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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