Tax Lien in Connecticut , seems to good to be true !
I am going to my first Tax sale auction on June 14. After reading all the posts here and at the auctioneer’s web site, it seems very straightforward. I MUST be missing something !
According to their web site Ct has a 6 month redemption period. I can make 18% per annum (which means 9 % max cause of the 6 month period).
If the redemption is not exercised, they state the title will pass to the successful bidder "free and clear" December 16th 2003.
My questions are;
1) This seems like a no-brainer , so obviously I must be missing something.
2) What do most investors do with the property after they get title ?
3) Any words of advise from anyone having done a tax sale in Ct ?
Thanks !
Brett
So how did it go? Details please.
What website did you find the information on for the Connecticut sale?
To answer your question IndyGal .. it was a very interesting and educational experience ! I didn't pick up any liens, instead used the opportunity to research property and pick the brains of the people that were there and obviously experienced. In CT there is a 6 month redemption period after which you own the propoerty "free and clear". If the owner does pay up, you get 1.5% for every month they don't pay. (so if they pay in month 6, you get 9%)
To answer your question Trymect .. I did an internet search for Tax Liens Ct and weed out all the ads and found some towns that do it ! Are you in CT ? Would like to talk to someone else doing REI here !
Brett
Yes I am in CT. I found the Norwalk site and there was an auction there this past Monday. I wasn't able to go, although from what I can see from the site, many of the people paid their taxes before the sale took place. I'm interested in other opportunities in CT, and have been looking at properties in Bridgeport to see if I can find some flip opportunities.
BonPecheur
How was the competition in CT?
BonPecheur
How was the competition in CT?