In Connecticut, tax sales use a redeemable tax deed system. After buying at auction, the owner has 6 months to pay back what you paid, plus 18% interest. If they don’t redeem, you get the property. Auctions are held by townships.
@@DustinHahnREI Dustin I attended my first sale and wanted three properties, it ended up the day before the sale, taxes were paid and we only had 7 to bid on. I did, didn't win any but I am ready to try my hat on a deed or three. Thanks for the 411, I love your content. CT Realtor
@DustinHahnREI no matter which county you buy from for a tax lien do they all have a 3 year redemption period before you get your money back from the county? Or do some redeem in a year?
So you’ve bought the lien. And now tax’s are due? Do I make a charitable donation for the owner and pay each year? Or do I wait for the parcel number to arrive in the next auction? Or simply do nothing for three years what’s the process of that redemption period?
After you buy the lien, you’re not required to pay the taxes for the owner. You can choose to pay them to protect your investment, but it's optional. During the redemption period, you wait for the owner to pay off the back taxes plus interest. If they don’t redeem within that time, you can apply for a deed to take ownership. Each state has its own redemption process, so check the rules in Florida to make sure you follow the right steps.
If they don’t pay after two years, you can apply for a tax deed sale to try and foreclose on the property. So, you have options to either get your money back with interest or potentially own the property!
Once you win a bid or purchase a property, your next step is to make sure the paperwork is finalized with the county. After that, it's a good idea to visit the property in person to check its condition. If you can't visit, you can hire someone local to inspect it for you.
In Virginia, tax sales are tax deed sales, meaning you buy the property directly with no chance for the previous owner to get it back. Each county handles its own sales, so check with the county treasurer’s office for auction details
I do have one question. How do you handle buying property in another state when you need to send them teller checks or, as others call it a certified check. With banks closing local branches, this is a problem. Do county treasurer offices take personal checks or debit?
Some counties also allow debit cards or ACH transfers, but it varies, so you'll need to check with the specific county's treasurer or auction site. Since local bank branches are closing, many people use online banking to order cashier’s checks, which can be mailed directly to the county. Always confirm with the county what payment methods they accept!
So Dustin you mentioned OTC liens in Az then you mentioned 3 years to foreclose? If they are OTC, I still have to wait until the end of the redemption period. Or are some of the liens they sell past the redemption period.?
Great question! In Arizona, even if you buy an Over-the-Counter (OTC) lien, you still need to wait until the redemption period is over before you can foreclose. The redemption period in Arizona is generally three years from the date the lien was originally sold at auction, not when you purchase it. So, if you buy an OTC lien, you’ll have to wait until that three-year mark passes, unless it’s already close to the end of the redemption period
