All Forum Posts by: Ying Weng

1. How do i know whether they use all the fund to improve the house? The worst case scenario is they buy the house with half the fund, and just walk away with the rest of the money. I will be left with the house which is only worth half the money. Can i control the risk by asking for itemized receipts before releasing the money from the escrow account?

2. I proposed if they can't sell the house in 12 months, i will take over the ownership. But is it legally allowed?

Thank you

0 Votes

Hi, does anyone have experience with tax lien auction in Nassau County NY?

I bought 3 liens at the auction, but heard at the end of the redemption period, the lien holder doesn't have the right to foreclose the property. The property will go for a foreclosure auction again in the court. Is it true?

thank you

0 Votes

Originally posted by @Jerry K.:

@Ying Weng

Many counties actually have "use codes" or "parcel descriptions" that indicate the property is not buildable/useable. Many counties have no indication.

If the tax amount is really small, that is an indication it could be a junk sliver of land. It could also mean somebody wrote their tax check and mistakenly shorted the taxes by $50.00 and the lien is being sold.

My methodology is to scrape all the parcels indicated on the aerial shot from the county website. Then I quickly view each picture to see what is on the parcel and the size. It's easy for me to see the junk parcels (and how I have seen lots in the middle of lakes and swamps).

Most online auctions have a link to the county website for details on a parcel. That is how you can start to look up values.

Does this help?

Thank you! Jerry

I have just started reading all your posts. Thank you for providing all these help. I am really impressed.

0 Votes

Originally posted by @Jerry K.:

@Arthur Mayer It is possible to be the only bidder and get 16%. Happens mostly with vacant parcels and also junk parcels. Junk meaning little slivers of land that you can't do anything with, or landlocked parcels, parcels under water, unbuildable, etc. Then there is the occasional partial building structure.

Just did a quick look at last year results in Yavapai county AZ. There were 303 liens that went unsold. Those could be purchased for 16%. But do deep research - they weren't even bid on by investors.

I did some filtering of the results and found 341 liens were won by investors with a rate of 16%. The average lien in this group was $825.33. The median amount $470.74 (meaning 1/2 were above that and half below that amount). So they were lower value liens.

There were over 3,400 liens in the auction in total last year.

sorry for posting it again. Just want to @ Jerry on this one.

As Jerry mentioned, it seems like the only way you can get 18% return is to get junk parcels which no one wants to bid. But if that's the case, how can you do research on the junk parcels to figure out the foreclosure values in case the owner doesn't pay?

Thanks

0 Votes

Hi, Jerry

I am new to the tax lien investment, so i was wondering if you buy vacant parcel or junk parcel, how could you get your money back? What happens if the owner doesn't pay, and you have to foreclose on the junk parcels? What the risk will be?

thank you

Ying

0 Votes

All Forum Posts by: Ying Weng

Ying Weng has started 2 posts and replied 5 times.

Post: Is it safe to fund a flip out of state

Post: Tax lien auction in Nassau County, NY- what is the rule

Post: Differences between NJ and AZ tax liens and auctions

Post: Differences between NJ and AZ tax liens and auctions

Post: Differences between NJ and AZ tax liens and auctions