Business, Legal & Accounting Glossary
Richland County, SC is a typical tax deed county. If the taxes are unpaid for five years then the tax bill will be sold at an auction. The property owner then must pay an annualized 12% interest within the next year to retain the property (3% in the first 3 months, etc). After that year the county files a tax deed to the successful bidder. The odds are 1% to 10% of getting stuck with a property. The mortgages and other liens transfer. A Quiet title action for a quit deed costs 3.5k to 8k and takes 6 months or so, or sit on the property for 10 years.
Los Angeles County, CA sells the property itself at a semi-annual auction. Wake County (Raleigh-Durham/RTP), NC sells the properties at irregularly scheduled, approximately monthly auctions on the county courthouse steps. Similar to Gwinnett County (Atlanta), GA.
The profitability of Tax Foreclosure Sales is heavily dependent on the property condition, the outstanding liens, and the popularity of the tax sales. For instance, for the LA County Tax foreclosure sale in 2005 almost no properties of value lasted until the auction: wily investors made deals up to the Saturday before the auction. Similarly, the 2005 Richland County auction attracted about one investor for every three tax bills for an area where 3% annual property appreciation is spectacular.
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This glossary post was last updated: 25th April, 2020 | 0 Views.