Posted by Bill H on March 08, 2006 at 12:38:30:
CA is a tax deed state…the state has held the land for the required time and will deed it to you if you are the successful bidder.
One thing you should be aware of…some municipalities in CA do not participate in the tax sales and there could be additional liens from them for their services performed, etc.
Good Luck,
Bill H
Tax Sale Auction - Vacant Residential Land in - Posted by DSW
Posted by DSW on March 07, 2006 at 15:24:21:
Hi, I am seeking advices or opinions to see if an opportunity that I am interested is really worth investing.
I am participating in a tax sale auction that took place recently. There are couples of vacant residential parcels that I am interested in bidding. I?ve done my due diligent by checking the comps, title and asking a friend to take pictures of the parcels. According to my friend, these parcels are located in a rather depressed neighborhood. Literately, you have to guard yourself when driving thru the area. The starting bids for these parcels are pretty low, around $5-10K. The sales comps with SFR within 0.25 mile radius run from $145K to $230K. My plan was to get the parcels in a reasonable low amount and flip them with quick profits.
The issues I have are to determine (1). the limit I should pay for these parcels (trying to avoid any crazy bidding war); (2). the exit strategy I should consider if I do get these parcels; (3) the methods to flip these parcels since these locations are rather less desirable.
I will appreciate any insightful suggestions and advices. Thanks in advance.
Re: Tax Sale Auction - Vacant Residential Land in - Posted by Bill H
Posted by Bill H on March 07, 2006 at 21:33:34:
Post does not make sense:
I am participating in a tax sale auction that took place recently.>>>>>>Has the sale alredy taken place or not?
There are couples of vacant residential parcels that I am interested in bidding.>>>>>Same as above…is it sold or not?
Do not know where you are so can only answer in general. MOST states sell tax liens…NOT…tax deeds…you are NOT buying the property… you are making a loan to the state to pay the taxes.
And: YES: you can get burned…badly in this business.
Furnish more info and I will try and assist you.
Good Luck,
Bill H
Re: Tax Sale Auction - Vacant Residential Land in - Posted by DSW
Posted by DSW on March 08, 2006 at 10:40:38:
Hi, Bill: The auction is on-going now and not yet closed. It’s a tax deed auction by a CA county. You advices are highly appreciated. Thanks.