Newcomer Needs Info For New Jersey
Hello All,
I'm new to the forum and am just getting involved in tax liens. I'm interested in properties in NJ only, and have a couple questions if you could help.
First off, what is the difference between a tax and sheriff's sale?
Second, My main interest is aquiring the actual properties for rehab/resale. Is there any books I should definately read or any pointers anyone could give me?
Thanks! :-D
r4fan--(NJ)----------------
First, understand that well over 90% of properties for which you could get a tax deed are vacant lots, land, or tracts. So, you are going to have to look long and hard to find any properties needing rehab.
There are a lot of books on the topic of rehabbing. Just start reading whichever ones you find. You will lean something from every one.
In general, in most states Sheriff's sales are foreclosures on delinquent loans. Tax sales are foreclosures on non-paid ad valorem property taxes.
I'd suggest you do a search of the archives on this forum for NJ and new jersey and read these posts that show up.
If you get serious about tax sales, I recommend that you get down to a law library and read the state statutes on the collection of delinquent property taxes, so you know how it works. Also, you can check out various government websites of those who conduct the sales--say county treasurers or tax collectors, but it might be townships or cities where you are--and read what they have to say about tax sales.
Good Investing*************Ron Starr**************
Good
In NJ, a taxing authority creates a lien in the amount of delinquent property taxes. That lien is exposed at public auction held once a year the taxing authority.
The property owner has from 6 months to 24 months to redeem that lien by paying in full the taxes, plus interest plus fees.
If the Homeowner fails to redeem, the lienholder may institute foreclosure proceedings.
95% of all muni tax liens are redeemed.
Thanks for the info! 8-)