Comal Texas Tax Sale

March 18, 2009

Tax Sales The property up for sale is listed as SHERIFF’S SALE and BID IN TRUST property.  The following rules apply to both SHERIFF’S SALE property and BID IN TRUST property unless otherwise indicated in paragraph (8). YOU MUST CAREFULLY READ THIS INFORMATION AND EVALUATE THESE FACTS IN LIGHT OF YOUR ANTICIPATED USE OF THE PROPERTY.  ANY PROPERTY MAY BE WITHDRAWN FROM THE SALE AT ANY TIME PRIOR TO THE SALE OR DURING THE SALE WITHOUT NOTIFICATION TO PROSPECTIVE PURCHASERS.

 

The next property Tax Sale is tentatively scheduled for 10:00 A.M.

April 7th

Comal County Courthouse

100 Main Plaza, Room 104

Click on the date above to see the list.

 

1.       The property will be sold at public auction to the highest bidder, based on oral bids.  The rules covering auctions generally will apply.  Purchasers must pay for their property as follows:

a.       SHERIFF’S SALE PROPERTY

1)       Payment must be made at the Sheriff’s Department located at 3005 W. San Antonio Street, New Braunfels, Texas.  The Sheriff’s Department will begin accepting payments 1 hour following the conclusion of the sale, and payment must be made before 3:00 P.M. on the day of the sale.

2)       The Sheriff’s Department will accept payment by cashier’s check or money order.

3)       Checks or money orders must be payable to Comal County Sheriff’s Department.

 

b.       BID IN TRUST PROPERTY

1)        Payment must be made at the Comal County Tax Office located at 205 N. Seguin Avenue, New Braunfels, Texas.  The Tax Office will begin accepting payments 30 minutes following the conclusion of the sale and payment must be made before 4:00 P.M. on the day of the sale.

2)       The Tax Office will only accept payment by cash, money order, or cashier’s check payable to the County of Comal, Trustee.

2.        The amount of the opening bid is set out below each tract on the list provided by the Delinquent Tax Attorney.  The bidding must start at that figure or higher.  Bids less than the given figure will not be accepted, (except as specified in paragraph 8).  Any successful bidder who fails to make a payment shall be held liable for twenty percent of the value of the property plus costs incurred as a result of the bidder’s default pursuant to Rule 652 of the Texas Rules of Civil Procedure.

 

3.       Purchasers at the tax foreclosure sale will receive a sheriff’s deed, which is without warranty, express or implied, (except as specified in paragraph 8).  A policy of title insurance may be difficult to obtain.

4.       All property purchased at this sale is subject to a statutory right of redemption.  This redemption period commences to run from the date the purchaser’s deed is filed for record in the County Clerk’s office.  Purchasers have the right of possession during the redemption period.  There is a two year right of redemption for homestead property and property appraised as agricultural land.  There is a 180 day right of redemption for all other property.  COMAL COUNTY MAKES NO REPRESENTATION AS TO WHICH REDEMPTION PERIOD APPLIES TO ANY PROPERTY OFFERED AT THIS SALE.

5.       Persons having an ownership interest in the property at the time of this sale may have a right to redeem the property from the purchaser during the redemption period pursuant to Section 34.21 of the Texas Property Tax Code.  The redemption price is set by the Texas Property Tax Code.  ACCORDING TO COMMON PRACTICE, THE RIGHT OF REDEMPTION IS AN INTEREST IN THE PROPERTY, WHICH THE OWNER THEREOF MAY SELL.  ANY PARTY PURCHASING THE RIGHT OF REDEMPTION MAY ATTEMPT TO EXERCISE THE RIGHT OF REDEMPTION.

6.        It is necessary that bidders satisfy themselves concerning the condition, status and location of the property on the ground prior to the sale.  Maps and plats of these properties may be on file in the office of the County Clerk or the Appraisal District.  All papers in the lawsuit(s) on which this sale is based are on file in the office of the District Clerk.  The District Court Cause Numbers are listed beside each property on the listing provided by the Delinquent Tax Attorney Office.  The approximate property address reflected is the address on the tax records and may not be accurate.

7.       A bidder at the sale may be required to register with the person conducting the sale and present a form of identification issued by a government agency (i.e., Driver’s License).

8.        The properties listed as BID IN TRUST have been previously offered for sale by the Sheriff and were struck off to the County of Comal, Trustee.  The County of Comal, Trustee will offer these properties for sale at the conclusion of the Sheriff’s Sale.  Persons wishing to purchase these properties may bid on these properties.  Purchasers of BID IN TRUST property must pay for the property with cash or a cashier’s check payable to the County of Comal, Trustee.  The amount of the opening bid is set out below each tract.  A bid less than the amount of the opening bid may be accepted.  Purchasers will receive a Deed Without Warranty form County of Comal, Trustee.

Posted by admin | Filed Under Tax Lien Fund | Comments Off 

Travis Texas Tax Sale

March 18, 2009

The following information could be useful for visitors who may be considering purchasing a home. Each year tax sales and resales on properties result in opportunities for purchase. Look over all of the information on this page before preparing a bid for a foreclosure sale or a resale property. Use the Bidder’s Guide below to help prepare the bid. SIGN UP TO RECEIVE NOTICES OF FORECLOSURE SALES BY EMAIL.

Tax Sales

Tax Sales are the final remedy to collect delinquent taxes and sales include properties located throughout the county. View a brief video about tax sales. Download a free video player. Conducted by a deputy constable, tax sales are always held on the first Tuesday of the month at 10:00 am on the west steps of the Travis County Courthouse, 1000 Guadalupe St., in Austin, Texas. You can subscribe to a tax sale notice by email. This service will notify you when the new foreclosure sale list is available online.

To participate in a tax sale, bring the Statement for Person Eligible to Purchase Real Property to the tax sale with a valid picture ID and arrive before 10:00 am. You will be assigned a number in order to bid. Full payment is due at the time of sale and can be made by credit card (add convenience fee of 3%), check, money order, cashier check, or cash. PLEASE NOTE: the law states that a tax sale bidder shall be listed as the GRANTEE on the property deed and the name CANNOT be changed later.This law does not apply to corporations, partnerships, charities or agencies.

Properties Available at Next Tax Sale: Research Previous Sale Information Here.
Choose a property from this list to view more detailed information. Note: new sale data is available online approximately 21 days before the sale date. Sale dates are always the first Tuesday of the month.

Buyer Beware
It is your responsibility to determine the liabilities that exist on each property before and after the sale. You buy the property “as is.” If you have any questions, you may wish to consult legal counsel of your choice.

Find Data
Tax sale postings appear in the classified sections of local newspapers three weeks before the sale. At the same time, postings are available online or on a paper list available by calling 512-854-9473. Note: the previous tax sale information remains on the web site until the release of new sale data , approximately 21 days before the first Tuesday.

A minimum bid is set for each property at the time of posting. The bid consists of the amount of taxes and fees due. If you purchase a property, you receive a receipt in the mail within a few days. Deeds are mailed within four to five weeks.

Right of Redemption
All properties sold at a tax sale are subject to the previous owner’s right of redemption. Properties that do not have a homestead exemption or agricultural land use designation may be redeemed by the previous owner within six months of the date the deed was filed for all taxes, cost and fees paid plus an additional 25% to the buyer. Properties with a homestead exemption or special land use designation have a two-year redemption period in which an additional 25% is paid to the buyer in the first year and an additional 50% in the second. To know about owner’s rights review Sec 34.21 Texas Property Tax Code.

