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Now displaying: Page 1
Oct 8, 2019

BOOKS DOWNLOAD ➡️ http://SmartRealEstateWholesaling.com
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QUESTION ⁉️ “So the property tax delinquent auction is coming up soon.

Question... what if I have a seller who wants to sell and his property is on the auction list to be auctioned off and he only owes $3,000?

I’ve got him under contract but the auction is before closing.

How do I keep his house from going to auction other than paying the $3000 cash out of my pocket; which I don’t want to do for obvious reasons?”

Another source of great real estate wholesale deals are tax delinquents.

These are properties from owners who are not up to date on their property tax payments.

In developed societies, you never truly own a property free and clear.

Although you may have finished paying off the mortgage on a property, annual taxes that are adjustable in nature will always be levied against properties.

This money goes towards city development, maintenance projects and social amenities for citizens and residents.

Property taxes are due quarterly here in New Jersey and may vary in other states.

The bottom line is that if not paid, a tax sales can be initiated.

Depending on the state, it can lead to foreclosure or simply more debts or liens against the property.

Some states are considered tax deed states while others are considered tax lien states.

What makes the difference is the process that leads from delinquency to property take over.

In tax deed states, the local government sells the property to collect taxes while in tax lien states, they sell a tax lien certificate to collect.

Either way, before you move any further with this deal, here are 2 steps to avoid tax delinquent auction.

1) Make sure it’s a deal (ARV & Repair Estimate)

2) Get an extension from foreclosure or tax sales department of the city or county.

In order to fulfill this 2 steps, the prerequisite is that you are dealing with a true motivated seller.

If your seller is NOT motivated at any level, it won’t work out simply because they will be reluctant to co-operating.

That’s really necessary with step 1 which is a prerequisite for step 2.

Let’s make sure that the sales price of $3,000 is in fact good enough for a real estate wholesale deal.

 


BLOG POST - https://myempirepro.com/blog/

ABOUT YOUR HOST ::::|
Ola "Tux" Abitogun is the Creator of myEmpirePRO and author of Smart Real Estate Wholesaling. He became a FULL TIME entrepreneur in October 2006.

He is a computer engineer and an engineering management graduate from New Jersey Institute of Technology; (NJIT) class of 2004/5. He was born in Dallas Texas and raised in Nigeria by his Nigerian parents. He considers himself a proud Nigerian American.

Today, he is a marketing addict, trainer, marketing and business consultant, real estate investor and all around serial entrepreneur. Most importantly, he is husband and a father. The professional work he is mostly proud of is personally helping 1,000+ entrepreneurs around the world reach greater heights in their careers.

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