Online deed sales in Michigan ended, as did online tax lien sales in Colorado. So where is the online tax sales now?
There are still plenty of online sales in November and December, most of them are Florida deed sales, but there are also a couple of online tax lien sales in New Jersey and a couple of tax deed sales in line in Washington state. Here’s what you need to know about these tax sales.
New Jersey
Online tax lien sales in New Jersey are done at realauction.com. The minimum amount you must have to participate in these tax sales is $ 10,000. This is because the minimum deposit to participate in these sales is $ 1000 and is considered 10% of your budget. If you only deposit the minimum of $ 10,000, the auction platform will allow you to keep bidding until your budget of $ 10,000 is reached. You must have that amount to pay for your successful offers immediately after the tax sale, or you will lose the successful offers and be excluded from the tax sales in the future.
You should also know that New Jersey’s bidding system is different from all other states. They are not limited to lowering the interest as they do in Arizona or Florida sales tax, or raising the premium as in Colorado or Indiana. In New Jersey, bidders will first bid the interest rate down to zero and then bid a premium on the tax links. If a premium is paid for a tax lien, the lien buyer does not receive any interest on the certificate amount or any interest on the premium, however, the premium is returned to the investor upon redemption of the tax lien if the lien redeemed within 5 years of tax sale. The reason investors are willing to bid a premium and not receive any interest on the certificate amount is that once they have the bond, they can pay the subsequent taxes (if the property owner does not pay them) and get the default value. rate (18%) on your secondary tax payments.
Only a handful of New Jersey municipalities have online sales right now, but more are being done online each year. There are only a couple of tax sales in New Jersey from now until the end of the year. This is a very busy time for New Jersey tax sales though, so I expect there will be more New Jersey online tax sales this time of year in the coming years.
Florida
In Florida, lien holders cannot foreclose on the property after the redemption period ends. Instead, they have to request the link to make a deed sale. The property is then sold to the highest bidder in the deed sale. Because of this system, there is a continuous supply of properties for sale of deeds in Florida, and the sale of deeds can be done quite frequently, even more than once a month in some counties. Although about 90% of Florida counties have online tax lien sales, only a few counties have online tax deed sales. Some of these sales are at http://www.RealAuction.com. What you need to know about Florida tax deed sales is that they don’t always start the bidding with the back taxes owed. If the property is a family property, the minimum bid must be 50% of the property’s appraised value.
Washington
Only a handful of Washington counties have their tax deed sales online. Most of these tax sales are done at http://www.bid4assets.com/. Generally, there are not many properties available at these auctions. The initial offer is the amount of back taxes and penalties owed. Some of these tax sales do not require a deposit in order to bid. The full amount of successful offers is due within a short time (usually a day or two) from the end of the tax sale and must be paid in cash, cashier’s check, or wire transfer. The treasury deed is issued within 30 days of the tax sale and the deed is recorded (fees for this are included in the minimum bid price). Since any minor or incompetent person who claims a right to the property has 3 years from the date of sale to trade in the property, they may not be able to obtain title insurance for 3 years.
No Comment