Sheriff's Sales (Courthouse Steps)
Hello all!
I have a quick question for those who are invested in the Northwest Indiana (NWI) market. I have had many of my investor friends talk to me about the monthly tax sales at the courthouse in Lake County. I have not done much research on the topic, because I prefer to have an immediate transaction as opposed to investing and having money tied up for a year.
My question is, have any of you had a success story from tax sales? It is my understanding that if you win a bid on a property your money is tied up in an interest bearing account until one calendar year has passed, giving the property owner a grace period to become current on their property taxes.
I realize that there are many deals to be found at these auctions, but I'm wondering if it is actually worth it. My biggest concern in locking in liquid capital in an account for a year with the possibility of "no deal" and having the ability to invest it somewhere else.
Any thoughts or insight would be greatly appreciated. I have no experience with tax sales and I know these kinds of sales can vary state by state and county by county.
Thanks!