How Do You Make Money With Tax Foreclosures?
In this economy, many real estate owners are unable to afford the taxes on their property. If they fail to make these payments, the government can place a lien on that property. If the lien is not paid in a pre-determined time frame, the government can sell the property to collect payment. A savvy business person can seize this opportunity to make extra income in this soft real estate market. Search your newspaper for tax foreclosure notices. The local government is required to list these notices in the classified section of the local newspaper, by law, one month in advance of selling the property. Begin studying the properties listed in the paper. The goal is to find the biggest “deal.” The tax lien is normally considerably less than the true value of the home. Do not just assume this, do your research. Go to your local government’s GIS (Geographic Information System) database. This can normally be found online. If not, your local government is required to give you access to this info