Resales
Properties that do not sell at a tax sale become part of the resale inventory offered by the Travis County Tax Office and are for sale at any time.

Disclaimer
Tax Sale and Resale Properties may have other liens against them. It is the responsibility of the bidder or purchaser to determine the liabilities that exist in each property before and after the sale.

There are no warranties, expressed or implied, including but not limited to the implied warranties of merchantability and fitness for a particular purpose. You buy the property “as is.” No ad valorem taxes with related penalties, interests, costs, and expenses that have accrued subsequent to the judgment are waived and may be currently due. If you have any questions, you need to consult legal counsel of your choice.

Previous Sales Were Held:

Requirements for Participation

First, in order to bid at a tax sale, an individual must first obtain a statement from the tax assessor-collector indicating they do not owe delinquent taxes in Travis County, or in a school district or municipality having territory in Travis County. The request for statement requires the individual to list all properties currently or previously owned, and the names as listed on the deed to each property. Owners of property with delinquent taxes due will not be permitted to bid at a tax sale.

The fee is $10, and the qualified bidder will receive three copies of the statement. This statement will be good for 90 days from issuance date. This document is issued pursuant to the requirements of Texas Property Tax Code section 34.015 and Texas Civil Practices and Remedies Code section 34.0445 and is not a tax certificate issued per Texas Property Tax Code section 31.08.

Call or visit the Tax Office at least 5 business days before the sale to request this statement. See the deadlines to file an application in this chart:

Tax Sale Date Bidder Statement Deadline

You may download a bidder’s statement to apply for bidding at a tax sale. This bidder’s statement can be mailed or brought in to the main tax office location at 5501 Airport Blvd. no later than five business days before the sale. (This file requires Adobe Acrobat Reader version 4.0 or higher to view or print. The reader can be downloaded free from Adobe.)

The second part of the law states that the bidder at a tax sale shall be listed as grantee of the tax deed; the name on the deed cannot be changed later. This means a bidder may not bid on behalf of another; however, the law does not apply to corporations, partnerships, charities, or agencies.

PLEASE NOTE: The buyer at a tax foreclosure sale on the courthouse steps receives a Constable’s Deed. This is not a warranty deed and only serves to convey to the purchaser the ownership held by the tax lawsuit defendants (for better or worse). The deed also conveys the property to the purchaser free of tax liens for tax years that were included in the tax suit from which judgment was taken. Subsequent year’s taxes may be due. Processing of a Constable Deed after a public foreclosure sale can take as much as a month.

A list of properties to be auctioned is made available in the Austin Chronicle 21 days prior to the auction. Look for the online posting of properties for sale approximately 19 days before the sale date. Auctions are held at 10:00 am on the west steps of the county courthouse at 1000 Guadalupe St., Austin, Texas, on the first Tuesday of the month. Methods of payment include cash, check, cashiers check, money order and major credit card. Payment made with credit cards will be subject to a service fee of 3%.

Information for Bidders

Bidder’s Basic Guide
This is a worksheet designed to help you prepare a bid for either a property available for auction at a tax sale or a property available for resale. View a brief video about the Bidder’s Guide. Download a free video player.

Click here to review the most current list of Properties available. Note: the list is updated approximately 21 days before the first Tuesday of the month. Until release of updated sale data, only previous tax sales are available for research.

PLEASE NOTE: FOR PROPERTIES AVAILABLE FOR RESALE YOU MUST SUBMIT A BID.

RESALE PROCEDURES

For Properties available for resale you may submit your bid by mail or by personal hand delivery (walk in bid). IN EITHER CASE THE BID MUST BE IN A SEALED ENVELOPE THAT DISPLAYS “TAX RESALE BID” IN THE LOWER LEFT-HAND CORNER..

You must use this form to submit a resale bid.

MAIL YOUR SEALED BID WITH PROPER PHOTO IDENTIFICATION (copy of driver’s license or passport) TO:

Travis County Purchasing Office
ATTN: Cyd Grimes, CPM
P.O. Box 1748
Austin, TX 78767

WALK IN BIDS MUST BE HAND DELIVERED TO THE TRAVIS COUNTY PURCHASING OFFICE, 314 W. 11TH, (THE GRANGER BUILDING), FOURTH FLOOR, ROOM 400. DO NOT MAIL OR DELIVER BIDS TO THE TRAVIS COUNTY ATTORNEY’S OFFICE AS SUCH BIDS WILL BE RETURNED TO SENDER UNPROCESSED.

Buyers are invited to submit sealed bids for tax resale properties to the above address. The front of the sealed envelope containing the bid must be prominently marked with the words “Tax Resale Bid” in the lower left-hand corner. All properly marked envelopes will be stamped with the date and time received by the Travis County Purchasing Agent. Any envelopes not so marked which are later opened will be returned to the bidder unprocessed.

Acceptable bids are those most approximating the minimum bid for the property (or higher). The minimum bid is the lesser of two amounts: (1) the total judgment amount against the property (taxes, penalties, interests, and costs), or (2) the adjudged value of the property (usually the TCAD fair market).

Sealed bids will be accepted for a property until an acceptable bid is received. Sealed bids will be opened on Mondays at 1:00 p.m. by a representative of the Travis County Purchasing Office. Bids will be opened in public and read aloud. The highest acceptable bid received for a property will be recorded and processed for consideration by the Travis County Commissioner’s Court in a regularly scheduled meeting (always on Tuesdays). Review Travis County Resale Bid Acceptance Procedure .

Persons submitting bids will submit a cashier’s check or money order for each property for which they are bidding. Make out the check or money order to: “Travis County Tax Collector”. The Tax Collector cannot accept cash and will no longer accept credit cards or personal checks in payment for tax resale properties. All acceptable forms of payment will be received, cashed, and deposited by the Tax Collector into the County’s funds the day opened. A receipt for such payment will be mailed to the bidder within about a week. Such receipt and acceptance of payment by the Tax Collector is in no way approval of sale of the property to the bidder. Such approval is only later, if at all, in the sole discretion of the County Commissioner’s Court. Where a bid is later disapproved by the County Commissioner’s Court, the bidder’s money will be refunded.

Bidders submitting bids on more than one property must have a separate (1) check or money order, (2) Bid Submission Form and (3) properly marked envelope for each property. Any bid not so conforming will be returned to the bidder unprocessed.

Bids being processed will be submitted at the earliest available County Commissioner’s Court meeting date. Such dates are usually once a month. If approved by the County Commissioner’s Court, the sale is final and a successful bidder should receive the deed to the property within 6 to 8 weeks. When a bid is disapproved by the Commissioner’s Court the property involved may later be made available for tax resale.

At the time the Bid Submission Form is submitted to the Travis County Purchasing Office the bidder must clearly indicate the grantee name which is to appear on the tax resale deed. This grantee name cannot be later changed so bidders are encouraged to resolve this issue prior to completing the Bid Submission Form.

Prior to consideration by the Travis County Commissioner’s Court, it is within the sole discretion of the Tax Collector at the advice of the Travis County Attorney’s Office to resolve any issues relative to a submitted bid being in conformity with the above procedures. Decisions by the Tax Collector are final and nonconforming bids will be returned to the bidder.

Questions? For information on tax amount due and assistance in researching a property, contact the tax office at 512 854 9473. If you have submitted a bid for a resale property, or if your bid has been accepted and is in the process of approval by Commissioners’ Court, contact the Travis County Attorney at 512 854 9513.

