Tax Deed Auction Part 2: Experience a Live Bidding War (and the Aftermath)

[@XavierIsraelMatamoros]

The results of this auction were expected. When I went to live auction in central Indiana, the bids were astronomically higher than assessed value, which is pretty much close to market value. That was in 2007. All the corporate big boys outbid mom & pop.

[@Retipster]

Yep, pretty similar experience here. I don't wanna say there's _nothing_ here, but MAN, there are much easier and more reliable ways to find opportunities than what I found.

[@FionaFortune]

Those auctions are a crap shoot, I went to one in Klammath county, (Oregon) last January, the night before the auction there was a huge snowstorm, luckily I was staying within walking distance, there were only 10 people at the auction and I was able to pick over 15 nice lots and vacant land properties at the starting bids. 8 months later that same county has an auction that was over attended and the prices were bid above retail.

[@Retipster]

Oh wow, you lucked out! I bet you made a TON of money from that first one!

[@lucasasselmeier7825]

Success is when preparation meets opportunity. There are many unpredictable things that could happen

[@AlphaBrokeringCompanyLLC]

If you bid for 10k the person only owes 5k. They decide to pay the taxes, do they only pay the 5k or do they now owe the 10k you paid back to you?

[@billcunningham6932]

Check with your local or state tax laws, but I think most states you get your full 10k back plus any interest or added allowable amounts. The process can vary though.

[@courtneyc7812]

Hi if you’re doing cash for keys to a owner before the property goes on the tax deed sales list how much is a good cash offer for the owner?

[@Retipster]

That sounds like a different subject than what this video gets into. You might find some insight here: retipster.com/terms/cash-for-keys/

[@miamiles7996]

Do you think it's less competition if I choose a small county

[@Retipster]

Possibly. I think you'll probably see less competition in more rural areas as well.

[@miamiles7996]

@@Retipster Okay thanks

[@lifewithtashabae4846]

So the total fees needed to buy the property are the taxes owed (bid) and yearly taxes when they become due ?

[@Retipster]

Yep, plus any fees the county feels like charging you (if any), assuming they aren't already priced into the deal to begin with.

[@lifewithtashabae4846]

@@Retipster ok Great Thanks !

[@alexandredicasusa]

Hi thanks a lot for the video should I pay to get the tax deed property list? If it not where can I find this list?

[@Retipster]

If you're talking about the tax sale list, you should be able to get the list for free. The county usually publishes these things before the auction happens. If you're talking about the delinquent tax list (different from the tax sale list), you can find more information about how to get that here: retipster.com/delinquent-tax-list/

[@jessicahoye9489]

So with this site let me inform you you must put down your cc information and hold $1000 on it in order to bid online.

[@MellostormMusic]

Hi Seth great video on live bidding with MI auction. I was interested in buying your course but would like to use my Paypal credit. Is that doable? Thanks again for the great value you always provide

[@Retipster]

Hi Max, thanks for your interest! Absolutely. There's an option to pay via PayPal on the checkout page for the course (you should see a checkbox where you can select that option). If you have trouble finding it, let me know at [e-mail].

[@MellostormMusic]

@@Retipster Great! Sending you an email

[@salim777star]

Can you use a credit for this?

[@Retipster]

I'm not sure what you mean.

[@InfinitySportsComplex]

I have a question, I went to visit a house that is going up for auction in March.The owner of the house just happen to be there and her and I got to chatting. She wants to take an offer on the house prior to it hitting the auction site in March. I’m assuming that’s legal correct? Pending someone pays her taxes and then offered her a cash for keys with a transfer of deed, that is all legal before the auction takes place?

[@Retipster]

Yep, that should be fine. Just make sure she still holds title to the property (i.e. - make sure the county hasn't already seized it). If you close through a title company, they should be able to verify all of this for you.

[@InfinitySportsComplex]

@@Retipster sweet! I may have to look more into this. She wants to make some money on her house and the Cali market is incredibly competitive. I may have more luck doing a cash for keys prior to auction then trying to bid on this house.

[@sandraanderson5849]

DO YOU PARTNER WITH ANYONE DOING OVERFAGES?

[@3rd_hr]

Are there less people bidding since the pandemic started?

[@Retipster]

That's hard to say for sure, but the auctions I saw were pretty darn competitive. If I had to guess, I'd say there was more competition than before the pandemic because of how hot the real estate market has gotten.

[@SmartConsumerChoice]

How about the title

[@brian48178]

In his videos he speaks on Quiet Title and how it can cost around $2k. I havent done it yet but there is a KZbinr in Royal Oak who is an attorney who speaks more on it and does it for that price too.

[@afelonsperspective]

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