Public Courthouse Auctions

12 Replies

Does anyone know how to find when public auctions will be held at the county courthouse steps? I'm in Wood County, WV but it would be helpful to hear from anyone who is in any county. 

Thanks

I've found every county I've searched for online. I usually do a search for "XXX county tax lien auction" or something like that. I live in the DFW area. Most counties near me have everything online. One small county has auctions less often and it appears I'll have to make human contact to get a list.

That said, I'm not sure if you're talking about tax liens or foreclosure auctions. These are separate events.

@Bobby Foggin ,

@Stan Hill has it right. I looked up Northern Virginia auctions and signed up to be notified when they have auctions. I don’t even currently have a plan to attend them, but I get notified all the time for the various counties all around me. At least I won’t forget to look into this one day.

Doesn't auction.com list all the auctions? I thought they do all the foreclosure auctions now. I just looked up Wood County, WV and see a few.

We have bought 1 from auction.com - Here's the secret. Bid on all the online auctions with reserves. the reserves are usually market price (too high for investors). Bid what you think it's worth. After the auction doesn't reach the reserve a few times from relistings, they might call you and offer the property to you.

That is how we got our deal. We bid our max but got outbid so we forgot about the property. A couple months later they called and said we were the high bidder. I found out those other bidders were fake. Auction.com bids on behalf of the banks.

We bought our 5 unit at a sheriffs auction. Which is only posted in the sheriffs office, so basically only criminals know about them. That auction was on the courthouse steps and there were only 2 other bidders. We only knew about it because it was our friends apartment.

@Matt Dunlap

Appreciate the feedback Matt! I’ve found auction.com but I’d like to find some in person where I can network with other investors. I’ve never thought of bidding below the reserve, and I’ll start doing that. Great advice! Thank you

The live auctions here are a pain in the ***. There are usually around 5 possible properties, but most don't actually make it to auction and the one or two that do sell for a high price IMO. You sit there for hours for nothing. I think the large teams send the rookies to the auctions and they call the investor if the property auction happens.

I find that auction.com is a good place to get practice properties for analyzing, like Brendan always says

@Bobby Foggin most of them in my part of WV are held in November (tax liens that is, foreclosures and such happen all throughout the year and listed on auction.com)

As for tax liens, current property owner has two years to buy back their property with interest so keep that in mind if you decide to buy some on taxes. 

Originally posted by @Matt Dunlap :

The live auctions here are a pain in the ***. There are usually around 5 possible properties, but most don't actually make it to auction and the one or two that do sell for a high price IMO. You sit there for hours for nothing. I think the large teams send the rookies to the auctions and they call the investor if the property auction happens.

I find that auction.com is a good place to get practice properties for analyzing, like Brendan always says

When it comes to tax liens, my experience has been a firm of some sort will bid on ALL the liens, and outbid all other bidders.  They are not bidding in order to win the property, but to get a guaranteed return on their bid (investment).  All (most?) states allow a redemption period after the tax lien is 'won'.  The property owner pays the lien amount plus a little interest.  The firms are after that interest - not the property.


On the other side of the equation, there are property owners that utilizes the tax lien rules to their advantage.  They don't pay the property tax immediately,  and instead deploy those funds in some other way.  Paying off a high interest loan/mortgage, a new property, etc.  When they redeem the property with the lien, they pay the lien amount and the interest (mentioned above), which in effect works out to be a super low interest loan.

Originally posted by @Derrick E.:As for tax liens, current property owner has two years to buy back their property with interest so keep that in mind if you decide to buy some on taxes. 

I believe it is three years from the date the tax deed is issued. Longer if the former owner or heir was an infant or disabled: http://code.wvlegislature.gov/...