Hello Joseph,
Re: Mississippi Tax Lien Registry
https://www.dor.ms.gov/StateTaxLienRegistryInforma...
Please see/read the above link (details). It should also help to address your question regarding the "current owner(s)" ability or right to sell property with attached Tax Liens. In short, here is what it reads:
"What is a tax lien?
A tax lien is a legal claim against your property to secure payment of the taxes you owe. Liens are not enrolled until a tax debt is no longer subject to appeal or the time to appeal is exhausted. Once the lien is enrolled, a property owner is not allowed to sell his property until the debt is paid and the lien is removed."
Reference: This may help you as well. Although there may be other certificate holders/lien purchasers, sometimes they do not file for the deed/foreclose on the property prior to the statutory period/date, as required. As a result, with respect to Mississippi, the property may be Struck-off to the State--which now places the property in another category. Not 100% sure if you will have to reimburse certificate holders who still hold a certificate that has now been struck-off to the state---that is, once the statute for filing for the deed/barring anyone the right to redeem has expired. On the surface, it would appear not. Note: If you purchase a property that has been struck-off to the State, fist check (ask) with them to determine if any existing liens/current certificate holders, etc. are there or if any prior tax liens, etc.. are still attached to the property. Alternatively, a good title search company may be very helpful in this process as well. I would first check with the Sate to pose the questions prior to doing the Title Search as they may simply answer your "title-search" related questions.
Hope this Helps.....Much Success As You Invest!
MISSISSIPPI CODE of 1972
Greetings,
Attn: Pei Pei Saiu-Cronin
Re: Kansas Statutehttp://www.kslegislature.org/li/b2015_16/statute/079_000_0000_chapter/079_024_0000_article/079_024_0001a_section/079_024_0001a_k/
If you have any issues clicking on the link, then goto: http://www.kslegislature.org then, click-on Statutes, then Taxation, Scroll-Down for the Tax Sale Statutes/Laws.
Note: Easy to Read Language. For Homestead Properties, the Redemption Period, according to the Statute is (3) Years.
Also, usually, regarding Tax Sales, it is strongly suggested that you wait until the redemption period has expired before investing resources (e.g, Major Rehab, etc...). Some states/counties may allot for some work to be done to protect the Investment (e.g. Grass/Yard Maintenance, Broken Windows, etc..)----but you would certainly want to verify that with Kansas Tax Officials/check the statute BEFORE you do any work because you may not able to recoup your cost if the property is redeemed within the (2) Two Year Statutory Redemption Period.
Finally, I am not absolutely sure, if after you have a Kansas Deed, whether or not you can "Place a Private Property Sign in the Yard" or not, but it may be a "very good idea" ----- if in fact you are able to do so (Hmm!) - that is until you have clear title/the redemption period has expired!
Much Success As You Invest!
Greetings,
To Everyone---thanks for sharing your thoughts and questions.
Ned, thanks-A-Mil for your super input as well
Dan, of Lake County, Indiana: FYI: I am not sure about Tax Foreclosures on the MLS in your area specifically. Tax Foreclosed Properties, although can be sold via the Internet or on the MLS, usually occurs after the property has been sold to another investor or buyer. However, there may be some instances in which some counties MAY be working with a Broker to Market or Sell their properties via the MLS. Keep that in mind, but you may want to ask the buyer if they have clear-title/ownership. I would suggest to even ask if they have clear title/title insurance as well.
Moreso, for your information and others who may have an interest: Indiana has 92 Counties in which properties can be sold at Tax Sale. The majority of Indiana's Official Tax Sales are conducted by a private company. Google "Indiana Tax Sales" and you will see that source. There are four upcoming Tax Sales that they oversee in Indiana: Vigo, Wabash, Floyd, and Grant. They also have Tax Sale a FREE Tax Sale Handout (PDF Doc) that you can view which provides readers a really good understanding of Indianas' Tax Sale Process. You have to pre-register online for Online-Sales. The last time I visited the site and signed-in, most counties registration process was FREE and the properties that were being bid-upon did not have a lot of bidders--but of course that is subject to change as more people learn or find-out that properties are being auctioned-off online by the aforementioned (google---Indiana Tax Sales). The counties in Indiana that do not work through them more than likely have there sales at the courthouse, but always contact that Counties Auditor/Tax Sale Office to verify who is handling the sale and the sale location.
