June 24, 2011,
Category: Uncategorized, Release with 1 comment
What about this in So California or south of Texas?
You become the owner of property if you pay the unpaid taxes of the distressed previous owner?
You should not assume you will get the property. If you do that is gravy. Be sure that if you do however that you want it.
Here is what the deal is. The taxing entity wants money, so they let you pay if for the delinquent person. (lucky you). Then they set up a payment plan for the person to pay you back plus interest. Same plan they have available to them, they just don’t want to wait for the money, they have programs to spend it on.
Now you sit back and wait to see if you get paid. If not eventually you get the property with all junior liens wiped out (this should be all, but won’t always be from what I understand. It will cover any financing and other liens but might not cover stuff having to do with the federal govt, you’ll have to check this out). If yes you get your money back plus some big chunk of interest payment as stipulated in the tax lien.
It will make you more than investing in a savings account. In the cases that you get the property you may get lucky, but most likely it won’t be something you would have paid a whole lot for and hence neither would anyone else.
Just make sure you want the property if you wind up with it and are happy with the interest rate and you will love.
You must be logged in to post a comment.