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What I Learned About Tax Auctions

I attend the tax sales here in Wichita Kansas. This is what I have learned about tax auctions.

Pay Attention and know what your buying. Seems obvious, but you’d be surprised. I’ve seen lots sold just because they were $50….with $8000 in payable specials attached to someone not paying attention.  Oops.  Another guy bought some real estate that was under water.

Those are cases of extreme “I just gotta buy something,  it’s cheap, it has to be a deal!” Forget about taxes, specials and worthless land.

We like to get the list and go scout for a couple weeks in advance. Get inside the home if I can, check out conditions, run numbers and set a limit. If the bid goes over, so be it. It’s important to have rules and to stick by them.

Those in charge tell you right up front that the auction is buyer beware! that means it’s completely up to you to know what your getting into. That means buying as is, no exceptions and no returns. You bought it you own it.

You may buy a property that had a house on it this morning and the City had it slated to be torn down this afternoon. When you go to see your house it could very well not be there anymore. No money back guarantees here.

Careful of lots in sub divisions being sold off from bankrupt builders. They look tempting at that price, but unless you have a ready plan in place you could be spending a lot of money on taxes and specials waiting for the economy to come back.

They also advise not to write a hot check to the Sheriff when purchasing property. Seems every time someone does.

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August 17, 2010 - Posted by | buy, Home, kansas, real estate, Uncategorized, Wichita | , , , , , ,

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