Once you acquire a property or two, you can choose to advertise/sell it how you wish (newspaper, local Hot-Spots, MLS with a Realtor/Broker, or For-Sale-by-Owner Sites, etc.) Hope this helps you in your quest for Good Success Buying Tax Sale Properties--it can be done---don't quit and don't ever give-up. Great Qs&Ans. to Everyone!
MoneyMakers
Greetings,
Attn: Israel Dahan
Regarding your interest in Tax Sales, as Joseph Bane and Carson mentioned, VA and checking the BP Tax Sale Comments is a great place to start. Also, I am in GA and I have purchased here in GA, including having completed the process to Forever Bar the Right to Redeem. Here is the thing: If you are new to Tax Sales, please read as much as you can about Tax Sales here on BP to get a general and working idea of how the process works.
Also, a number of BP Professionals, including Joe as noted in his comments above, do not mind elaborating on the Process as we are all here to help each other to Succeed. I am not trying to sell you anything at all; however, I have a pretty good working knowledge of GA Tax Sales. Much about it has already been mentioned in the previous posts here.
One thing I would do for sure is to go to either one of the County Sites to get a List of Properties (for the Upcoming Tax Sale). Tax Sale in GA (like Texas) are held on the 1st Tuesday of each month. Not every county holds a Tax Sale every month. Not sure what County you live-in, but if you live in Dekalb or Cobb County, etc. for example (Sales I have actually attended), once you get the list, by the time of the Tax Sale, it will be scaled-down because some properties will be redeemed or removed from the Tax Sale for various reasons. If you get the list early in the Month, you can take some time to drive-by the Properties of Interest to you prior to the actual day of the Tax Sale to get a look at them on the outside. You can not legally enter the property at this point, but if it appears Vacant/Abandoned, please proceed with Caution but evaluate or inspect the property at least, and check-out the county records (Assessment info, Code-Enforcement-Violations, if any, Market-Value, etc...) before you ever place a bid on the property.
Once you are comfortable with your research, determine the maximum amount you will bid, but do not overbid---as there will be Hundreds of Deals available over the long-haul. I attended a Dekalb County Tax Sale a while back and could not believe the number of deals that went back to the County but at that Tax Sale there were some heavy bidders competing for Prime Properties and the bids escalated beyond my pockets, at the time, no-doubt.
In any case, in short, Attend a Tax Sale or two or three. Do-Not Buy Right Away! Take Some time to evaluate and/or inspect before you invest. Most importantly, keep asking the BP Tax Sale Investors, Experts questions about Tax Sales---Do Not Be Shy About Asking Your Questions---it's one the best ways to learn and to increase your understanding and knowledge of the process. Most of us are willing to share what we know in order to help you get started with Success!
Georgia Tax Sales are not difficult at all. Just keep in-mind: Research-Research-Research and Don't Ever Quit or Give-Up!
Much Success As You Invest, MoneyMakers
Greetings,
Re: Correction
Thank-you for recognizing that the actual redemption period on IRS Liens is 120 Days -vs- 180 Days.
Visit the Courthouse
For those of you who may want to know more about IRS Liens on Properties in your counties, please know that most likely you will have to visit or go-in-person to the Courthouse in your area to determine if the Property of Interest has an IRS Lien on it or not.
Public Terminals/Books
Some counties have Public Terminals/Computers that you can access to view this information while others place the IRS Lien Information in Manuals, much like Deed Books. You can always call your County Court-house first-as some may be willing to check for you (not 100% sure about that part). Alternatively, if you option to use a third-party or Private company they will most likely get the information for you as I have just noted above.
Helping Others Along the Way
More Importantly, no disrespect to Mr. Rick Bee, but again thank-you very much for recognizing the IRS actual number of days to redeem Tax Sale Properties (120 Days). Also, please know that I have always voluntarily offered information to individuals or Groups (male/females) at No-Charge even though I like any other successful minded person or aspiring entrepreneur or Investor would -- look for honest, sincere, strategic and legally-authorized ways to increase his or her business. Notice, I do not charge everyone for everything that I write/post---It's Free here on BP!
