{"id":1406,"date":"2021-05-14T10:00:35","date_gmt":"2021-05-14T14:00:35","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=1406"},"modified":"2024-04-25T23:20:01","modified_gmt":"2024-04-26T03:20:01","slug":"tax-deed-sales-buying-homes-by-paying-other-peoples-taxes","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/tax-deed-sales-buying-homes-by-paying-other-peoples-taxes\/","title":{"rendered":"Tax Deed Sales: Buying Homes by Paying Other People\u2019s Taxes"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/05\/tax-deed-sales.jpg\" alt=\"Image of a notebook sitting on a table with the words &quot;property tax&quot; written in it.\" class=\"wp-image-1407\" width=\"1022\" height=\"345\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/05\/tax-deed-sales.jpg 1022w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/05\/tax-deed-sales-300x101.jpg 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/05\/tax-deed-sales-768x259.jpg 768w\" sizes=\"auto, (max-width: 1022px) 100vw, 1022px\" \/><\/figure><\/div>\n\n\n\n<p>Ever heard those fantastic stories where the home buyer pays\n$10,000 and sells the house later for $200,000? You might be hearing about <em>tax\ndeed sales<\/em>. They are not mere fantasies \u2014 but, as you might imagine, you\nare unlikely to be the only one attending an auction. By the time everyone\u2019s\ndone bidding, profit margins can be disappointing. Moreover, homes with tax\nliens can be in pretty bad shape. A lot of work and money goes into\ncode-compliant <a href=\"https:\/\/www.deeds.com\/articles\/diy-renovations-everything-you-wanted-to-know-or-not-about-permits\/\">home\nrenovations<\/a>.<\/p>\n\n\n\n<p>So, not every tax deed sale is a fabulous deal. Buyers need\nto welcome risk, prepare for a lot of work, and come to the auctions well\nequipped for the territory.<\/p>\n\n\n\n<p>But is your county a tax deed sale state? Or is it actually\nauctioning <em>tax lien certificates<\/em>? Or is it a smattering of both? Tax\ndeed sales can ultimately convey properties to the high bidders. In contrast,\nthere\u2019s no home conveyance when you buy tax lien certificates. <\/p>\n\n\n\n<p>Let\u2019s look more closely at these types of investments, and\ntheir risk-reward profiles.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Tax Deed Sale Basics<\/h2>\n\n\n\n<p>If a homeowner stops paying property taxes, the city or\ncounty government records a tax lien certificate. The owners, by law, may have months\nor years to belatedly pay up. What if they never do? In a <em>tax deed state<\/em>,\nthe home will end up at a public auction for the amount of the property tax\nowed, plus fees and interest, so the government can recover that sum. <\/p>\n\n\n\n<p>People wanting to bid on these homes look at their exteriors,\nand seek out whatever records on the house may be available. But they\u2019ll delay\ntheir due diligence until the auction dates are approaching, because not all\nauctions will actually happen. Some homeowners will pay the debt off first. Other\nowners will go into bankruptcy. <\/p>\n\n\n\n<p>On the day of the auction, the winning bidder receives a tax\ndeed, then pays the back taxes \u2014 essentially lending to the debtor. The debtor\nnow must pay the bidder off within the given redemption period. This means the\ndebtor has to cover the winner\u2019s bid plus a statutory percentage. Otherwise, the\nsheriff or a service will ultimately evict the debtor. Only then does the bidder\ntake the house. So, assuming the state has a redemption period for the owner to\npay up, the bidder has to hold on through that period before doing work on the\nhouse (or its title). <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Pros and Cons of the Tax Deed Sale<\/h2>\n\n\n\n<p>First, the benefits of this form of investment:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The tax deed sale offers a way to bid on a\nproperty \u2014 either to fix and flip, sell as-is, or keep as a rental property.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>When mortgaged homes go to auction, the winning\nbidder, as the superior lienholder, can alert the lender if repayment doesn\u2019t\ncome in. This helps investors, as banks might step in to cover the taxes to\navoid losing the loan collateral.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Some jurisdictions offer no redemption period to\nformer homeowners who owe back taxes. The sale itself clears the claims, and transfers\nthe property. <\/li><\/ul>\n\n\n\n<p>Now, some drawbacks and risks involved:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Often, bidders cannot assess the interior\ncondition in order to assess the property value. They buy as-is. There may be unpermitted\nrepairs or faulty systems in these properties. In a worst-case scenario, an environmental\nhazard could result in condemnation.