- · Property Tax Sale Preparation
At least 30 days prior to the real estate auction you will want to get a list of the properties to be auctioned off. Once you have that list it's time to do your due diligence. Consider the initial numbers and narrow the list to a select number of properties that meet your initial criteria. Some of those criteria might be starting bid amount, assessed value, market value, property type, and location. Attend open houses during this time and make you r final decisions on properties you would like to bid on.
- · Registration
Many of the property tax sales require preregistration within a week before the auction while others allow same day registration usually up to 30 minutes before the start of the auction. Government issued ID is usually required such as a Driver's License. You fill out some personal information, provide ID, and then you are issued a bidder number. There may or may not be a fee to enter the auction. Make sure to check with the auction company before the auction.
- · Bidding
Before the bidding begins the auctioneer will describe the property one last time including terms of sale and the method for bidding. Then the real estate auction will begin. As far as we have seen, there is no such thing as accidental bidding. Scratching your head usually does not constitute a bid. Once you have successfully outbid everyone else you are then responsible for payment. Some require same day payment while others give you 48 hours. It's important to understand those requirements before bidding.
Property tax sales can be a great place to pick up discounted properties.
No Risk Investor is the ultimate resource and tool for investing in tax liens, tax deeds, and real estate strategies for investors all over the world. No Risk Investor takes incredible pride in its ability to help students take action, get into properties, and begin the journey to financial freedom. No Risk Investor provides county lists, property lists, online auction lists, comprehensive training and education, an auction calendar, and online auction center, an investor community and much more for its members.
