Posted by Chris on February 08, 2000 at 04:15:10:
Dan-
I’m still looking into this area myself. I believe that the properties that usually get to the delinquent tax point are not heavily bank financed. If a bank has the taxes and insurance escrowed they would catch the lack of payments quickly.
Check out-
-Chris
tax lien certificates - Posted by Dan Estey
Posted by Dan Estey on February 07, 2000 at 23:36:24:
I have purchased Roy’s program. And John Becks ("have not received Johns yet…) Doesnt it seem that the banks would be covering their interest on the properties??? Of course I have not heard back from any treasurer yet…My goal is to obtain the property and do the fix up…but “95%” redeem the property…Is it unrealistic to expect to get the property for a beginer???Is competition fierce???
Dan…
Re: tax lien certificates - Posted by Ben
Posted by Ben on February 08, 2000 at 14:00:08:
Dan I got your private e-mail but it wont let me reply for some reason so I came here. In NJ, (your state may be totally different) the bidding goes down, not up. The interest rate is what is bid, the delinquency amount never changes. Bidding starts at 18% and goes down to zero and then up (premiums) in 100.00 dollar increments. It get complicated so rather than go into detail since your state may be totally different you should research your state’s procedures.
Re: tax lien certificates - Posted by Ben
Posted by Ben on February 08, 2000 at 06:52:53:
Dan, the competition IS fierce…for those wanting to make the interest. The people who want to own property have almost no competition. I have been buying liens for five years and specifically target good properties
with mortgages, as do most of the bigger buyers. The board-ups and problem properties and a lot of the inner city properties do not even get purchased, the liens end up going back to the town. As far as the banks covering their mortgages, surprisingly many of them do not. I have roughly a thousand liens, the vast majority of which have mortgages. I sneak right in front of the mortgage holder in priority so when push comes to shove if the property owner cannot pay then the mortgsge holder must. You have a good angle, keep at it!