Final Comments
We promote ourselves or businesses either through advertising networking, or sharing of information in credible forums (public or otherwise). One thing I learned recently is that you can only advertise or promote yourself or your business (ideas, values, principles, etc.) in certain areas or locations on certain sites and even in certain areas where there may be a lot of Public Traffic, etc. For example, you can post your business information in Pubic Libraries, Restaurants, Online Advertising Sites (Free/Premium), etc. but only on the bulletin Boards or in the designated areas - as here on BP.
Finally, If my posts seems to help, inspire, or encourage others who come across or read my Post or anyone else's in some way or another, than I think I/we have done what others have certainly done for me (us) in the past---give back and share what we know!
This is why I limit my comments/posts to just Tax Sales, in general. I have learned to Keep-It-Simple and to Stay-in-my-Lane and not comment/post on everything I know even though I have a working knowledge of other areas as well with respect to Real Estate (e.g. Foreclosures, Pre-Foreclosures, Tax Sale Excess Funds, Overages, etc.). I am 100% sure you can say the same. Be Blessed!
Much Success To All As You Continue to Invest
MoneyMakers
What Are Tax Sales?
In General, Tax Sales are Actual Sales of Real Estate Properties or the Actual Taxes related, associated, attached, or imposed on a Property - due to unpaid Real Estate Taxes or Delinquent Accounts. The taxes are "due" to the taxing jurisidiction where the property is located and when those taxes are left unpaid the taxing jurisidiction has the authority or right to sell the property or the taxes associated with that property to the general public, banks, investors, etc. in order to restore the accounts or properties back to the active tax roll.
Who Is Authorized to Sell Tax Sale Properties?
In General, Authorized Tax Sale Properties are sold by the Tax Collectors' Office, Collector of Taxes, Board of Commissioners, or the Tax Commissioners Office in the region where the Delinquent Properties are located. Tax Sale Properties are also contracted-out and sold by Auction Companies, Attoneys-at-Law, Law Firms, Private Companies, and/or Sheriffs' Departments throughout the U.S.
Types of Properties Sold/Offered at Delinquent Property Tax Sales
Due to Unpaid Real Estate Property Taxes or Delinquent Accounts, Real Estate Property of All Types is offered For Sale throughout the United States by Taxing Jurisdictions, namely, States, Counties, Cities, Towns, and School Districts that have the right or power to impose property taxes in their respective areas. Types of properties include:
1. Apartment Complexes
2 Commercial Lots
3. Commercial Properties
4. Mineral Rights Properties
5. Mobile Homes/Lots
6. Multi-Family-Dwellings (units)
7. Single Family Homes
8. Store-Front Properties
9. Town Homes
10. Vacant Residential Lots
Earning Interest on Your Money or Acquiring the Property
The Fact is that, unless you are exempt from paying taxes, property taxes must be paid on Real Estate Property in the State(s), Counties, Cities, Towns and/or School Districts where you live. If not, the governing bodies by-law must either Offer the Property for Sale through what is known as a Non-Judicial Tax Sale, Judicial Tax Sale, Tax Deed Sale, Tax Lien Certificate Sale, Tax Title Sale or a Tax Foreclosure Sale. In addition, the general public (Anyone, including Banks, Investors, Companies, etc.) can purchase what is known as Certificates of Purchase, Tax Lien Certificates, Tax Titles, Tax Deeds, etc. and earn a lot of interest on their money. Depending on the State, City, Town or Area, actual Real Estate (Properties) or any of the aforementioned (Certificates, etc.) can be bought for as little as 25.00 - $50 - $100 - $200 on up to $1000s' of Dollars.
In Georgia, for example, if you attend a Tax Sale and are the successful bidder on a Property in which taxes due were $1500.00, you automatically earn 20% on your $1500.00. That is an additional $300.00 you make (subject to the property being redeemed by the owner or anyone who has an invested interest in the property). This simply means anyone, including heirs, who is on the title at the time the property or the taxes were offered at Tax Sale. Often times, including banks on record, the property is not redeem. If this is the case or happens, than you do not Get Your Money-Back (nor do you get the 20% or the $300 that you may have expected. The Good News is, however, that you Actually do, by law, Get the Property that You Bid-on "Free and Clear" of All liens and Mortgages.