Posted by admin | Filed Under Tax Lien Fund | Comments Off 

Navajo Arizona Tax Sale

March 18, 2009

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Duval Florida Tax Sale

March 18, 2009

Tax Sale Guidelines and Procedures

  Welcome to the Duval County Tax Certificate Sale Guideline page. The annual tax certificate sale is a public sale of tax liens on delinquent real property taxes. All procedures of this tax sale are in accordance with Florida Statutes. The site of this year’s tax sale is: http://duval.taxsale.com 


To participate in this sale you must register at this web site. In order to purchase certificates, you must also place a deposit pursuant to the procedures defined. Please remember, you are not bidding in order to purchase the property. A tax certificate is only a lien on the property. It does not convey title to the land. Tax Certificates sold through this tax sale must be held two years before a tax deed application can be submitted. Bidding is based upon the amount of annual interest to be earned by the certificate buyer.

A tax certificate may be cancelled if it is learned after the sale that a pre-existing stay order from the Bankruptcy Court was in effect on June 1. In that case, amount paid for the certificate will be refunded. In the event of a bankruptcy proceeding initiated after the sale of the lien, there are no guarantees – the United States Bankruptcy Court judge will determine the amount, if any, the certificate holder will receive.

Although this is an excellent investment and problems are rare, the best attitude for any investor is always “buyer beware.” All certificates will be sold online on June 1. Certificates will be awarded to the bidder willing to accept the lowest rate of interest on the investment. If there are multiple bids for the same lowest rate, the winner will be selected through a random, computer-generated process. Place your bids very carefully. It will be the bidders’ responsibility to ensure the parcels on which they have bids are the ones wanted. Once a certificate has been awarded, it will not be cancelled due to an error, or change of mind, by the bidder. The bidder will be required to pay for all the certificates they have won.

Full payment for the tax certificates awarded, less the amount held on deposit, must be made within 48 hours of the auction close. Payment must be made by wire transfer in the same manner that you made your deposit.
Pursuant to Florida law if a bidder fails to pay the amount due all bids for that bidder will be cancelled and the bidder’s deposit will be forfeited.

PROCEDURES

BIDDER REGISTRATION
The Duval County Tax Collector’s Office is required by the Internal Revenue Service to obtain the tax identification number and a completed W-9 form at the time each buyer registers as a bidder. For individuals, the tax identification number (TIN) is the Social Security Number (SSN). The individual registering must be the actual “owner” of the SSN. (It cannot be a child’s name with the parents SSN). For most “non-individuals” (i.e., trust, estates, partnerships, and similar entities), the tax identification number (TIN) is the Employer Identification Number (EIN) for the organization.

Please make sure the TIN you use on the Bidder Information form matches the name shown on your social security card or Employer Identification form. Annually we send 1099’s – Interest Income Tax Statements to the registered bidder and the Internal Revenue Service. The information is reported for the name and TIN used at registration.

DEPOSITS
Bidders must place funds on deposit in order to participate in the tax sale. A deposit in the amount of 10% of the total value of certificates you wish to purchase must be received by the dates stated on the tax sale website. For example, if you wish to purchase $150,000 worth of tax certificates, you must place $15,000 on deposit. You will be able to place your deposit by wiring the money from your financial institution. You will need to plan early and have your deposit posted according to the instructions on the sale site. If you do not have the funds on deposit you will not be awarded any tax certificates, even though you may have bid on them. If you place $10,000 on deposit you may be awarded up to $100,000 worth of certificates. If you win $100,000 in certificates any bids you placed on other certificates will not be considered. To ensure sufficient time to process them, the deadline for placing deposits will be several days prior to June 1. Check the procedures on this web site for instructions to place a deposit.

TAX CERTIFICATE SALE ONLINE AND PROXY BIDDING
Bidders will be able to register online and then bid from any computer that has access to the internet. Simply go to http://duval.taxsale.com, log in and you’re ready to go. We will also have computers available in the library as well as our main office that we can make available to bidders. Simply call 904-630-1916, press option four, and make an appointment or send a request to the following e-mail address: taxjax@coj.net

The online tax certificate sale uses the concept of proxy bidding. Proxy bidding may be a new term to many of you but in fact it has been around for quite some time. The popular auction website, eBay, has used proxy bidding to determine the winner of their auctions.

How does proxy-bidding work? In a live auction, a bidder will lower his bid by quarter percent increments until he is the only bidder left or until the interest goes below his acceptable minimum level, at which point he would drop out. Proxy bidding is a form of competitive sale in which bidders enter the minimum interest rate that they are willing to accept for each certificate. The auction system acts as an electronic agent, submitting bids on behalf of each bidder. The result of the proxy system is that the electronic agent keeps lowering the bid to submit by quarter percent increments until you are either the only bidder left, (in which case you get the certificate at a quarter percent lower than the previous bid) or until you reach the floor you have set.

However, please note that zero percent bids are not treated as proxy bids; they are awarded at zero. If you are the only bidder on a given certificate and your minimum rate is greater than zero percent, the electronic agent will submit a bid of 18 percent on your behalf. In the case of a tie at the winning bid rate, the system awards to one of the tie bidders through a random selection process using a random number generator. In no case will a bidder be awarded a certificate at a rate lower than his specified minimum acceptable rate. Certificates that receive no bids will be awarded to the county at 18 percent. In addition, certificates valued at less than $100 with homestead exemption are awarded to the county and are not available to individual certificate holders.

AMOUNT OF PURCHASE
The amounts printed in the newspaper and listed on this web site represent the certificate amount, which includes the unpaid taxes, assessments, and related costs and charges in accordance with Chapter 197, Florida Statutes.

PAYMENT FOR CERTIFICATES
The total purchase amount less the deposit must be paid within 48 hours of the close of the auction. The exact date and time will be posted on the sale site. Upon full payment of the purchased tax certificates, the certificate holder will be issued a receipt that indicates the tax certificate number, the amount of each certificate purchased, the property identification number and percentage bid.

ALL SALES ARE FINAL. Pursuant to Chapter 197.432(6), Florida Statutes, if a person to whom a tax certificate(s) have been sold fails to pay the amount due the tax collector will cancel all bids and the bidder’s deposit will be forfeited.

CERTIFICATE HOLDERS CANNOT CONTACT PROPERTY OWNERS
The holder of a tax certificate may not directly, through an agent, or otherwise initiate contact with the owner of property upon which he or she holds a tax certificate to encourage or demand payment until two years have elapsed since April 1 of the year of issuance of the tax certificate.

Any holder of a tax certificate who, prior to the date two years after April 1 of the year of issuance of the tax certificate, initiates, or whose agent initiates, contact with the property owner upon which he or she holds a certificate encouraging or demanding payment may be barred by the tax collector from bidding at a tax certificate sale. Unfair or deceptive contact by the holder of a tax certificate to a property owner to obtain payment is an unfair and deceptive trade practice, as referenced in s. 501.204 (1), regardless of whether the tax certificate is redeemed. Such unfair or deceptive contact is actionable under ss.501.2075-501.211. If the property owner later redeems the certificate in reliance on the deceptive or unfair practice, the unfair or deceptive contact is actionable under applicable laws prohibiting fraud.

TAX DEED PROCESS

For an investor to obtain a Tax Deed to the property the investor must hold the tax lien certificate for a minimum of two (2) years from April 1 the year the certificate was first issued. The selling of a tax deed by the Duval County Clerk of Circuit Court will result in issuance of a tax deed from a property owner to a tax deed applicant or the highest bidder for the deed.

