Tax Deed in Atlanta question

[Rick Baggenstoss]

I'm looking into purchasing a Tax Deed(s) in metro Atlanta, Georgia.  Tuesday I'll go to bid on a couple of them.  

My questions are:

- When a property is in pre-foreclosure, would you expect the bank to redeem?  Early or last minute?

- Since you're acquiring the Tax Deed, does the premium apply to the amount paid or the amount of taxes, penalties, etc.?

- I'd like to own some of these houses.  It seems safe to say the properties with lengthy periods of tax non-payment are most likely to be houses the high bidder could foreclose upon.  Is this a fair assumption?  

Thanks for your thoughts.

Rick

[Tom Yung]

@Rick Baggenstoss

This is just based on my limited experience.

1) when a property is in per-foreclosure, I will expect the bank to redeem. Most asset manager is so slow on their moves. I will say after you acquire the tax deed.

2) In GA, you are getting 20% penalty for the amount of the winning bid.

Let's say outstanding tax & interest & service fee are $1000.

You won the bid for $30K. You will get 20% penalty on day 1 & additional 10% over 1 year.

3) My experience with GA tax deed redemption rate is under 40%, Usually are the closing agent goof up on the closing without paying the tax.

Hope this helps  a little