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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
Tax Lien Sales Likely To Drop At '07 Auction
Posted on 01/04/2007 11:18:00 | Link | Post Comment
Tax lien sales likely to drop at '07 auction from the Arizona Business Gazette, reports that Maricopa County Treasurer David Schweikert says that "we believe we'll have 20,000 liens to offer this year", which is down from past years when as many as 28,000 properties were on the auction block. "We're doing a better job at collections", Schweikert said. "It's the right thing to do, to collect as much as possible, but it does represent a huge change for us." In early December, the Treasurer's office sent out 35,000 final delinquency notices carrying information about all delinquent taxes affecting a specific property. Schweikert's advice to homeowners, "open your mail". Potential bidders can go to the Treasurers web site for more information about the upcoming tax lien auction. http://treasurer.maricopa.gov/index.htm.
Now, keep in mind, the bidding is stricktly based on the rate of interest you are willing to receive. In Arizona, it starts at 16% and you bid it down from there. 90-95% of these transactions never result in the certificate owner ever actually getting the property after the 3 year waiting period. Also, you need to check the county list and research each property to make sure you don't get stuck with a bad lot. What's a bad lot? Try one that has been condemned by the EPA for chemicals to start with and requires the owner to clean it up or be sued.
What's the biggest threat to the Phoenix housing market? Nope. It's rising property taxes:
Phoenix property values expected to rise 11 percent in 2007, from the Phoenix Business Journal, reports that property values in Phoenix are expected to rise 11.1 percent in 2007, according to a fourth quarter survey by Arizona Tax Liens.com. Buyers and sellers projected an average increase of 10 percent statewide, citing the large number of people immigrating to Arizona, fueled by high-tech and biotech job growth in Tucson and Phoenix, low housing costs and baby boomers buying retirement homes. Of the 5,000 people surveyed, 59 percent planned to buy real estate in Arizona in 2007 and 32 percent planned to sell. Arizona Tax Liens.com provides real estate investors with online access to Arizona tax lien lists.
Now, keep in mind, the bidding is stricktly based on the rate of interest you are willing to receive. In Arizona, it starts at 16% and you bid it down from there. 90-95% of these transactions never result in the certificate owner ever actually getting the property after the 3 year waiting period. Also, you need to check the county list and research each property to make sure you don't get stuck with a bad lot. What's a bad lot? Try one that has been condemned by the EPA for chemicals to start with and requires the owner to clean it up or be sued.
What's the biggest threat to the Phoenix housing market? Nope. It's rising property taxes:
Phoenix property values expected to rise 11 percent in 2007, from the Phoenix Business Journal, reports that property values in Phoenix are expected to rise 11.1 percent in 2007, according to a fourth quarter survey by Arizona Tax Liens.com. Buyers and sellers projected an average increase of 10 percent statewide, citing the large number of people immigrating to Arizona, fueled by high-tech and biotech job growth in Tucson and Phoenix, low housing costs and baby boomers buying retirement homes. Of the 5,000 people surveyed, 59 percent planned to buy real estate in Arizona in 2007 and 32 percent planned to sell. Arizona Tax Liens.com provides real estate investors with online access to Arizona tax lien lists.
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