As an example, a 2005 tax certificate purchased at the tax certificate sale on June 1, 2006, would have to be held until April 1, 2008, before the certificate holder could apply to bring the property to a tax deed sale.

Please note: A Tax Deed is not the same as a warranty deed. It is the certificate holder’s responsibility to ensure the legal status of the property. Likewise if it is determined that the process of “quieting title” would need to be done, it is the certificate holder’s responsibility to complete it and pay any associated fees.

REDEMPTION OF A TAX CERTIFICATE

Chapter 197.472(1), Florida Statutes states the following:
“Any person may redeem a tax certificate or purchase a county-held certificate at any time after the certificate is issued and before a tax deed is issued or the property is placed on the list of lands available for sale. The person redeeming or purchasing a tax certificate shall pay to the tax collector in the county where the land is situated the face amount of the certificate or the part thereof that the part or interest purchased or redeemed bears to the whole. Upon purchase or redemption being made, the person shall pay all taxes, interest, costs, charges, and omitted taxes, if any, as provided by law upon the part or parts of the certificate so purchased or redeemed.”

Should the tax certificate be redeemed any time prior to the issuance of a tax deed, the investor will receive a refund for the purchase amount, plus the rate of interest bid at the time of the sale.

EXPIRATION OF TAX LIENS

Chapter 197.482(1), Florida Statues states the following: “After the expiration of 7 years from the date of issuance, which is the date of the first day of the tax certificate sale as advertised under s. 197.432, of a tax certificate, if a tax deed has not been applied for on the property covered by the certificate, and no other administrative or legal proceeding has existed of record, the tax certificate is null and void, and the tax collector shall cancel the tax certificate, noting the date of the cancellation of the tax certificate upon all appropriate records in his or her office.”

Posted by admin | Filed Under Tax Lien Fund | Comments Off 

Pinal AZ Tax Sale

March 18, 2009

Tax Lien Sale

Definition: The Pinal County Tax Lien Sale is held in February of each year in compliance with Arizona Revised Statutes Section 42-18112. The sale involves the delinquent taxes for the previous tax year.

It should be understood that the Treasurer is offering for sale and you are purchasing a TAX LIEN on the property only. You have no right to enter upon, build on, or sell this property until you have obtained a deed. The property subject to the tax lien sale for delinquent taxes will be published in the Florence Reminder and Blade-Tribune. A copy of the list may be purchased at the Treasurer’s office or by contacting the newspaper office at P.O. Box 910, Florence, Arizona 85232 or call (520) 868-5897. The sale information and all eligible tax liens are also available on the Treasurer’s website Pinal County Treasurer Website.

Bidding Process: The sale will be conducted on the internet via the Treasurer website. The tax lien auction will begin at 9:00 am (MST our server time) on February 26th, 2009 and close at 4:00 pm (MST our server time) on February 26th, 2009.

ALL SALES ARE FINAL. All purchasers are required to deposit $500 with the Pinal County Treasurer at least 48 hours prior to the sale. Purchasers are required to “Checkout” in order to pay for the parcels successfully bid upon at the conclusion of the sale.

The bidding will begin at sixteen percent (16%) and shall be awarded to the bidder who offers to accept the lowest rate of interest.

Amount of Purchase: The amount in the legal advertisement shows the taxes being offered for sale, as well as the prior year(s) delinquent taxes, and all interest, fees and penalties now owing on the property. This is the amount you must pay to become a successful bidder. The parcels appearing in the newspaper with an (*) after the total amount include delinquent taxes which are due on a parcel from which the advertised parcel was split. We advise all purchasers to research these parcels prior to the tax sale.

Payment for Certificate: The total purchase amount is expected to be paid at the end of the sale. At the time payment is received, you will be issued a receipt for the purchase of a registered tax lien certificate for each parcel.

Bidder Registration: To become an eligible bidder, you must fill out a bidder information form, a W-9 and have $500 on deposit with the Treasurer. A bidder number, login and password will be assigned to you upon completing the registration process. It is your responsibility to provide banking information and initiate a deposit for the tax lien sale.

Subsequent Taxes: After the purchase of a tax lien certificate, you may pay each year, subsequent taxes until redeemed. Subsequent taxes for the current tax year cannot be paid before June 1st, of the succeeding year. Any person paying subsequent taxes, accrued interest and related fees then due upon the real property for which he/she holds a certificate of purchase, shall be given a treasurer receipt for the subsequent taxes paid. The amount paid will be electronically added to the face value of the registered certificate and endorsed by the treasurer as required by law (ARS 42-18121). The county treasurer shall collect a fee of five dollars ($5.00) from the holder of the certificate (ARS 42-18121).

Redemption of a Tax Lien Certificate: Any time during the period you are holding the tax lien certificate, it is subject to redemption by the property owner, his agent, assignee, attorney, or by any person having a legal or equitable claim therein, including a purchaser of a certificate of a different date (ARS 42-18151/18153). Should the tax lien certificate be redeemed any time prior to deeding, you will receive the purchase amount, less non-refundable fees, plus the rate of interest bid at the time of the sale, not to exceed 16%. If purchased at the tax lien sale, interest will accrue from February 1 and each month thereafter until redeemed (ARS 42-18153). Any portion of a month counts as a whole month (ARS 42-18053).

Deeding Process: In order for you to obtain a deed to the property purchased by a tax lien, you must hold a tax lien certificate for three (3) years from the date the certificate was offered for sale, then bring a foreclosure action in a court of competent jurisdiction within Pinal County to foreclose on your lien (ARS 42-18203/18204).

Know What You Purchase: You are urged to inspect all property before making a bid thereon. Pinal County and the Pinal County Treasurer does not warrant title concerning disclosed or undisclosed title problems including any environmental problems. Bidders should understand that on certain parcels, in addition to the ad valorem taxes offered for a tax lien sale, there may be special district assessments due which will have to be paid current and each subsequent year until paid in full. These parcels may also have city assessments as well as irrigation assessments, unknown to the Treasurer.

If the property on which you are bidding, has an older certificate already upon it, you will be sold the oldest certificate available. If there is an older certificate which has been purchased by a previous buyer, you are required to redeem that certificate. Prior certificate amounts redeemed will be added to your new certificate.

Refund Policy: All tax lien certificates purchased are done so with the full knowledge of the purchaser that there could be outstanding legal reasons, unknown by the Treasurer at the time of the sale or occurring after the sale, that would make the lien unenforceable. Should this occur, the successful bidder may recover the amount he has paid less the non-refundable fees.

If the Treasurer is notified of a bankruptcy after the tax lien has been purchased, you will be notified by the Treasurer who will also advise the bankruptcy court that you are the real party of interest. You will then have to respond to the Bankruptcy Court. A sale of property in bankruptcy unknown to the Treasurer is not in violation of the general stay. In no event will this be considered an illegal sale and the Treasurer is not obligated to repurchase the certificate.

Fee Schedule: A non refundable purchase fee will be added to each parcel sold. A purchase up to $400.00 will require a purchase fee of $5.00; any purchase $400.00 or over will require a purchase fee of $10.00 (ARS 11-495 & 42-18116(c).

Certificate of Purchase fee of $10.00 is added for each parcel sold and will be included in the certificate amount (ARS 42-18118(d).

Subsequent tax fee is $5.00 (ARS 42-18121(b).

Resale or Assignment of tax liens is $10.00 (ARS 42-18122(b).