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Utilities may be inaccessible until the buyer\nworks with the code administrators to clear up a multitude of building code\nissues and fines.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Owners can adopt a retaliatory position against\nthe new buyer. It\u2019s one reason buyers hire lawyers to assist with these\ntransactions.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>In some cases, these property auctions are\ntainted by procedural errors and omissions, like lack of proper notification to\nthe debtor. <\/li><\/ul>\n\n\n\n<p>And at first, the home could be uninsurable. Potential\nbidders should consult with a title insurer before the auction. A winning\nbidder might need to pursue a&nbsp;<a href=\"https:\/\/www.deeds.com\/articles\/what-is-a-quiet-title-action\/\">quiet title\naction&nbsp;<\/a>to clear the title of other recorded and unrecorded\nliens \u2014 unless a tax title clearing service is available. A quiet title action in\ncourt takes weeks, and it\u2019s expensive. The tax title service is less\ntime-consuming, and cheaper.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">In States Without Tax Deed Sales (Tax Lien States)<\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/05\/states-without-tax-deed-sales.jpg\" alt=\"Image of a tree lined sidewalk with tall narrow houses in an urban area.\" class=\"wp-image-1408\" width=\"365\" height=\"542\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/05\/states-without-tax-deed-sales.jpg 486w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/05\/states-without-tax-deed-sales-202x300.jpg 202w\" sizes=\"auto, (max-width: 365px) 100vw, 365px\" \/><\/figure><\/div>\n\n\n\n<p>In states that auction off liens but not homes, a winning\nbidder will get a <em>tax lien certificate<\/em> if the tax debtor doesn\u2019t step up\nto pay. The bidder pays the overdue taxes up front. The government recovers its\nback taxes this way. <\/p>\n\n\n\n<p>The investor\u2019s lien takes priority for repayment, because it\u2019s\nthe lien that the tax authority placed on the house. The lien clouds the title,\nso the property cannot be sold or refinanced, but the investor gets the interest\nand penalties on the back taxes accrued until the debtor manages to pay it off.\n<\/p>\n\n\n\n<p>Interest rates are roughly in line with stock market\nreturns, though they vary by jurisdiction. <\/p>\n\n\n\n<p>In some jurisdictions, bidders compete by \u201cbidding down\u201d the\ninterest rate they\u2019ll accept. This means winning bidders get only a fraction of\nthe maximum allowable return on investment. <\/p>\n\n\n\n<p>In other systems, the bidder offering the highest price above\nthe lien amount wins the auction. The investor may or may not get that premium back\nwhen the lien is paid off.<\/p>\n\n\n\n<p>What if the property owner fails to pay? Then, the investor can\nforeclose and gain the house. That could be a profitable scenario. But it\u2019s\nrare. And even when it happens, it means months of work for an investor\u2019s real\nestate lawyer in addition to the number of months the jurisdiction allows for the\nhomeowner\u2019s redemption period. <strong><em>Note:<\/em><\/strong> Remember that you only paid\nthe overdue taxes up front. At foreclosure, you pay the rest of your bid price,\nand take title. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Pros and Cons of the Tax Lien Sale<\/h2>\n\n\n\n<p>First, the benefits of this form of investment:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Tax lien certificates have inexpensive upfront\ncosts. The entry point is cheaper here than in a tax deed sale, where\nfive-figure investments are the rule. <\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>A winning bidder who buys other tax liens\nassociated with the house can benefit from the interest rates on those\nadditional liens, which were not bid down in the auction.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Some cities and counties offer user accounts for\nonline auctions. The government takes the upfront tax debt from the winning\nbidder\u2019s account automatically, and mails the tax certificate once the\nhomeowner\u2019s redemption period times out. <\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>With the assistance of a trustee, tax lien\ncertificates can be purchased for self-directed IRA accounts.