Previous Posts Jack Bosch on 26 Mar 2008 04:31 pm
Tricks for succeeding at a Tax Deed Auction
In recent years the prospects of investing in Tax Deed Auctions has started to attract professional investors.
Therefore competition for Tax Deeds particularly in metropolitan areas can sometimes be steep. But if you are a determined individual investor you don’t need to give up and instead can use some of the below creative techniques to still get the Property you set out to purchase.
First it needs to be mentioned that the above said institutional and professional investors mainly attend Tax Deed Auctions in metropolitan areas, where values of properties tends to be quite high and properties tend to move quicker, thus enabling the investors to quick flips. This makes sense for them because they don’t want to mess with Properties worth $5,000 to $30,000 in rural areas which using traditional sales methods might take a few months to sell.
Therefore here are some tricks you can when attending a live Tax Deed Auction to still get your Properties.
- Go look for Live Tax Deed Auctions. Competition is higher in online auctions because it is so convenient to attend them from the comfort of your home. So if you focus on the ones which do not happen online you have a better chance of winning.
- Of possible pick a county that has some good valuable property but is not a metropolitan area. If the county is more rural than populated, the institutional investors might not show up or in less numbers.
- Sit up front and center or if this is not possible sit close to an isle. After all the Auctioneer and his auctioneering assistants are the ones who declare the winning bidders so you want to sit somewhere where they can see you well.
- If you live in an area where winter storms are common and there is a winter storm or heavy rain on Auction day, make it a point to GO ANYWAY. Because many bidders are only semi-serious so if the weather is bad, they might just decide to stay at home. If you do the extra step and still go, you can get the good deals.
As they say “there is never much traffic on the extra mile”
