Profit on Tax Foreclosure Homes With This Largely Unknown Loophole
By Maggie Dawson
If you”re a tax sale investor, you have probably been gnashing your teeth at the recent influx of new tax sale bidders, largely thanks to the explosion of late night infomercials hawking the latest get-rich-quick tax investing “system.” It was bound to happen sooner or later. Like almost everything else in life, if you want to get wealthy in your field, you have to stay two steps ahead of your competition, and tax foreclosure homes are no exception.
A quick guess: if you”ve been investing, then you already know about the pitfalls of buying deeds or liens at tax sale. You can”t inspect tax foreclosure homes before bidding, you have wait a long period of time before you can foreclose in most states, you usually get paid off by the owners, etc.; however until now, you were still able to make at least some money doing it. Rest assured, there’’s a better way to profit in this field, and none of the newbies know about it yet.
There’’s a legal (in most places) loophole that few investors know about: buying property directly from the owners. Of course, it makes sense that you can buy from them before the tax sale (you should have been doing this), but did you know you can also buy from them after tax sale? During the redemption period, you can still purchase tax foreclosure homes, and bail them out of tax sale yourself.
Once someone’’s property has been sold out from under them, a psychological shift occurs. If they can”t pay the taxes, they slowly accept the situation. They move on. Then when that year or so redemption period comes to an end, it’’s all in the past. So what happens when you call them during that time period?
They”re more than happy to sell to you. It’’s great to get something where you thought you had completely lost out. They were expecting nothing, and now the time is drawing near where they will end up with nothing if they don”t act. They”re happy to hear from you. You”re their savior. It’’s awesome, it works, and you can get these tax foreclosure homes for c-h-e-a-p.
In today’’s economy and for at least another 5 years, these properties (forgot to mention they”re almost all mortgageless!) are going to be in abundance. Your competition is still in the dark about this, and the time to act on it is now. The iron is hot!
The biggest tax property investing secret– and it truly is a secret right now– is the overages created at the tax sale. For example, if a bidder at tax sale bids $50,000 for a property, and the taxes owed were only $5,000, there’’s now a $45,000 surplus due back to the owner. The kicker? Owners often don”t realize they”re entitled to these funds, and the funds just sit there, collecting dust.
The best part? These funds are exempt from money finder laws, if you get them in the right time period. Find these funds, at the right time, make a deal with their owners to collect on their behalf, and you”ll be looking at five figure checks coming into your mailbox monthly, if not weekly.
About The Author
So where to find records of these funds, and how to find their owners? Read the *free* Hooked On Overages “Insider’’s Guide.” Visit http://Tax-Sale-Overages.com now.
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