Went to Jersey City tax lien sale today, and I am sure I must have missed something here.
It was an accelerated sale, which means unlike regular sale for the previous year, this sale will clear all delinquent taxes up til this point and no more subsequent tax pastdue by today.
Before the sale I was imagining since there is no subs to pay at this point so bidders probably would go a little easier on the interest rate. And I definitely didn't expect still almost everyone willing to pay premium on current year's lien. 0 interest is bad enough, and if (I mean IF) the lien is not redeemed, the next water bill is coming due only in next Feb. Nothing is accruing between now and then, right???
My understanding is that, so basically people just shell out big chunks of money with premium first, and hope for the best scenario which is starting some time next year, hopefully we will get to pay some next years tax and only start to accrue interest from there. But any time in the next few month, if the the delinquent owner decided to pay it up, we got basically nothing?
I must have missed something, how should I make sense of this??? Help!!!
interesting. I was thinking that the premiums would be relaxed since interest rates were raised and banks would be investing their money elsewhere.
Huh...Probably not so fast I understand......But even with such enthusiasm from the banks....I just couldn't figure out where they see the profit coming from, let alone the big premium paid upfront......I figure I must have missed something :(
Just wanted to know how you made out with this.