There are various types of tax foreclosures. Unpaid property taxes are administered at the county level. There are various flavors of tax delinquency treatment:
1. Properties may be sold as a consequence of unpaid real estate taxes. In most cases, lien holders will be notified first and given a chance to bring the taxes up to date. This may precipitate a bank foreclosure since many mortgages and trustee deeds contain a provision that the property owner keep taxes up to date. County offices post these notices publicly.
2. In some states, like Arizona, tax LIENS are offered at auction, not the property itself. The property owner becomes indebted to the new owner of the tax lien, who brings the tax bill up to date at the tax lien auctionat the county seat.
3. Personal taxes (income tax) and property liens attached to these delinquencies are administed by the U.S. Internal Revenue Service.
This is Vicky from Trulia.
As of last night, you can search for foreclosure listings on Trulia.
In response to increased consumer interest, we decided to introduce integrated foreclosure search capability. You can now find over 400,000 foreclosure properties on Trulia. We will keep hearing your needs and improve our site to provide you the best and most complete experiences.
By pre-analyzing these properties every day and performing all the necessary financial calculations, and can show you a glance at those properties that truly pencil out, and most closely meet your investment goals.
It is better to purchase a foreclosure because you will receive clear title to it. All foreclosures are listed for sale with Realtors and posted in the MLS database because mortgage companies require a professional to be marketing the property for sale.
Your best bet is to find a Realtor in your area that you feel comfortable working with and give them your search criteria. They can set you up for auto-email so you will be notified each time a property comes on the market that matches what you are looking for. The best deals go quickly, usually within the first week. By having a Realtor looking out for you it will be possible for your offer to be one of the first presented. You can not make an offer on property in Jacksonville, FL without having a loan approval letter or a "proof of funds" statement showing you have the credit or assets to fulfill the contract agreement.
If you would like me to refer an agent to you in your area, then contact Brenda Gravitt CRS, GRI and I will have a Realtor contact you.
http://publicrecords.onlinesearches.com/Nevada-Foreclosures-
Are you having trouble finding a list for Staten Island, NY?
I have an idea...CALL A REALTOR, ANY REALTOR.
I beg all of you, and of the rest of you, pick the phone up and call an expert.
Stop asking and start doing.
Danny Speagle
The Speagle Group
Denver, Colorado
303-993-5193 home office
720-936-5877 cell
Your Agent will get you these lists at the low-low cost of ABSOLUTELY FREE. So, don't go to these ridiculous websites that ALWAYS have their hand out reaching into your pocket only to give you less than what you bargained for.
Danny Speagle
The Speagle Group
Denver, Colorado
303-993-5193 home office
720-936-5877 cell
Everyone wants to buy foreclosures for one great reason--banks sell them at huge discounts. Buying one from a bank will save you anywhere from 20% up to 50%. Here in Colorado the average savings is 34.7%. So, how do you go about finding these foreclosured homes that are now bank owned? It is simple, call a Real Estate Agent. Agents not only know which houses are bank owned, but your own Agent will most likely get paid at the closing by the selling Bank's Agent, and not paid by you.
Now, stop worrying about doing all of this Sherlock Holmes work yourself and pick up the phone. These Agents are dying to do all of this work for you.
Another Hint: You know you have found the right Real Estate Agent because as you interview several of them, one of them will stand out. That Agent will have all of the answers because they understand everything about foreclosures. Pick that person and stick with them.
Danny Speagle
The Speagle Group
Denver, Colorado
303-993-5193 home office
720-936-5877 cell
Consider this...in Colorado 90% of homes that are foreclosed have an 80% loan and a 20% loan. In the final stage of foreclosure (called "redemption") the 2nd lienholder (aka; the 20% lender) would have to pay the 1st lienholder all their money due. Since the 2nd lienholder is already out 20% on the home, does it make sense for the 2nd lienholder to pay out an additional 80% to the 1st lienholder just to have some security? Anwer: NO!
Besides, the 2nd lienholder hasn't even seen the property. They don't want to buy a "pig in a poke."
Here is what ALMOST ALWAYS happens (99.5% of the time). The 2nd lienholder always takes the hit. Remember, the 2nd lienholder is still owed the money from the borrower, but the 2nd lienholder has simply lost his secured interest in the foreclosed home. Now, the 1st lienholder invariably ends up owning the home.
Now pay close attention here...
The 1st lienholder is still owed "X" and would like to recoup as much of "X" as possible.
