hello,
Of course i am a noob, but I have a couple of questions that I have not seen answered on here.
1. Is there an actual bid on TLC's? I mean, if the tlc is for $1000, do people bid up the price?
2. If not, then how do they determine who wins?
3. I want to buy tlc's that will most likely be redeemed. Is there usually a lot of competition and are they hard to get?
any other info for me or sites to check out? Thank you.
Simple answer: it depends. What state are you bidding in? In my state, the amount is bid on. Some properties go for the orginal tax owed, others go much higher. If the taxes owed are $1000 that is where the bidding begins. If only one person bids, they win. Any other bids go up in increments of $10, $100 or whatever you care to bid.
I talked to several of the bidders at the auctions during the past year and most said they had NEVER had one redeemed. In Georgia you earn 20% if redeemed. If not, you can foreclose on the property after 12 months.
Give us some more details of where you are looking and maybe you can get a better response. Best of luck.