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Updated almost 8 years ago,
County Tax sales in No Cal
Need advise from auction and other investment gurus in Northern CA. Please feel free to correct any of my assumptions below and shed light on the process.
I have been looking at the county tax sales, seems like most CA counties hold these auctions twice a year. What I know so far, that the auctions are all cash, as-is, paid amount is to cover delinquent taxes and if there is anything left the 1st mortgage, all other debt (unless it is a government bill) is written off. You can get an idea of outstanding assets from paid research sites like prop radar etc.
What I do not know - why do so many of seemingly good properties get "withdrawn" before the auction, do large investors/pros approach the owners and buy them before the auction?
Do you do research on a bunch of them and bid on the ones that are being bid at a reasonable price, to increase your chances of getting one or do you narrow down to just one and go all out ?
Do people also do title search on these? Does that become expensive if you are researching multiple properties?
Would love to hear from someone who has done this Northern CA.