<\/li><\/ul>\n\n\n\n<p>Now, some drawbacks and risks:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Winning bidders must know and follow the state\nlaw on notifications to the property owner according to a timeline.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Investors wait many months to know if the\nhomeowner will cover their investments.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Investors get simple (not compound) interest on\nliens.<\/li><\/ul>\n\n\n\n<p>Big institutional investors are involved with tax lien\ncertificates. Because of their volume, they\u2019re comfortable bidding down\ninterest rates. This is why many individual investors don\u2019t go to auctions\nthemselves. Some simply pay a fee and have a professional (from the National\nTax Lien Association, for example) handle these investments for them.&nbsp; <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Know Before You Go<\/h2>\n\n\n\n<p>Every state has a body of law on tax deed sales and tax lien\ncertificate auctions. Some states have the former and some have the latter.\nSome states have \u201chybrid\u201d systems in which the unredeemed lien certificates ultimately\ngo into tax deed sales. &nbsp;<\/p>\n\n\n\n<p>Each city or county has its own specific set of rules for\nscheduling and running the auctions, too. Many county tax collectors\u2019 websites\nhave information about auction registration, forthcoming sales and minimum bids,\nand the acceptable modes of payment. <\/p>\n\n\n\n<p>Wherever tax-delinquent properties or tax liens are sold,\nthe reality isn\u2019t explained in a get-rich-quick advertisement. The due\ndiligence required for tax lien properties is not for the faint of heart. Profit\nmargins can be small for a hefty amount of work, and the return on investment takes\ntime. <\/p>\n\n\n\n<p><strong>Supporting References<\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size\">Ryan Shaw for <em>Real Estate Witch<\/em>: <a href=\"https:\/\/www.realestatewitch.com\/tax-deed-states\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Are Tax Deeds Legal in Your State? A Guide to 2021 Investing<\/a> (Jan. 1, 2021).<\/p>\n\n\n\n<p class=\"has-small-font-size\">Liz Brumer for <em>MillionAcres:<\/em> <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.fool.com\/millionacres\/real-estate-investing\/reo-foreclosures\/guide-buying-tax-deeds\/\" target=\"_blank\">A Guide to Buying Tax Deeds<\/a> (Motley Fool real estate investing blog; updated Feb. 4, 2021).<\/p>\n\n\n\n<p class=\"has-small-font-size\">Related: <a href=\"https:\/\/www.fool.com\/millionacres\/real-estate-investing\/tax-lien-vs-tax-deed-investing-whats-difference\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Tax Lien vs. Tax Deed Investing: What&#8217;s the Difference<\/a>? (updated Mar. 4, 2021). <\/p>\n\n\n\n<p class=\"has-small-font-size\">Dan Kelley for <em>Bankrate<\/em>: <a href=\"https:\/\/www.bankrate.com\/investing\/investing-in-tax-liens-fraught-with-risk\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Tax Lien Investing Is Fraught With Risk for Most Investors<\/a> (Oct. 23, 2018).<\/p>\n\n\n\n<p class=\"has-small-font-size\">Banner <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/foto.wuestenigel.com\/small-house-with-money-and-notebook-with-property-tax-text\/\" target=\"_blank\">photo<\/a>: Marco Verch. <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/creativecommons.org\/licenses\/by\/2.0\/\" target=\"_blank\">Licensed<\/a> under CC 2.0. Inline photo: <a href=\"https:\/\/www.pexels.com\/photo\/brown-leaf-tree-near-brown-wall-painting-161768\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Pixabay<\/a>, via Pexels.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ever heard those fantastic stories where the home buyer pays $10,000 and sells the house later for $200,000? You might be hearing about tax deed sales. They are not mere fantasies \u2014 but, as you might imagine, you are unlikely to be the only one attending an auction. By the time everyone\u2019s done bidding, profit [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-1406","post","type-post","status-publish","format-standard","hentry","category-general"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tax Deed Sales: Buying Homes by Paying Other People\u2019s Taxes - Deeds.com<\/title>\n<meta name=\"description\" content=\"So, not every tax deed sale is a fabulous deal. 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