| Tax deeds could be your secret wealth creation vehicle Tax deeds could be your... |
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Fri December 5, 2008 |
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| e-Book Editorial:2
Amazing Returns, Real Estate For Pennies Steven E. Waters 
Tax deeds could be your secret wealth creation vehicle -allowing you to purchase real estate for a fraction of its true market value! The tax deed procedure begins when real estate property owners let the taxes on their real estate go unpaid. After numerous warnings, notifications and public advertisement of the impending sale, the county auctions the property to the winning bidder (state laws differ). Not all tax deed state's administer tax deed auctions the same, in fact, there are two possible tax deed scenarios. Scenario 1: The county auctions the deed to the property, the sale of the property is final and the winning bidder receives a Treasurer's Deed or similar Deed to the real estate property. Scenario 2: The county auctions the Deed to the property to the winning bidder, the Deed is encumbered or restricted by a "Right of Redemption" or "Waiting Period" meaning the property owner can pay the delinquent tax and penalty and still maintain ownership. Penalties can be as high as 20% in Georgia and 25% every 6 months in the state of Texas. After the redemption or "Waiting Period" has passed, i.e. 12 months in Georgia and 180 days in Texas, the winning bidder Forecloses out the "Right of Redemption" and becomes the new owner of the real estate. or The property owner pays the delinquent taxes and penalties within the statute mandated "Redemption Period" and maintains ownership of the real estate. At tax deed auctions, the county sells the property to the winning bidder. Typically, the opening bid at a tax deed sale is just the back taxes and administrative fees which is a fraction of it's true market value. And in many cases it's free and clear of all junior liens and mortgages. It's not too uncommon to pick up the real estate for 10%, 20%, 50% up to 95% below market value.
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