Any guidance or just scheduled phone calls to give me the basic rundown of how to secure my first tax lien in the state of North carolina. I stay in the Raleigh area just need some basics to get started and to get accustomed to the process.
The majority of NC tax deed sales are conducted in person at the county courthouse. July has 115 auctions scheduled across the state, 25 in August and eight in September. To get a list of properties visit each county's web site.
Be aware that NC has an "upset bid" system that favors in-state investors. Any bidder can top your bid within 10 days of your "winning" bid, and the bid must be made in person at the county offices.
You would be wise to learn more than the "basics" before bidding. Buying a deed should never be the goal, but rather buy a deed that will lead to a profit.
Are you referring to actually purchasing the tax lien? Not all states sell tax liens including North Carolina, however South Carolina does so you could start there.
Are you referring to actually purchasing the tax lien? Not all states sell tax liens including North Carolina, however South Carolina does so you could start there.
Can i purchase these via an online website portal by any chance or does this have to be done in person.
The majority of NC tax deed sales are conducted in person at the county courthouse. July has 115 auctions scheduled across the state, 25 in August and eight in September. To get a list of properties visit each county's web site.
Be aware that NC has an "upset bid" system that favors in-state investors. Any bidder can top your bid within 10 days of your "winning" bid, and the bid must be made in person at the county offices.
You would be wise to learn more than the "basics" before bidding. Buying a deed should never be the goal, but rather buy a deed that will lead to a profit.
#1. Read the 16% solution book. Not sure if North Carolina is covered, but even if it isn't you will have a much better understanding of the process.
#2. Look at each county website and see if they have rules and regs or training classes. See if they list any law firms that are involved in the sales and contact them to see if there are white papers or other training materials.
#3. Get the lists of the upcoming properties for sale. Do your research on the properties. How much are they worth, what would be your max bid? Then go to the sale to watch the first 3 months, not to bid. Network like crazy there. Asks if anyone has gone to good training or knows a guru. See what the bidding is like. Do you have to register at the sale or before? How is payment handled? See if what other people bid would have matched your bids or would they have beat your bids. If they beat you ask them what they plan to do with the property. Flip it, hold it, live in it or what? Ask them what they think it is worth. Ask them if they think they will get beat at the upset process.
#4. I also suggest reading the NC tax sale statues. Read it 2-3 times, While the counties should follow them, often it seems the invoke local rules or proceedures, but at least you will know what is supposed to be done.
#5. This is some of your basic education, then if you think you are bidding competitively, go bid at auction #4...and get started.
In North Carolina it works a little differently than in other states Instead of buying tax lien certificates counties move unpaid taxes into foreclosure and then auction the property at a sheriff’s sale Since you’re in Raleigh the best place to start is the Wake County Tax Office and Sheriff’s Office websites where you can see upcoming auctions Before you bid make sure you do your homework on the property title any liens and overall condition It might help to just attend a couple of auctions first to get a feel for the process then start small when you’re ready