Check out some similar questions!

yum70 · May 22, 2011, 06:22 PM

Good day,

I am from Singapore and am keen to participate in Tax Lien Certs. I need information on how to go about getting details and what types of account required?

Do I need a IRS Tax ID?
Would a Pay Pal account be sufficient for payment transaction?
Any sample TLC list where I can perform my own check? (before actually buying one)

Thank ahead and have a great day

Patrick

JudyKayTee · May 22, 2011, 06:48 PM

People purchase tax lien certificates at auction - who is going to appear and bid for you at the auction?

I think you need to become very well informed about the process before you begin this venture - here's a start: Tax Lien Certificates

yum70 · May 22, 2011, 06:59 PM

Hi Judy,

Thank you for the heads up.
I had attended one seminar locally that had spoken briefly on the TLC. They did mention about the possibilities of these auction biddings. As shared by the speaker, their main objectives are not to be involved in the main bidding but rather to get theirs hand on balance of certain properties that were left on the shelf for what ever reason. (could be due to non attractive returns)
I understand that some counties (some) are going online with these auction and that would make less hassle and should I not want representation via an agent but just want to obtain hands on exposure and experience of going 1 purchase, what would exactly I need to start this process?

A paypal account?
A Tax ID from IRS?

Cheers

Patrick

joypulv · May 23, 2011, 03:40 AM

Bankwire would be my guess. I doubt that any states are set up with Paypal yet.
You probably have to submit a W9 at each registration, which you can see at IRS.gov.

Tax lien certificates are a ripoff. You should be there in person to investigate other lienholders and the worth of the property FIRST. It takes a lot of process for a property to get to this stage. The chances of the owner of the property paying you that nice high interest rate are nil. Properties worth anything at all are first sold or foreclosed on or otherwise resolved. You'll end up with an unsellable property or worse - one that has, or instance, something like a leaking underground oil tank, required by Federal law to be dug up and disposed of as hazardous waste, including any adjacent land if it leaked past yours. That's one little scenario.
I live in a nice area and there hasn't been a tax lien sale for a hundred miles in any direction here, probably ever. Any good deal has already been snapped up by someone local, years before it got to the tax lien stage.

yum70 · May 23, 2011, 10:00 PM

Hi joypulv,

Thanks for the respond.. I will continue to do more read up. Chanes of me visiting a potential site are close to nil but will try to build up the diligence and eagle eye first.

Many thanks

Cheers

Patrick