Court ordered deed fee of $50.00 will be charged for each parcel (ARS 42-18205).

State Deed Sale: In addition to the tax lien sale described above, the Pinal County Board of Supervisors conducts a sale of parcels of land that have been deeded to the State of Arizona after taxes are seven years old and have not been purchased by an individual (Article 7 ARS 42-18301). For more information concerning these parcels, please contact Mr. Gary Medina, Special Services Administrator, at gary.medina@pinalcountyaz.gov, by phone at (520) 866-6206, or by mail at P.O. Box 827, Florence, Arizona 85232.

Posted by admin | Filed Under Tax Lien Fund | Comments Off 

Island County Tax Foreclosure Sale

March 18, 2009

 

TAX FORECLOSURE SALES

 

What you should know.

 

Island County does not guarantee or provide warranty whatsoever on parcels sold at tax foreclosure sales. The County conveys the entirety of the interest, which it may legally transfer, unless otherwise noted.

Anyone considering purchase of property at a tax foreclosure sale should be aware of the risks and investigate a property carefully prior to the auction date.

Treasurer real property sales are BUYER BEWARE sales.  The parcels are offered on a “where is”; “as is” basis.  The County makes no representation of warranty, nor any guarantee of warranty, expressed or implied, as to the condition of title to any property, nor the physical condition of any property or its fitness for any use or purpose.

Treasurer’s Deeds issued on parcels acquired in foreclosure sales DO NOT warrant clear title.  It is strongly recommended that the buyer view the property and make additional inquiries about concerns or questions that may arise.

Private property should not be entered without permission of the property owner.

 

 

What is Tax Foreclosure?

 

When real property taxes become three (3) years delinquent, the County Treasurer begins foreclosure action.

A Certificate of Delinquency is filed with the Superior Court listing the property accounts to be included in the foreclosure action.  Once the Certificate is filed, foreclosure costs are added to each parcel, which will accrue.

All parties with a recorded legal interest are notified and served by certified or registered mail.  A Notice of Summons is also published in the local newspapers, as required by law.

 

What is the redemption period on parcels in foreclosure?

 

The owner of the parcels or other parties with a recorded legal interest may redeem the property up to 4:30 p.m. (closing) on the day before the sale.

There is no right of redemption by owners or lien-holders on the day of the sale.  For further information or exceptions, contact the Tax Foreclosure Deputy. Contact Us

 

What are excess proceeds?

 

If a parcel is sold at a foreclosure sale in an amount greater than the minimum bid, the surplus monies (excess proceeds) can be claimed by the previous record title owner (the owner holding title on the day the Certificate of Delinquency was filed) provided that all water and sewer district liens have been satisfied.

REAL PROPERTY AUCTION PROCESS (Tax Foreclosure Sale)

NOTICE:  NEXT AUCTION TO BE HELD JANUARY 16, 2009

Beginning November 10, 2008, the foreclosure minimum bid list will be available at Real Property Foreclosure Parcels.  You may also contact the Tax Foreclosure Deputy at Contact Us.

All bidders must be registered.  You may register for the tax sale prior to the sale beginning January 14, 2009 by contacting the Tax Foreclosure Deputy (Contact Us) or at 8:30 a.m. on January 16, 2009 before the auction begins.  No changes to the registration may be made after the sale.  There is no registration fee.  When you register, you will be provided a copy of the terms of sale.  You are required to read and sign the terms of sale before being issued a bidder number card.  You cannot bid without a card.  The auction will begin promptly at 9:00 a.m.  Please allow yourself plenty of time to register before the auction begins.  If you are not registered prior to 9:00 a.m., you may miss the opportunity to participate in all auction items.

Those wishing to bid must be present or have a representative present at the auction.

The auctioneer will announce the minimum bid for each parcel.  To bid, you must hold up your issued bidder card and call out the bid amount.  Each parcel is sold to the highest bidder.

Payment requirements are as follows:  Cash, Cashier’s Check, Money Order.  No other form of payment will be accepted.

Once a parcel is bid on and sold, the successful bidder must immediately step forward and pay in full.  No time is allowed for bidders to leave the sale to get funds and return.  Failure to make payment as required will trigger an immediate resale of the property to the previous bidder and the defaulting bidder will be excluded from further participation in the auction. Island County does not offer a financing program.

A Treasurer’s Tax Deed will be issued within 30 days.

WHEN IS THE ISLAND COUNTY TAX FORECLOSURE SALE?

 

The Treasurer’s real property auction will be held January 16, 2009 at 9:00 a.m.  (Registration begins on January 14, 2009 in the Treasurer’s office or at 8:30 a.m. prior to the sale.)

 

WHERE WILL THE TAX FORECLOSURE SALE BE HELD?

 

Island County Commissioner’s Hearing Room B102

1 NE 6th Street

Coupeville, WA 98239

Posted by admin | Filed Under Tax Lien Fund | Comments Off 

Boulder Tax Lien Sale

March 18, 2009

BOULDER COUNTY TREASURER

Frequently Asked Questions

About Tax Lien Sales

Q: When is the Tax Lien Sale Auction list published?
 A. The delinquent tax lien sale list is published four (4) weeks prior to the tax lien sale for three consecutive weeks. We print the list once and distribute it each week thereafter, so the list will become less accurate as taxes are paid between the publication date and the date of the auction. The delinquent list is published three times in the Longmont Times Call (The designated paper in Boulder County for legal notices). On the last week prior to the auction, the list is published in the Boulder Daily Camera, The Nederland Mountain Ear, The Lafayette News, The Louisville Times, The Lyons Recorder, and The Colorado Daily

Q: Are copies of the list available?
A. Copies of the list will be available in The Treasurer’s Office at 1325 Pearl Street beginning November. (exact date unknown)  We will be happy to mail you a copy for $1.00 to cover the mailing cost. You may send your dollar with your name and address any time during the year and be placed on our tax lien sale mailing list. You may also request to be put on our email list. Just send an email to taxlien@bctaxhelp.com and put “please put me on your tax lien mailing list” or words to that effect in the subject line. Also included your name in the text of the email.

Q: Where is the sale held?
A. The sale is held at the Boulder County Court House at 13th and Pearl Street, in the City of Boulder, on the third floor in the County Commissioners hearing room.

Q: Is parking available?
A. Registered bidders park for free. Park in any of the four downtown city parking lots:  1100 Walnut, 1400 Walnut, 11th and Spruce, or 1500 Pearl. When you register, you will receive an eight hour parking pass.

Q: How do I find out where properties are located?
A. The Boulder County Assessor’s Office has parcel maps available for public use on the second floor of the Boulder County Court House at 13th and Pearl St. You can also look up parcel information using the record number on the Assessor’s Website:
http://map.co.boulder.co.us:8080/basemap/disclaimer.htm
(The account number is listed in bold on the first line of each listing, begins with an ‘R’ followed by seven digits). Additional information may also be researched at the Clerk & Recorder’s Office – Recording Division located at 1750 33rd St., Boulder, CO  80301

Q: How do I update my list of properties that will be sold at auction?
A. As property owners pay their delinquent taxes prior to the tax lien sale, their accounts are marked as ‘Paid’ on the Treasurer’s copy of the publication. This updated list is available at the Treasurer’s Office, or online.

Q: Do I get ownership to the property?
A. NO. You as a tax lien investor have no right, title or interest to the property. You have only purchased a lien against the property based on delinquent taxes.

Q: Do I have any right to go on or inspect the properties I am interested in?
A. No. You are only purchasing a lien. The owner of the property retains all rights of ownership, title and privacy.

