Government Tax foreclosures - Tax Liens - Government Foreclosures
In case if somebody is not able to cover the taxes required, the tax lien appears. We may define the tax foreclosures as liens on real estate. But tax foreclosure is of higher priority then normal mortgage. It means that tax lien is always of higher priority then mortgage. But one should mention that IRS (Internal Revenue Service) liens of local authorities still exist and it may become the responsibility of investor.
The property taxes exist all over the USA. This type of taxes are very important due to its essential role in creating the local budget. If county lacks of the property taxes it may lead to bankruptcy.
To maintain the financial stability local authorities act in such a way: a lien is formed automatically and in case of bad debt this debt can be always sold to investors. In this case each part obtains certain advantages: county fulfill the budget, tax payers extend the payment period, and investor invests his money in high profit low risk project. Use this link to find out more about buying foreclosures
Find REO or short sale agent
To buy a REO, the foreclosure which belongs to bank, one needs to choose the particular house he is interested in. This is the main reason to create detailed lists of REOs available. As a rule dealing with foreclosure allows buyers to get a house, paying for it less, then normal market price.
But it happens, that prices in such kind of lists are too high or too low or maybe exactly right. If you buy real estate on foreclosure market for the first time, it is highly recommended to find a professional agent. Agents have priceless experience of dealing with REO and knowledge, which will help you to benefit from this operation. The agent should work having your interest as the highest priority.
How To Find A Professional REO agent? Try to find an agent who is busy, not one who has three or four client per year. If an agent is busy with plenty of deals it shows that he probably has a wide range of connections with sellers and buyers of REO property.