How to Check the Land Deed

By dhinternational  /  March 23, 2011 / Comments Off on How to Check the Land Deed

When checking the land deed, make sure that the description always comprise of the following details:

1.) Point of Beginning (POB)

This should be permanent, well-referenced, and identifiable. One thing to take note is the SPC (state plane) which is the coordinates of this point. Make sure that it is always given – known or even computable.

2.) Definite Corners

You also need to make sure that the parcel corners should be clearly defined points and these are usually marked by 1″ iron pipes with coordinates.

3.) The property sides’ lengths and directions

The lengths are in feet and decimals or it can also be in metric units. The directions are by true bearings or the azimuth angles have to be stated to allow misclosure error computation. A misclosure error is where there is measurement errors with the direction and distance needed to close the loop. The survey date is then needed and significant if the bearings are referred to magnetic north.

4.) The names of the adjoining property owners

It is also helpful for you to learn the names of the adjoining property owners so as to settle disputes over the property.

5.) Areas

Usually, the included area is provided as a valuation and identification aid. In rural land, the areas are in hectares or acres while lands in the city are given in square meters or square feet.

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Basic Steps in Due Diligence

By dhinternational  /  March 16, 2011 / Comments Off on Basic Steps in Due Diligence
Tax Liens and Tax Deeds Sale

Tax Liens and Tax Deeds Sale

Due Diligence is considered to be one of the most vital parts when opting to purchase property tax lien or tax deed sales. When you do due diligence, you will be able to decide which properties you would like to bid on at county tax sales. So here are the three basic steps in due diligence you can follow to ensure success:

1. Acquire the list of properties. To get the list, you can do the following:
-Contact the taxing jurisdiction. There are times that your local jurisdiction will supply you with the property list but not all counties do this.
-Your local newspaper. The law requires counties to publish tax sale list information. The problem is the list at the newspaper can be a little hard to use.
-A list source in the internet that can give you the list of properties in Excel form which will naturally save you a lot of time.

2. Remove properties in your list that you are not interested in.
– Type of property: Eliminate all property types (commercial, home, land, multi-use, etc.) that you have no interest with.
-The lien amount. Remove the property lien values that do not meet your financial demands.
-The lien to value ratio: If you have already assessed your property values, you will be able to find out the lien to value percentage. Remove all those properties that does not meet your own criteria.
-Your own standards: Eliminate all those properties that do not meet your own standards (areas, zip codes,etc.)

3. Get all the details on the properties that you are interested in:
-Visit the website or the Assessor’s office as they can give you important details about the properties.
-You can use commercial programs such as Data Quick, Lexus Nexus, First America Real Estate Services, etc. These programs will require payment but they are not really needed but if you do have extra money for these services, these programs will definitely save you time.
-Check the property. You can do it online, in person, or even ask someone to do it for you. Remember, you don’t have to always check the properties in person.
-Rate the properties. You can follow a rating system from a professional or make your own system.

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Who Can Redeem Tax Liens?

Redeem Tax Liens InvestmentA lot of people may ask, who can redeem? But the answer really mostly varies on jurisdiction. In fact, in other jurisdictions, those people who can redeem tax liens are those with interest in the property. Other jurisdictions indicate that anyone can redeem tax liens. So what are the so-called parties in interest? These are: the owner of the property; the property owner’s heir; the mortgage company; and those who have liens on the property (which may include the subsequent tax lien buyer).

So why does it have to matter? Well, there are instances wherein you may not want to accept the property’s redemption if it doesn’t come from a party who can redeem the lien legally. It is highly advisable to learn and understand who are able to redeem the lien.

Take note that there are states where they can bid up or use the high bid sale method. So if ever you buy tax liens from these states, you may have paid more than the interest, taxes, lien costs, and penalties. This is called as the premium or the overbid amount which will then return to you during redemption.

Tips To Do Once You Get The Tax Deed

By dhinternational  /  March 3, 2011 / Comments Off on Tips To Do Once You Get The Tax Deed

Tax Deed Property InsuranceThe very first thing you must do once you get the tax deed is to insure the property so if ever something happens, you will never lose your investment.

Next, you have to know what you plan to do with the property and evaluate each of your choices properly.

Here are some top tips to do once you get the tax deed:

1.) Sell the property
2.) Have the property rented
3.) Contract Sale
4.) Trade the property
5.) Live in your property
6.) Donate the property

So if you plan to have the property sold, decide which type of sale you want. The most common type is the conventional sale wherein the buyer gets their own mortgage.

Usually, properties that are sold in tax sales are from lower income neighborhoods so you have to choose wisely.

Losing Tax Lien Certificates

By dhinternational  /  March 2, 2011 / Comments Off on Losing Tax Lien Certificates

Valuable Tax Lien CertificatesAlways remember: Do Not Lose Your Tax Lien Certificates.

Here is a list of reasons why you definitely do not want to experience losing tax lien certificates.

1.) Take note that a tax lien certificate is a negotiable document and it could subject to all risks – it can be sold, redeemed, and forged.
2.) Losing your tax lien certificate will very cost you more money. You will need to have it replaced and in some cases, you will need to go to court to have it replaced. The expenses involved in this would somehow eliminate all the money returns you are going to get.
3.) There are also jurisdictions for losing tax certificates wherein you have to post a bond to acquire a duplicate certificate.

So whenever you did get to purchase tax lien and tax deed certificates, always have them secured, keep them in a safe place, and never ever lose them.

The Tax Lien or Tax Deed Investing Team

By dhinternational  /  March 1, 2011 / Comments Off on The Tax Lien or Tax Deed Investing Team

Fantastic Tax Lien Tax Deed TeamDo you know that it actually takes a team to be successful at investing in tax liens and tax deeds? Well, yes, and you do need a support team of motivated professionals, just like you!

1.) The Investor. This is you. You are responsible for doing due diligence and purchasing the tax lien or tax deed certificate. It is your choice if you want to hire someone else to do the due diligence and bid at a tax auction sale. But of course, you will be deciding which tax lien or tax deeds to purchase.

2.) The Title Searcher. You can either have an individual or a title search company for this role. For tax liens, the title searcher will check on the property’s title before starting the foreclosure process. And for tax deeds, you will definitely have the title search done first before you bid on a property at the sale as you will be purchasing the actual property.

3.) The Lawyer. There are many tax deed states that will not issue warranty deeds. So before you will be able to clear a property’s title when you decide to sell it to another investor, you will need a lawyer. Also, in order not to miss any notifications or deadlines especially with foreclosure procedures, it is recommended to have a lawyer who can very well take care of these things for you for an easier, faster transaction.

4.) The Rehabber. Always remember that when you purchase a property’s tax lien, the property could be neglected for a really long time because you will have to wait for the redemption period before you can start the foreclosure process. So if you’re busy and you don’t know how to fix it yourself, you will definitely need a rehabber.

5.) The Realtor. When you have acquired the property and the property’s done going through rehab, you will need a realtor to have it rented or sold to make profit.
Those are the top 5 members of the tax lien or tax deed investing team. You may also find the need to hire an office manager to manage all the documents, an accountant, and a bookkeeper.

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