Q: Can I just come and observe the Tax Sale?
A. Yes, but please keep in mind that seating is limited and if the room is full, it would be appreciated if you would give up a seat to a registered bidder and observe from the back of the room or outer corridor (speakers are set up outside the hearing room).

Q: How early can I register for the sale?
A. You may pre-register for the sale and have your named entered as a bidder one week prior to the sale. Please keep in mind you will need to pick up your auction number card and the updated day-of-sale auction list the morning of the sale.

Q: What time does registration begin?
A. Registration opens at 7:45 AM December 5th.

Q: What types of funds will be accepted?
A. All deposits must be made in CASH, CERTIFIED CHECK, BANK CASHIER’S CHECK OR WIRED FUNDS. You must wire money the day before the auction so it is received before the auction begins. (Please contact our accounting dept for wiring instructions) Final determination regarding the acceptability of any deposit other than cash will be at the discretion of the Treasurer or his Deputies.

Q: How much money do I have to put on deposit?
A. You must have the funds on deposit to cover your bid. ie: You bid on a $1,000.00 tax lien, you make a $35.00 Premium Bid, you must have $1,035.00 on deposit to succeed as the purchaser of that lien.

Q: What information will I need to have to register?
A. The registration form will include: Name, Address (where you want checks, correspondence mailed), Social Security No. or Tax ID # for reporting to IRS, YOU WILL HAVE TO COMPLETE AND SIGN AN IRS W-9 FORM IN ORDER TO REGISTER.  The names on the Tax Lien Sale Certificates of Purchase will appear exactly as on your registration form. Please verify all spellings and wording on your registration form as checks and deeds will be issued accordingly.

Q: How long will the sale last?
A. The sale will begin as close to 8:30 AM as possible as soon as all bidders are registered and recorded. Depending on the number of items, the auction may last until 5 PM. At that time Treasurer’s staff will determine if the sale will be continued or adjourned to the next business day. In recent years, the sale has not gone past 3:00 PM.

Q: What is the interest rate?
A. The interest rate for the 2008 is 11% per annum.

Q: How is interest calculated?
A. Interest is calculated monthly on the first day of the month., If your lien is paid by the owner on the first day or last day of a month, you earn interest for the entire month. Since payments will not be accepted until December 6th after the tax lien sale, you will earn at least one month interest for December.

Q: Will there be an Auctioneer?
A. Yes, Boulder County Treasurer has engaged a professional auctioneer for the sale.

Q: Does auction sale process list follow the list published in the newspaper?
A. Yes, the list is published in alphabetical order by owner name. The auction will proceed in alphabetical order. Any property taxes that have been paid before the auction date will not be available. The sale will be conducted from the day-of-sale auction list.

Q: How is the bidding done? (Rotation vs. Open)
A. Bidding is on an open and competitive basis. Every registered bidder with funds on deposit may bid on any tax lien item. Each item will be identified by a staff member. The auctioneer will then start the bidding process for the premium bid amount only. The final amount of the successful premium bid and the successful bidder number will be repeated by the auctioneer. Keep in mind, the auctioneer calls only the premium amount. You must also pay the outstanding tax amount listed on the day of auction sale list. All premiums are in whole dollar amounts and increases are at the discretion of the auctioneer.

Q: What is a Premium?
A. Premium bids are the amounts over and above the taxes, interest and fees listed on the day of sale list.

Q: Is interest calculated on my premium bid?
A. No. You do not earn any interest on a premium bid. Your premium bid is the amount over and above the delinquent taxes you are willing to pay to buy that tax lien.

Q: Do I get my premium bid back?
A. No, as stated previously, you do not get your premium back. This is the amount you are paying to purchase the tax lien.

Q: What was the % of premium bids from prior sales?
A. For the last five years premium bids have ranged from 0-12%. Last year’s average was 8.1%. Historically in Boulder County, the vast majority of tax liens have sold for a premium bid.

Q: How are premium bid monies used by county government?
A. Money collected as premium bids goes directly to the County General Fund and is not earmarked for any specific department or program. No premium bid funds are retained by the Treasurer’s Office.

Q: Can I lose money investing in tax lien sales?
A. Yes. You could lose money if the interest earned does not equal or exceed the premium bid amount you paid. Should the property go all the way through the deed process and you get title to the land, the market value of that parcel may not be worth what you have invested in it. This is a buyer beware process, and you need to make informed bids.

Q: Why are several items grouped together on the day of sale auction list?
A. By statute, the Treasurer may combine properties that are under the same ownership and sell those items as a group. If you purchase a group of items, you will still receive individual tax lien certificates of purchase for each item. These items do not have to be redeemed as a group by the property owner. This practice is used solely to expedite the sale.

Q: In terms of other encumbrances, what position are the tax liens?
A. Tax liens are a first, prior and perpetual lien against the property, meaning taxes are in a first position over mortgages, mechanic liens, and judgments. The only lien that would be ahead of a tax lien you purchase this year is a prior year’s tax lien.

Q: What if I purchase a lien for more money than I have on deposit? How will I be notified I am out of funds during the sale?
A. If you win a lien on an item, and you do not have sufficient funds to cover it, your buyer number will be printed on a board in the front of the room. You must go directly to the conference room, located across the hall from the hearing room, and put additional money in your account. The item that you bid on is on hold and can not be credited to your purchases until this additional deposit is made. If your number is on the board, you may not bid on additional items until you have replenished your funds. If you do not deposit the required funds, the item will auctioned at the end of the sale.

Q: Can I make additional deposits during the sale?
A. Yes, you can make additional deposits anytime throughout the sale.

Q: When can I get an up-date of my purchases and account balance?
A. A buyer balance sheet is available anytime in the conference room. This sheet will tell you what you have on deposit, what you have purchased and your account balance.

Q: How fast will the sale go?
A. The sale will proceed at a deliberate and steady pace. If at any time you feel you are getting lost or can not keep up with the pace of the sale, please contact the Treasurer or a staff member and we will try to make adjustments.

Q: What if I am the successful bidder on a lien in error?
A. The tax lien sale is final. It is your responsibility to know what lien is being auctioned and how much you have bid. Once a lien is sold to you, unless you do not have funds on deposit to cover the purchase, we can not reverse the sale.

Q: When can I get my refund of my deposit?
A. NO REFUNDS WILL BE ISSUED ON THE DAY OF THE SALE. You may pick up your refund in the Treasurers Office (1st floor, Boulder County Courthouse, 13th and Pearl St.) AFTER 12 noon on the following Tuesday, December 9th, 2008.  If you choose not to pick up your refunds, checks will be mailed by request on Wednesday, December 10th, 2008.  If you wired your deposit, your refund will be wired on Tuesday, December 9th, 2008.

Q: What is a tax lien sale certificate of purchase?
A. A tax lien sale certificate of purchase will be issued for each lien to the successful bidder. This statutory form will show the legal description, purchase amount, buyers name (as entered from the registration card), interest rate, date of sale, owner of record and mailing address as of advertising. If the taxes are not paid in following years, you may elect to extend your lien by paying the taxes on those years. This is called an endorsement. There is space on the certificate to record endorsements.

Q: Will I get the original tax lien sale certificates of purchase?
A. No, Boulder County Treasurer retains all Tax Lien Sale Certificates of Purchase for safekeeping. Copies of each certificate will be mailed to you with your refund check, if applicable, within a week following the sale.

