Tax Liens in Maryland
Hi all, I am new to to Tax Liens. I am currently in Maryland. Are there anyone doing this in Maryland?
My county auctions is this summer and is online?
Thanks
Most Popular Reply
@Kevin Lackland yes I do tax lien auctions in MD and do very well. It is essentially my full time business. I just settled on a property today that we foreclosed on. We made about a 30K profit on an original lien investment of $2,074.53. No that is NOT typical.
Live auctions means an auction where you bid in person, usually holding up a paddle with a number on it. This is compared to an online auction. Some online auctions you see what others have bid. Most online auctions you do not see what others bid, so you could put in a very low bid and win because you were the only bidder. . If it weer a live auction, others would see that the bid is very low and bid it higher.
I am not sure why @Eugene Kogan says you are more likely to get a house at live auctions, other than you can just keep bidding higher until you win.
I will tell you that the auctions can be quite competitive and the interest rate can get bid down to 6% or lower on some properties. Also people are bidding up the price they will pay for properties to where it almost doesn't make sense to foreclose on the property. So much for buying properties for "Pennies on the Dollar"
Update: I was referring to live tax sale auctions. I believe Eugene Kogan was referring to any live public auction.