The Real Estate Show

Radio Show Notes 11/6/19 Wednesday: Midweek Report: Wrapping It All Up – The November Real Estate Show Tax Auction Experience – A Success

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By Eric Willner, Host of The Real Estate Show, America’s longest running daily radio show about real estate.

Today, in our Midweek Real Estate Report, The Real Estate Show discusses Buying Real Estate at Big Discounts at Property Tax Auctions and how you can too at our event: The Real Estate Show Tax Auction Experience just concluded at yesterday’s monthly foreclosure auction.

Where and how it works

A tax lien sale is a method many states use to force an owner to pay unpaid taxes. It gives homeowners a chance to pay those taxes along with high penalty fees. Twenty-nine states, plus Washington, DC, the Virgin Islands, and Puerto Rico allow tax lien sales.

Each state uses a slightly different process to perform tax lien sales. A typical process works like this:

•         A property owner neglects to pay his or her taxes.

•         A waiting period initiates. State laws vary on the waiting time before the tax collectors intervene; it can range from a few months to a few years.

•         The unpaid taxes are auctioned off at a tax lien sale.

•         The highest bidder gets the lien against the property.

•         The tax collector uses the money earned at the tax lien sale to compensate for unpaid back taxes.

•         The homeowner has to pay back the lien holder, plus interest, or face foreclosure.

Property Tax Auctions are a powerful way to make money in Real Estate, and so is listening to The Real Estate Show. Contact Eric Willner for a private personal conversation about your real estate goals.

Tax deed sale and instant ownership

A tax deed sale is different from a tax lien sale in that it offers complete ownership of a property. In some states, the government will seize homes with unpaid property taxes and then sell the properties at a tax deed sale, which is a public auction. The property at a tax deed sale is usually sold for the amount due in unpaid taxes, plus fees and interest charges. It’s also known as a foreclosure auction.

Even though that amount could be relatively low, bidders usually drive up the price during the auction process. Before being transferred to the winning bidder, the property should be cleared of all mortgages and liens against it.

Use caution

Buying a home at a tax sale is considered risky. In many cases, you can’t even examine the house from the inside and have to guess on its interior condition. That also means no home inspection, so you can get stuck with a house filled with building violations and environmental hazards such as radon. And if you have to foreclose on a tax lien property with the homeowners still there, you have no way of knowing if they’re going to damage the property before they leave.

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Listen to the show live or the archived version in its entirety for all the tips, facts and ideas.

Want more? If you are serious about real estate and paying off debt, then find out more on today and every day’s episodes and learn more about Real Estate Investing and learn HOW TO by listening to The Real Estate Show with Eric Willner. The Show is Live every weekday morning at 8 o’clock (EST) on Florida’s Money Talk Radio station WSBR AM740, FM 96.9, and FM 103.9. You can also hear us on the free apps: iHeart Radio and TuneIn. Recorded Rebroadcasts are available 24/7 on Facebook. Please share this and our Facebook updates.

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Eric Willner is the Host and Founder of The Real Estate Show, an informative show about how to buy, own, and improve real estate the right way, on autopilot. - The Automatic Landlord way. (AutomaticLandlord.com) You can reach Eric Willner at Eric@Ericwillner.com or 888-595-7779.

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