Let us assume that this bank is owed not the original 80%, but due to some paydown on principal and some appreciation of the home itself, we shall assume the bank is owed 75% of Market Value (ie, "X" = 75%)
Remember, "X" is usually somewhat slightly less than the original 80% loaned out based on the property's original market value, but the bank invariably puts the property on the market for 60% to 75% of "X". Why, you ask? Because this same bank has a backlog of REO's (bank-owned properties) here in Colorado.
To continue, I'll do the math for you.
Here in Colorado you can get a Foreclosed home for approximately 56.25% of true market value. This is equal to 75% of 75%,
Now, don't loose your head yet. You will have fix-up costs, closing costs, etc, to pay. But you will get a great deal.
How do I know all of this?...
I built a database that analyzes every property on the market instantly. I did this to find my investor clients these great bargains. I have seen hundreds of homes that are selling at only modest discounts (25% off retail) that are move-in ready, and situated in HIGHLY DESIRED areas (banks aren't totally stupid).
My investor clients pass up these modestly discounted homes because there is not enough profit for them. But the point is there are 50 new homes each week that hit the market that are perfect for homeowners.
I have analyzed foreclosures deeper than any other broker simply by using my database skills. I will admit that other states may not have a foreclosure problem like Colorado, but the concepts are the same.
Danny Speagle
SpeagleGroup.com
720.936.5877 cell
303.993.5193 office
It's easier to knock on a door of a house that needs repair and say "my wife and I are looking for a home in this area and yours looks cute from the outside". Do you know anyone selling in this area? A hand written note works well too. My closure rate is almost 70% on the notes.... And you get the best deals with no competition.
They are not just tax foreclosures, but a lot of foreclosure and fixer upper listings. The coolest part is that it shows you how much under value each listing is and you can search by the best deals.
So will be listed.
There is an least 10 diffrent government foreclosures sources I use.
Try PENNYHOMES.NET to get their updates and just go from there. Do your homework before making any offers.
For example Charlita's County......
http://ttc.lacounty.gov/Proptax/auction_faq.ht
California State Site......http://www.sco.ca.gov/ardtax_public_auction.html
To check and find the information provided to the public for FREE in California
http://publicrecords.onlinesearches.com/California-Foreclosu
Nationally...http://publicrecords.onlinesearches.com/Foreclosures-and-Tax
It is best IMO to check the local County Gov. for information first as most of them provide information on how to obtain the list of Tax sale property or provide the list for FREE and they provide info on the purchase process they use.......some do charge a small fee....
The Counties are the same place the Pay Sites get their information so going there yourself (Web Sites) will provide you with the most updated info and is usually FREE.
Counties do the Tax Sales in different ways so it is a good idea to check with them and see...
For Example....http://www.bid4assets.com/storefront/?sfid=491
http://www.stancounty.com/tr-tax/auction/index.htm
Another reason to check yourself first as often the Counties Nationwide often make sure the public has access to this information....That is what allows the Pay Sites to gain access
Fed Gov Tax Sales......http://www.ustreas.gov/auctions/irs/
http://www2.fdic.gov/DRRORE/
If you just want to Browse Actual Foreclosures...You might wish to check out the Bank/Gov sites created to give the public access to view the Listed Foreclosures/Properties for sale and to provide information on the purchase process used plus much more information it's Free and updated constantly...Sites like..
.... http://www.wamuproperties.com/ .... http://www.hud.gov/homes/index.cfm
https://www.citimortgage.com/Mortgage/Oreo/SearchListing.do ...
The links to all of these Bank and Gov. sites can be found here.... http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp ... http://www.biggerpockets.com/bank-reo.html
Charita King
Century 21 My Real Estate Co.
562-276-8681
http://www.ustreas.gov/auctions/irs
http://taxliens.foreclosure.com/state/DC.html
If you're buying a home, you need a Realtor that knows the local market, period.
If you're not paying all cash for your property, and if you haven't already, you should plan on getting prequalified for a home loan. If you're serious about looking to buy, most sellers require a prequalification letter to accept an offer. If you need the names of trusted lenders, I can give you 2 or 3 nationwide lending experts that are tried and tested by yours truly.
Contact me if you would like more information, I'm never too busy to answer a question
http://publicrecords.onlinesearches.com/Nevada-Foreclosures-…
If you wish REO/Foreclosure listings then use the Bank/Gov sites created to provide that info to the public..
http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp
http://www.biggerpockets.com/bank-reo.html
Thanks
Jim Enix
Good luck,
Rich
Richard Lecinski
Long Realty Company
520-834-4663
http://rlecinski.longrealty.com
