[ptgolfer]

Hi,
I had seen a program that offered real estate for the price of the tax that was owed
To the government. Is this true? I looked on line under the government tax
Foreclosure site and tax lien site. I saw prices for the city of San Francisco at under
A $1000. Can you give me some information about this?

[Fr_Chuck]

Moved your post, you put your question as a answer to someone else about his mortgage.

With the exception of a few states which do a state auctions, most states do a county by county auction each year. So you have to check with your local county tax office as to when they hold their auction each year.

Now they will normally start at the tax owed, normally two or three years, so if the tax for a nice house is 300 dollars a year, you may find one that the bid starts at 1000. But then it depends on how many people are bidding and how many people want to pay more. So many houses do sell for the starting bid, but many will go up 1000's more.

So next in most states what you have is a tax certificate which you have to hold for several years before you can actually own it. So after you buy it, often it will take several years to actually take possession of it.
A few states gives you a tax deed the day of the sale.

So also don't expect normally new home, those that have mortages, almost always the mortgage company will pay it before the day of sale.


I buy a lot of tax properties each year, the great thing, all the ones I have bought before, pay 10 percent interest on the tax certificates if the people redeem them, so that is not bad either