Real Estate Tax Sales
02-23-2005, 01:39 PM
#1
Карты убийцы
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Real Estate Tax Sales
In South Carolina, property is sold if taxes are not paid after 1 year. After the county auction, money from homes sold are sent back to the original owner minus the taxes and fees due. Sometimes these auctions can turn into a feeding frenzy with the bid price much more than the value of the land. Sometimes you can get land for pennies on the dollar. It all depends on how deep are the wallets and how much excitement is built into the auction.
What do you think about this idea?
I've been trying to sell a house for over a year. I thought about not paying the taxes so it would go to auction. At the auction, I would (as well three other confederates) bid-up the price to something I like. If somebody bids higher, then they have bought a house. If not, I'll buy my own house minus the taxes and penalties I would already owe. At any rate, I would not have to pay R/E agent commissions.
Where I'm I screwing-up in this idea?
What do you think about this idea?
I've been trying to sell a house for over a year. I thought about not paying the taxes so it would go to auction. At the auction, I would (as well three other confederates) bid-up the price to something I like. If somebody bids higher, then they have bought a house. If not, I'll buy my own house minus the taxes and penalties I would already owe. At any rate, I would not have to pay R/E agent commissions.
Where I'm I screwing-up in this idea?
02-23-2005, 02:10 PM
#2
Team Owner
Good luck, and welcome to the poor house.
02-23-2005, 02:28 PM
#4
Tuxedo Cat
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Well, it's definitely an innovative way of trying to develop interest in a property that doesn't seem to be particularly attractive to anybody.
Problem is that in the process, you're going to screw up your credit history. Failure to pay taxes will sit in your file for seven years. In addition, you will owe interest and penalties of various sorts. Over the course of a year, these can grow to more than the taxes themselves, depending on the local rules.
Want to sell your house? Drop the price.
Problem is that in the process, you're going to screw up your credit history. Failure to pay taxes will sit in your file for seven years. In addition, you will owe interest and penalties of various sorts. Over the course of a year, these can grow to more than the taxes themselves, depending on the local rules.
Want to sell your house? Drop the price.
02-23-2005, 02:54 PM
#5
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Bad idea, plus in order to go to these sales, you have to register - They will know you are there! Also, when people buy houses this way you will get no where close to market value! Not to mention that your credit will be screwed
02-23-2005, 03:21 PM
#6
Карты убийцы
Thread Starter
I called our county assessor's office. Delinquent property taxes are not reported to credit agencies by state law. Concerning registration, you simply show-up the day of the auction to get a number, and the owner can bid on their own land or pay the delinquent taxes at that time.
I'm not worried about a low bid, because I'll bid a little higher until I hit my number. I think, however, I'll get some advice from a CPA and lawyer.
I'm not worried about a low bid, because I'll bid a little higher until I hit my number. I think, however, I'll get some advice from a CPA and lawyer.
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