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Understanding Tax Lien Sales
Anytime you can get a better deal on a new home, you should take the opportunity that is being given to you. One of the many choices that people have when it comes to buying new homes for less is to invest in tax lien sales. It's unfortunate when people lose their homes for not paying their taxes, but for you it can bring the dream of home ownership into an affordable reality. The only thing to keep in mind is that because these homes are so affordable, they definitely won't be around for long.
What Are Tax Lien Sales?
Tax lien sales occur when someone fails to pay their income taxes, property taxes, or other necessary government-owed money. When people refuse to pay, or are no longer able to keep up with unpaid taxes, the property is seized to make up for the money that is owed to the state or federal government. The homes are sold, generally for much less than they are worth, as a means of collecting those unpaid taxes or other charges.
Why Are Tax Lien Sales Good for Me?
When people fail to pay their taxes and lose their homes because of it, the buyer always wins. The houses are sold for much cheaper prices, because the government wants to collect their money and move on. The secret is that the state and federal governments don't want or need these properties on their hands, so they sell them at cheaper prices so that they can be rid of them much more quickly. As a buyer, you'll be able to get great deals on homes that are sold as tax lien sales because they are priced cheap to sell fast.
Are There Any Disadvantages to Buying Homes This Way?
Tax lien sales offer a situation that is beneficial to the buyer (you), the seller (government entities), and even the property owner that failed to pay their taxes. Ultimately, there are no real disadvantages to buying properties from tax lien sales, as long as you are prepared for what you're buying. Remember that these homes are generally sold AS IS, so you shouldn't expect them to offer a lot of concessions or to stipulate repairs or updates as a part of the sales contract. Other than that, these properties are great for anyone who wants to save money on their home purchase. Keep in mind, though, that just because a home is in 'as is' condition doesn't mean that it needs work. Most tax lien sales are in move-in condition, and are waiting for you.
Check out tax lien sales near you today, and feel free to contact us for more information, or with any comments or suggestions that you may have.