In line with our most recent post on earning government-guaranteed interest from tax lien certificates, here is a checklist that can and should be referenced by tax lien investors.
Checklist for Tax Lien Investors
– Check your local county or taxing authority for where and when the auctions are held
– If you are interested in tax certificates instead of bidding directly on properties, find the closest state where certificates are offered
– Find out if you can get on a mailing list, or if not, find out where and when the properties are advertised
– Determine the properties in which you are interested. Verify that the property is actually where it is supposed to be and is in the condition described. Most taxing authorities make plat maps available at a small charge
– Check with the taxing authority to determine the total amount of taxes, interest, penalties, and costs due, not just those listed in the minimum bid
– Check the Department of Records to be certain there are no IRS liens against the properties
– Find out if you must pre-register and put up a deposit on properties on which you intend to bid
– Determine the procedures and costs involved in getting the title to a property you you win in an auction
– Ascertain the minimum possible bid that can be made
– Decide in advance your maximum bid so you don’t get carried away with enthusiasm
– Find out how your deed or certificate should be recorded once you win it
– In the case of a tax lien certificate, determine the notices and procedures you must use to acquire the property if the owner never pays the taxes
Engage with us today to learn about other items to make note of when making investment decisions!
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