Helpful Tips for Bidding at Tax Lien Auctions

By dhinternational  /  January 21, 2011 / Comments Off on Helpful Tips for Bidding at Tax Lien Auctions

Tax Lien Auctions Important TipsSo you are about to join in your first tax lien sale auction and of course, it would be great if you’re well-prepared. So here are useful tips for bidding at tax sale auctions.

1.) Register as early as possible. You certainly don’t want to be at the far end of the room at big auctions as the tax collector may have a hard time seeing or hearing you. There are also auctions wherein the seating is based on the bidder’s number so it will be advantageous to register early.

2.) Turn your cell phone off before the auction starts. You have to be fully focused on what’s happening during the auction as everything happens fast. It is also advisable to minimize talking to anyone while the sale is going on so as not to be distracted.

3.) Know how much you are willing to pay and how low you can go with the interest rate for a property. Have them written on each of the property on the tax sale list so as to keep track of everything. To avoid overspending, always keep a running total of amount for your bids. Remember, if you are not able to pay for the tax lien certificates that you have successfully bid on to because you have overbid, there are chances that you will be barred from joining any tax auctions in that county. To keep a total, bring a calculator. And don’t forget to add in the extra fees such as auctioneer’s fees, realty transfer fees, recording fees, etc.

4.) Bring a pen and a highlighter with you on the tax lien auction. Highlight the properties that you are interested in bidding and cross out the properties that have been already paid prior to the sale.

5.) Get the final list of properties and check all the changes that were made before the sale.

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