The day the vice squad came to TAX SALE! - Posted by David

Posted by Ben (NJ) on April 01, 2000 at 21:41:44:

I think tax certificates have historically been a place
conducive to money laundering. You can purchase liens
with tons of cash and it doesn’t raise eyebrows because
most of the collectors prefer cash. Only recently have the collectors begun to send 1099’s to tax lien bidders.

The day the vice squad came to TAX SALE! - Posted by David

Posted by David on April 01, 2000 at 21:28:41:

I went to a TAX SALE yesterday. There was standing room only and there were hundred of buyers flushed with cash to buy 400 properties with all leins absolved. You needed 100% in cash the day of the sale.
Well, anyway, in order to bid you need to have photo id and you need to provide your name and address. You can’t bid in any other name without an affidavit. Also state law prohibits you from buying your own property back with the leins absolved. That has only been the case since 1986!
Also if you owe real estate taxes or any mincipal charges like water sewer and trash you are also an “illegal bidder”. Plain clothes detectives from the “vice squad” came to the sale and obtained a copy of the the bidder list from the county. Either they’re looking into drug money laundering or crack house buying?

400 bidders are you potential clients - Posted by leslie

Posted by leslie on April 02, 2000 at 01:13:52:

I like to collect business card form bidders, the tax coll will even give me the names and addresses of reg bidders. they are great to flip to for your other deals. also one of them gave me an option on what they bought, and i fliped it to a contractor landlord. almost flipped it to one of the losing bidders in the bidding war. the option was for 2 weeks, cost me $20 bucks made him 15k and me 4k.