Buying a home in a tax lien sale
Saturday, August 16th, 2008As foreclosures continue to pile up, so do unpaid property taxes. That’s an opportunity if you’re willing to wade into the arcane world of property tax lien sales. Before you do, however, understand the risks that come with these little-known investments.- advertisement -
“Every year, $7 (billion) to $10 billion in property taxes go delinquent,” says Howard Liggett, executive director of the National Tax Lien Association in Pensacola, Fla., a trade association of investors, tax collectors and service providers involved in tax lien sales. “The subprime mortgage crisis has spiked those numbers. For example, four of the 67 counties in Florida saw spikes of 30 percent to 33 percent in the number of tax liens offered for sale last year.”