Note: If and it is not the case on all properties at all, but if the IRS has a lien against the property than they have about 180 days to exercise their right to do what they do. There are thousands if not millions of properties in the U.S. in which there are no IRS-Liens at all (on properties) that are well worth Investing, Owning, Bidding or Purchasing at Tax Sales. The Deals are amazingly - Endless!
Restoring Properties Back to the Active Tax Roll
Property Taxes is the main income or revenue generator for Governments. These necessary funds may go unpaid by Property Owners for various reasons (Death of Property Owner, Divorce, Relocation, New Jobs, Loss of Income/Wages, etc..). To restore properties back to the active tax-roll and/or to recover the back-taxes, Delinquent Real Estate Property Tax Sales of all types allow our state and local government(s) to continue to operate and perform the necessary activities or actions that are needed to serve all-citizens throughout each State, City, Town, etc.
Much Success As You Invest, MoneyMakers
State of California: Purchasing Tax Deed Properties
Hello Prospective California Tax Sale Buyers/Investors,
Re: California - A Tax Deed State *(No Redemption Period)
California Tax Authorities (Tax Collectors) literally wait (5) Five Years before a Property is ever offered at Tax Sale. This means (5) Five years go by thus making that property delinquent in taxes for the last (5) Five Years.
Caifornia does not offer Tax Liens/Certificates and there is No-Redemption Period once a Property is Sold at Tax Sales.
California Property Owners or Invested Parties (Banks, Lien Holders, Heirs, etc.) for a Property that is subject to be sold at a Tax Sale have until the actual day of the Delinquent Tax Sale to redeem property.
California Properties that do not sell may be offered at subsequent (future) Tax Sales.
Finally, please know that *although there is No-Redemption Period in California specifically, owners (although they may not know this) do have the right to challenge the validity of the Tax Deed Sale for a period of (1) OneYear. This is why most insurance companies wait for (1) One Year before issuing Title Insurance on Properties in California as well as other states. With respect to Title Insurance, a number of buyers/Investors option to have a "quiet title" performed by a Qualifed and Licensed Attorney-at-Law. I have heard of instances where some Investors may do their own quiet title. However, I prefer to team-up with a good Attorney-at-Law. The option to do either should work well in your favor, regardless.
California Additional Tax Sale Facts!
There are (58) Counties in California and Tax Sales are offered throughout the year. There are other Tax Deed States as well. However, not all Tax Deed States offer Deeds "Free and Clear" immediately following the Tax Sale. For Example Georgia, Kansas, and New Mexico and a few other states all offer Tax Deeds, but there property ownership is subject to a redemption period.
Locating California Tax Deed Properties For Sale:
California Tax Deed Properties are sold on a regular basis by County Governments either via the county itself or through a contracted private company that oversees the Tax Sale Process for that particular county.
Basic Requirements to Attend/Participate in a California Tax Sale:
California, in general, requires the following:'
1. A basic understanding the Tax Sale Process
2. Depending on the county, participants may have to register online or at the assigned location or sale-site prior to the sale. Most online auctions required pre-registration
3. In some cases, a refundable deposit if you do purchase a Property at a Tax Sale you are registered to participate-in
4. You are not Delinquent in Taxes in the County Where Property is being sold
5. You must be of legal age (18 and over)
These requirements are not conclusive, but serves as a basic guideline for prospective buyers/investors. Everyone is encouraged to thoroughly understand the laws (rules and guidelines) prior to Investing, to thoroughly research properties of interest, and/or to seek the advice of a Licensed and Qualified Attorney-at-Law for Legal Matters related to Purchasing or Acquirng Tax Sale Properties.
Much Success As You Invest, MoneyMakers
Greetings,
Hello Clifford,
Texas is a great place to Invest in Tax Sales. Let me give you a short analogy. Tax Sales are like Sports (e.g., Basketball, Football, Soccer, Tennis, etc.). Their are basic rules that must be understood. Respectfully, go to a few games (Tax Sales) and Just Watch, and Notice how they play the game -- and notice is who is bidding and how they are bidding. Have the patience to just get a good idea of who the players are so you won't get into a bidding war with any Investor that may cause you to overbid on a property. This is also a good way to meet potiential Buyers/Investors that you can talk to later or just network with. You may or may not want to partner with anyone yet, but that is your choic of course. Ask for business cards and/or give-out yours or at least exchange phone numbers and/or email addresses. Be mindful/watchful as some may want to resell their properties after they have acquired it at Tax Sale. This may be a good approach but be sure to carefully evaluate and inspect the property(ies) location, value, code-issues, if any, etc..