Q: Will a print out be available of what I purchased?
A. Yes, if you choose to come in and pick up your refund check you will be asked to sign for the refund and on that sheet is a complete list of all purchases you made at the sale. We can also send a copy of this list upon your request.

Q: May I sell the tax lien sale certificates of purchase to another party?
A. Yes, tax lien certificates are assignable to another party. On the back side of each original certificate of purchase there is a place for the assignment of your interest. Because the Treasurers office holds your certificates you will need to contact the Treasurers office to assign your certificate (s). All certificates must be notarized and have everyone whose name appears on the certificates signature. Each certificate that has been assigned must be recorded with the Boulder County Clerk and Recorder (There is a charge for recording each certificate). Also, the Treasurers office will need the party to whom you are assigning your certificate to complete a W-9 reporting form.

Q: What is an endorsement of subsequent taxes?
A. Each year following the purchase of your original certificate, if the property owner has not paid their current year taxes in the timely manner required by statute you have the option of adding that next years delinquent taxes to your certificate.

Q: Do I have to pay subsequent taxes each year?
A. No, you as the tax sale purchaser may determine whether or not you want to pay any additional taxes by endorsement.

Q: Will I be notified of subsequent endorsement amounts I need to pay?
A. Yes, the Treasurer’s office will send you a notice of any certificates that may be endorsed and the amounts for each of those certificates.

Q: Do I have to pay a premium on endorsement amounts?
A. No, once you have purchased the original tax lien, the endorsement amount is the next year’s delinquent tax plus interest due at time of delinquency and endorsement fee (currently $5.00).

Q: When can I pay subsequent taxes?
A. Subsequent delinquent taxes may be endorsed anytime after July 1st of any given year.

Q: What interest rate will I earn on endorsement amounts?
A. The interest rate is set at the original sale and remains the same for the life of the lien.

Q: Do property owners contact me to cure tax lien?
A. No, all tax lien sale redemptions must be made through the Treasurer’s office.

Q: How soon can tax liens be paid off by the property owners?
A. The Treasurer’s office will begin accepting redemptions from property owners for the 2008 sale on Thursday, December 11, 2008.

Q: What % of the tax liens get paid off within the first year?
A. Due to the high number of factors that could be figured into a statistic like this it is difficult to give an average figure.

Q: How many properties go all the way to a Treasurer’s Deed?
A. Less then one half of one percent go to tax deed.

Q: When can I apply for a Treasurer’s Deed?
A. Three years from the date of the original tax lien sale you can request the Treasurer’s office to start the deed procedures.

Q: What kind of title does a Treasurers Deed give?
A. A Treasurer’s Deed transfers ownership free and clear of all liens. This title is not a warrantable title for up to nine years from the date of deed.

Q: What happens to a tax lien if the property owner files bankruptcy?
A. When a bankruptcy is filed and it affects property in Boulder County, the Treasurers office receives notice and files a proof of claim with the Bankruptcy Court. Our proof of claim includes the tax lien sale interest rate. To date we have not been denied our full claim on tax sale liens. Your tax lien continues to earn interest, but, the bankruptcy does prevent the issuing of a Treasurer’s Deed until the bankruptcy has been dismissed. In the unlikely event, that the bankruptcy court does not comply with our request, the Boulder County Treasurer will take all available action to cure your lien.

Q: Do you pay interest in annual payments?
A. No, interest is only paid when the tax lien is redeemed.

Q: What will be reported to the IRS?
A. In 1994 the law was changed to require County Treasurers to report interest earned by investors on tax lien sales. Once a year our office reports on 1099 interest earning statements to the IRS. The amount reported is the total interest paid from each redeemed certificate during that year. A 1099 statement will be sent to each buyer in January. The interest is reported from redemption date, not check date. (ie: a certificate is redeemed on December 29, 2008 and your check is issued on January 2, 2009, the interest will be reported with your 2008 statement.)

Q: Can I claim premium bids as an expense/cost on my income tax?

A. Sorry, we’re getting into deep water here. The Treasurer’s Office is prohibited by law from giving legal or tax advice. You will need to contact your accountant or a member of the Internal Revenue Service.

 

Posted by admin | Filed Under Tax Lien Fund | Comments Off 

Weld County Tax Lien Sale FAQ’s

March 18, 2009

What is an Internet certificate auction and how is it different from a traditional auction?

Instead of meeting in a large room and everyone calling out their bids, each bidder places his/her bid electronically, with a computer via the Internet.

What equipment and software will I need?

There is no special software or hardware needed for the sale. In order to participate, bidders must have access to the Internet. For those without Internet access, the Treasurer’s office will have computers available for public use.
Is training available for the auction software and how do I get it?

Onsite training classes will be held at predetermined dates and times. Attendance is by registration only. Classes generally last 2 hours and cover use of the web site only.

Please click Here for a list of available dates and locations.

Telephone support is also available by contacting the Realauction customer support center at (877) 361-7325.
How much does it cost to enter the auction?

There is no fee to participate. However, each bidder must place a deposit equal to 10% of the total dollar amount of liens they anticipate winning. Deposits must be submitted on the web site by the deposit due date.

For example: If a bidder anticipates winning $100,000 in tax certificates, he/she must deposit $10,000 with the Treasurer.

Deposits may be entered beginning the day the auction web site officially opens.
What happens if I exhaust my deposit while I still have active bids?

Any bids remaining will NOT be placed. Deposits must be authorized on the web site no later than the deposit due date and time.
How do I pay for my security deposit and liens purchased?

Security deposits and payments for liens won can be made using the ACH payment wizard on the auction web site.
How do I get started?

From the Home page, click “Register”. The step by step wizard will guide you through the registration process in just a few minutes.
What is a Batch?

The liens being advertised are sold individually. However, in order to make the bidding process more manageable, the liens are divided into groups called “batches” consisting of approximately 165 liens per batch.
When can I start bidding?

You may begin entering your preliminary bids for all batches when the auction site officially opens. The auction software stores your bids until the batch closes. Until that time, you may change or withdraw your bids as many times as you like. When the batch closes, your bids are submitted, evaluated, and made official.
When does the auction start and end?

The auction web site generally opens for registration, deposits, research and preliminary bidding approximately 3-4 weeks prior to the official auction date.

The day of the auction when bids are actually submitted and made official will be November 6, 2008. All items in Batch 1 will end on November 6, 2008 at 9:00 AM MT. Each subsequent batch will close every 30 minutes until 5:00 PM MT. The auction will reopen on day two at 8:00 AM and continue in this fashion until 5:00 PM MT.

The auction will officially end November 7, 2008 at 5:00 PM MT when the last batch on day two closes.

If you are “live” on your computer the day(s) of the sale, you will immediately know what you have purchased at the end of each hour and may adjust your bids on any batches that have not closed.

Can other participants see my bids?

No.
How does the bidding work? What is proxy bidding?

On the bid screen, each auction participant enters the maximum dollar amount over the lien face amount that they are willing to pay. This dollar amount is referred to as a “premium”. Bids must be entered in whole dollars (no cents). To enter a bid at face value, you would enter a $0 premium amount.

At the closing of each batch, the auction software evaluates all bids with a valid deposit and the lien is awarded to the highest bidder.

The premium is not part of the lien face value. Therefore, premiums DO NOT accrue interest and are NOT REFUNDABLE when the certificate redeems.

