Tax Sale Properties! How Do They Work?
I saw an infomercial about buying homes through tax sales. They said you could pruchase homes for pennies on the dollar. They even showed you homes that were bought for $200, $300, $500.00. With no mortgage to pay. How does this work? What’s the catch?
Most likely their is a 1st or even 2nd lien on the property. Which means you would have to pay those off in order to get clear title.
Comment by SndChase — December 26, 2009 @ 4:54 am
It’s a scam. In fact, because unsophisticated investors are being told to buy tax sale properties, I’m seeing worthless pieces of land sell for over market value at these auctions. If in fact an actual house makes it to a tax sale (they rarely ever do), it will be bid higher than its worth.
All they want is to sell you their get rich quick scheme package. If it sounds too good to be true…
Comment by sh3llb3l — December 26, 2009 @ 5:01 am
It is NOT a scam. Many people make lots of money by doing just that. You can get some great advice about how to do this here: http://www.homefindinginfo.com/realestat…
There are experts who love to help others… free.
Comment by ktwister — December 26, 2009 @ 5:01 am