All Forum Posts by: Tom Yung

@Samantha Cunha

It is state specific.

some you have to apply for deed sale, others you can apply for foreclosure.

following is example for lien sale in Broward county. Pay attention to life of a lien. You will find the answer there for FL.

http://www.broward.org/recordstaxestreasury/freque...

@Ashleigh Evans

https://www.biggerpockets.com/forums/70/topics/220...

this should help.

@Greg Horn

Aloha. Just wondering if you intend to invest in Hawaii or out to Mainland. BTW, I have no experience in HI. Hawaii has 4 counties & the redemption period is 1 year with a 12% per annum interest rate.

I like redeemable states myself, it acts both as a tax lien & deed. Personally, I do not like the state that offer interest, I prefer penalty states like GA & TX; meaning you will get the penalty from day 1,GA 20%, TX 25%. My own experience was 60% interest & 40% chances of foreclosing.

Tax deed auction has been very competitive in the last couple years from all the auctions that I have been. I have seem bidding went up to 90% of retail.

Also you need cash; you need cash to pay for the auction & be prepare to spend $17-85K rehab on foreclosed properties, quiet title..; depending on ARV. As most properties has been vacant or been vandalized during or before the redemption period.

If you can't travel, you got to have good & strong boots on the ground to make this business successful. 

Thank you for sharing this wonderful tool. I will check it out.

@Daniel Cardona

@Rick Baggenstoss provided a lot of info for redemption already. You got 20% for the first year & additional 10% during the barment.

I have seemed properties bid up to 90% of retail in recent auctions. 

From my own limited experiences in GA. redemption rate is close to 50% in GA.

Hope this helps.

@Angel Troupe

When home owner owes back taxes on their homes. Usually there are more issues than just back taxes. Those can be other liens and mortgage. Unless there are sufficient equities on the property to cover the other liens & mortgage. It is very seldom you have a WIN WIN situation for you and the owner. 

If there are equity in the property. Just act like a normal sale. Pay off all the liens & mortgage.

@Ed Tamayo

GA has a one year right of redemption. If their are other lien holders on the title like mortgage. The lender can still come forward and redeem their rights. The situation all depends on overbid. If the overbid can cover all other liens. Nobody will bother you. 

I will suggest you to do your due diligence on title first before quit claim

@Marc Whiting

you got it.

@Marc Whiting

If you do not pay property tax on a property. you are tax deliquent on the property.

The city or county then put a lien on you deliquent tax and is called tax lien.

hope it helps.

@Nataki Burke

There are two process to obtain clear title for tax sale properties in GA,

First to obtain barment from previous owner. Time frame - minimum 45 days. You can use it as rental during this period or doing rehab work.

Second to quiet title - Time frame - 3 to 4 months after completion of barment.

Hope this helps.