What happens when a tax lien certificate for a New Jersey property is not sold at the tax sale? Here in PA we have a list called the repository list where properties sit if they are not sold at any of the tax deed auctions. Is there something similar in New Jersey? How would I find a list of those properties?
Sorry but I have never heard of an unsold certificate in my area. You might get a good answer by calling the city clerk's office in a larger city, such as Trenton or New Brunswick, that has lots of certificates.
Thanks I'll give that a try. I just can't imagine every single tax lien certificate sells at the auctions. Here in PA the properties that usually end up on the repository list of unsold properties are small or odd shaped lots, steep hillsides, drainage/swampy areas etc. There has to be lots like that in NJ that nobody wants.
@Ryan Goldfarb will surely know the answer for you.
@Joe P. - These days, at least in NJ, I haven't heard of anything not selling at auction (the auctions start at an 18% interest rate, which is unheard of in almost any asset class).
My understanding is that the city holds onto the tax lien certificate if it doesn't sell. At some point, they may foreclose and sell off the underlying real estate.