Proxy Bidding – On the bid screen, auction participants enter the maximum premium amount they are willing to pay. At the close of a batch when winners are determined, the system will automatically enter bids on your behalf until you are either the highest bidder OR until you reach the maximum premium dollar amount that you entered. If you are the winning bidder, the premium amount that you owe will be $1 greater than the next highest bidder (provided there are no ties).

If a lien face amount is $500.00 and Bidder A enters a premium amount of $20 and Bidder B enters a premium amount of $40, then at the closing of that batch the lien will be awarded to Bidder B for $1 more than Bidder A’ highest bid. The total amount due will be $521.00 (Face amount of $500 plus $21 of premium).
What happens in case of a tie bid?

In the case of a tie, the winner will be selected at random by the auction software.
When do I have to pay for a successful bid and what happens if I don’t?

Funds to cover all winning bids must be authorized (paid) on the web site by the payment due date. If payment is not posted by that time, the lien will be awarded to the next highest bidder. If the successful bidder fails to pay for liens purchased, the County may recover the amount due by civil action and the Treasurer may revoke future bidding privileges for up to 5 years per §39-11-116, C.R.S.
What happens to leftover deposit money?

Any deposit money not credited toward winning bids will be returned to the bidder approximately two weeks after the close of the auction.
When the auction is over, what happens next?

Refunds will be sent via ACH approximately two (2) weeks after the end of the auction and will appear in the first account used successfully to make your deposit. Certificates issued for liens not sold during the auction are struck to the County and will become available from the Treasurer’s office once the auction books are balanced and closed.

Posted by admin | Filed Under Tax Lien Fund | Comments Off 

Weld County Internet Tax Sale

March 18, 2009

Weld County Colorado

Bidding Rules for Annual Public Auction of Delinquent Real Estate Taxes

2008 Tax Lien Sale (For Tax Year 2007)

SALE

  • The Weld County Tax Lien Sale will be held via the Internet starting October 13, 2008 and ending November 7, 2008.
  • The web site will open for registration, deposits and preliminary bidding beginning October 13, 2008. Deposits must be completed by November 5, 2008. Formal Bidding and modification of bids can be done up till the closing hour of each batch on the last day of the tax lien sale (November 7, 2008). More detailed instructions can be found on the FAQ (Frequently Asked Questions) page of this web site.
  • A 10% deposit of your total intended winnings will be required via ACH transfer. Deposits must be completed by November 5, 2008.
  • Each Buyer will be required to register online to participate. Buyers are responsible to assure that their information is correct as IRS W-9 forms, tax lien certificates, refunds and redemptions are prepared from this information.
  • The sequence of the published list in the local newspaper will be followed as closely as possible.

 

BIDDING

  • Employees and officials of Weld County, members of their immediate families or their agents may not acquire a tax lien at the Weld County Tax Lien Sale per SS39-11-151 C.R.S.
  • Premiums are never returned and draw no interest.
  • The minimum starting bid for each tax lien certificate is equal to the amount of the unpaid taxes, interest, penalties and fees.
  • Bid increments shall be one dollar ($1).
  • Premiums on winning bids are a cost of securing the tax lien and are not returned nor do they draw interest.

 

TERMS

  • It is the Buyers’ responsibility to know the quality of the property on which they are paying the taxes and receiving a lien.
  • At the close of the auction, all successful bids are final. No changes in, or cancellation of, liens purchased can be made after the lien is sold.

 

INTEREST

  • Premiums do not draw interest.
  • When redeemed, your certificate will pay nine points over the Federal Reserve Discount Rate as of September 1st. Certificates will earn 11% for the current year’s sale, except for erroneous sales which will receive two points above the Discount Rate but no lower than 8%.

 

TAX LIEN

  • You do not have ownership rights to the property, simply a property tax lien.

 

SUBSEQUENT TAXES

  • If the owner does not pay future taxes before August 1st each year, you will be notified of the amount due and you may pay them if you wish. Your payment will be endorsed onto your lien and will accrue interest at the same rate as your certificate.
  • If the property is in bankruptcy, subsequent taxes cannot be endorsed.

 

TREASURER’S DEED

  • The majority of properties are redeemed.
  • A Treasurer’s Deed may be applied for three years after the date of the sale if the property remains unredeemed. A deposit shall be required to cover expenses.

 

CERTIFICATE OF OWNERSHIP

  • If a mobile home is located on leased land, the tax lien holder is eligible to apply for a Certificate of Ownership one year after the date of sale.
  • If a mobile home is located on land owned by the same owner as the mobile home, the tax lien holder is eligible to apply for a Certificate of Ownership three years after the date of sale.

IMPORTANT DATES

October 13, 2008 Auction Opens for Registration, Deposits and Preliminary Bidding

Posted by admin | Filed Under Tax Lien Fund | Comments Off 

Weld County Tax Lien Process

March 18, 2009

Weld County, Colorado

Tax Lien Process

While the following information is deemed to be accurate, it is not meant to be a comprehensive explanation of the laws governing tax lien sales and redemptions in Colorado. It is strongly recommended that the bidder review Colorado Revised Statutes, Title 39, Article 11 (Sale of Tax Liens) and Title 39, Article 12 (Redemption) prior to participating in a tax lien sale auction.

Public tax lien sales in Colorado are usually held in either November or December each year.

The annual rate of redemption interest shall be nine percentage points above the Federal Reserve Bank discount rate as of September 1st and shall be rounded to the nearest full percent. On September 1, 2008 the Federal Reserve discount rate was 2.25%. Therefore, the redemption rate for certificates sold in 2008 will be 11.00%. One twelfth (1/12) of this rate or 0.917% will accrue each month in interest. In computing the amount of interest due, portions of months shall be counted as whole months.

In the event of an erroneous sale, the annual rate of interest shall be two percentage points above the discount rate, rounded to the nearest full percent but shall be no lower than eight (8%) percent per annum.

Successful bidders at the auction pay the total advertised price (face amount) plus any premium bid. The face amount consists of the delinquent tax, interest, an advertising fee, a $4.00 certificate fee and an Internet auction fee.

The person paying the highest amount at the sale is issued a Certificate of Purchase. This is a negotiable document representing a lien on the property and it is valid for 15 years. Interest is earned at the rate stated on the certificate with portions of calendar months considered as whole months. Premiums do not earn interest.

After the sale, a buyer list will be provided to successful bidders. This list will include the certificate numbers, parcel numbers and total amount paid for each item. It is the buyer’s responsibility to keep records of their certificates purchased.

The redemption amount paid to the certificate buyer will be the certificate face amount (tax, interest, advertising, and fees), plus interest earned through the date of redemption. The buyer does not recover the premium paid over the face amount.

Certificate holders may, after August 1st, pay the subsequent year’s unpaid taxes. This amount will be endorsed onto the existing certificate and will earn the same rate of interest.

Upon redemption, assuming the tax lien certificate is being held by the county, a check will be mailed automatically. It is the buyer’s responsibility to notify the Treasurer’s office of mailing address changes to ensure redemption checks are mailed properly.

After three years from the date of the public auction, if the certificate has not been redeemed, the buyer can apply for a Treasurer’s Deed to the property. To make application, the investor will need to contact the Treasurer’s office, complete an application form and deposit expense money for processing the application. After a title search, advertising, and notifications to all interested parties, a Treasurer’s Tax Deed is issued if there has been no redemption.

Public tax lien auctions and redemptions are governed by Colorado Revised Statutes, Title 39, Articles 11, and 12 and are administered by the Treasurer’s office in each county. Any questions should be referred to the Treasurer’s office at (970) 353-3845 Ext 3258.

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