March 09, 2002 at 22:22:15:

Just purchased “Deals on Wheels” (have’nt got it yet) I’m in the Kansas City area. Are there CREO clubs here? Especially interested in MH’s and tax lien sales. Thank You .Love reading all that banter

import · March 10, 2002, 11:13am

Re: Newbie In Kansas City - Posted by Dennis

Posted by Dennis on March 10, 2002 at 12:13:17:

I was wondering when this would get around here. There is a CRE club in Kansas we have attended,but have quit because they cincentrate on houses. We live just north of Kansas City,Missouri.

import · March 10, 2002, 9:37am

KCMO? KCKS? - Posted by Steve W(WA)

Posted by Steve W(WA) on March 10, 2002 at 10:37:05:

I am originally from MO, about 100 miles east of you (State Fair City). Is MO (KS) a tax lien state? I thought MO was tax foreclosure sale state.

import · March 10, 2002, 11:15am

Re: KCMO? KCKS? - Posted by Dennis

Posted by Dennis on March 10, 2002 at 12:15:30:

To answer your question,Steve I believe it is a tax lien state. That is because I once had a chance to pick up a house for 1500.00 in tax liens.

import · March 11, 2002, 6:35am

Re: KCMO? KCKS? - Posted by Steve W (WA)

Posted by Steve W (WA) on March 11, 2002 at 07:35:20:

That sounds like a foreclosure auction - as far as I understand, tax LIENS are often auctioned, but by interest rate. You are purchasing the lien, not paying taxes and foreclosing on the property. Foreclosure occurs after a X year (depends on the state) default on the lien you purchased.

Like this:

You win the bid for a tax lien for 16% (other guy wouldn’t go lower than 18%) on a property that owes $1500 in property taxes. Taxpayer has 2 years to pay you $1740 (1500 x 1.16), or you take possession of the property through foreclosure.

OR

You attend county auction where minimum bid for properties starts at the amount of taxes owed + penalties. You win the bid, you get the property - but quick flips may be dicey, since title insurance cannot be procured on foreclosure-auctioned properties without a) a three year wait, or b) a HEFTY premium paid (in my state it’s 25% OR $750, whichever is MORE).