Read this particular topic in a book and it seems our county has an online auction at the end of the month. Sounds legitimate... Property taxes that are not paid are auctioned out as a tax lien to the lowest interest rate bidder. The county gets their money sooner and transfers the risk to an investor. Interest rates can be as high as 18%? And I've read that most property owners eventually pay that tax back plus the interest and penalty fee?
I haven't seen a WCI blog on this before? Anyone know the advantages and disadvantages? How do you best investigate which property to bid on? Is it possible to foreclose on if nonpayment? If you win the bid.. Do we send the notice to the property owner regarding the back taxes owed? Just curious in other folks experience with this investment product or should I avoid all together?
I haven't seen a WCI blog on this before? Anyone know the advantages and disadvantages? How do you best investigate which property to bid on? Is it possible to foreclose on if nonpayment? If you win the bid.. Do we send the notice to the property owner regarding the back taxes owed? Just curious in other folks experience with this investment product or should I avoid all together?
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