Tax liens -- too good to be true?
My husband is actively searching to get involved in buying tax lien properties in Michigan. I'm a firm believer in, if it sounds too good to be true, it usually is. He's got a list of properties with unbelievably low selling prices and also a list of what properties actually sold for last year which aren't too much higher than the selling price. He said his research shows that in Michigan the redemption period is over by the time of the auction so he takes possession immediately and that any mortgage that was on the house is no longer attached to the property. The only liens he has to worry about are EPA liens. So could he truly buy a $200,000 + home for under $2,000? That's what it looks like on these lists. If it really is this "easy," why aren't more people, especially real estate agents, doing this? There HAS to be a catch.