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Al, you have to find out what the laws are in your state, and from state to state there’s a lot of variation. As usual, there are people who offer courses on such things, which as usual, takes some online digging and background checking. That topic is not a specialty of Cash Flow Depot.Examples: in many states, depending on who is doing the foreclosure (the tax authorities, or the lender), the property may go to a county auction. In some states, you may be able to work a deal with the property owners BEFORE they are filed on. In some states, there are ways to help the former homeowner get some cash relief via redemption rights or from tax auction overages. In some states, lawyers have “gotten to” the legislatures to carve out a services monopoly for such help. If you’re serious about playing in those arenas, you need to find out who offers what relevant courses, what their scope is, and what their record of competence is.
CFD tends to specialize in low risk deals that require the least possible cash outlays, the least legal hazards, and that have quick turnarounds.
–Dee
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Al,
Dee is so right. I do not believe there is one single state that has the exact same system for dealing with delinquent Real Estate Taxes. I was a tax buyer in Illinois (Arguably the most complicated system in the US) from 1992 to 1995. It is not an investment it is a business, at least in Illinois.In Texas the great deals are gobbled up in bulk by hedge funds. They leave the “not so good” crumbs for everyone else. You don’t get the property for just the back taxes, you also have to pay all late fees and penalties which can really add up – sometimes to more than the delinquent taxes.
You also need to do a thorough title search to make sure there are no IRS liens.
BUYER BEWARE!!!!!!!
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