As for the rules, most Counties provide general guidelines, but not legal advice. Nevertheless, the process in not that complicated at all---truly. Like with sports, you only need to know the rules of the game. Texas has 254 Counties, Over 3100 Cities, Towns, etc., and about 1031 School Districts (which may impose taxes on properties or force Tax Sales). You can either eventually own the property in a short period.
Hello Ali Brooks,
Re: Response to Your Question
This is a very good questions and it obviously presents a challenge for you and others. Quite frankly, here is my best suggestion. While protecting your investment during the (1) year, until the quiet title is complete, and if you actually now own the Tax Deed:
1. It might be to your advantage to contact a Licensed Attorney-at-Law whose primary focus is in the Tax Sales Area, who will help you with this issue.
2. Also, contact at least two or three of the major Insurance Companies via phone to ask if they will insure the property prior to the "quiet title" being complete or if they know of any companies that will do so.
3. Do not get discouraged if their response is "not until you have title insurance".
As such, it is a strong possibility that (maybe) you may not be able to get insurance on the property until the "quiet title" is complete in which you can then get Title Insurance. This clearly may be one of the "risks" when finding a property of interest/that is desirable in which you may want to insure in the event of some accident or unforseen event. Meanwhile, as a suggestion, you may want to Place Private Property Signs on the Property as well--only if you are now the new owner.
Force Placed Insurance Issue: I did a little research on this and it does not appear that Force Placed Insurance would be applicable in this case at all since it appears that Banks or Lenders usally do this only if a Homeowner does not have adequate homeowners insurance on properties they are financing. However, if you are in a state like PA that offers properties at Upset Tax Sales (excluding Judicial & Repository Tax Sales)--where the mortagages, liens, etc. transfer to the successful Tax Sale Bidder, it might then be something that you want to explore---which again leads me to encourage you to seek the advice of a licensed Attorney-at-Law that Practices Tax Sales or Just Simply contact any one of the major Insurance Companies Direct and Ask them Directly----that is usually a Free Call, but you may want to ensure that you speak to someone that knows about insuring Properties acquired at Tax Sale. I would contact a good insurance company first--at least two or three of them-- as you may eventually want to get the insurance from "a reputable insurance company"- at the end of the day.
Finally, if you are going to Invest heavily into Tax Sales, it would be to your advantage to locate a Good Attorney-at-Law and an Insurance Company that you can Team-Up with or work with on a regular or continous basis as you Buy/Invest in Your Properties, Deeds, or Tax Lien Certificates.
I hope this helps you---Truly!
Much Success As You Invest!
Paul,
Be sure to also check-out the countys' website where you are located as they usually post the general rules or guidelines for their process. Read them, and attend a sale for the purpose of just "getting acquainted" with the process.
Do not plan to bid at your first-one, just go: observe, learn who the players (high-bidders) are, and get to know some of them if you can. Yes some wil be competitors once you begin to Invest; however, some you can become good-friends with and also learn things from as well.
Don't get turned-away or discouraged if you ask someone a question and they act a bit reserved with there info. They just may not know or it is possible they may not feel comfortable sharing with you yet---or some just have in-mind that everyone is there competition. The truth of the matter is--I have attended a number of Sales and Investors usually are specific about which properties they want so they will bid and bid and bid--sometimes beyond our price that we would pay. If so, I usually bid within my range and that's it, plus they are not interested in every property on the list---so you should be able to get it---just stick to it---Don't Quit or Give Up. It Works and You can Make Thousands---potentially--Millions!
Michigan is an excellent state to Invest as I believe there are about 83 counties there so there are ample opportunities. Once you have the practice-down in theory, than comes the practical application of what you know--so you will be confident about your strategy and your investment---knowing that you are going to get a good ROI or the property that you are bidding-upon.
Hope this helps You,
Much Success As You Invest!