Over-the-Counter Liens And Deeds
Over-the-Counter Liens and DeedsYou can buy tax liens and tax deeds throughthe mail, over-the-counter or online.www.rogueinvestor.comCopyright 2013 Rogue Investor, LLC
The ProcessJerry Latepay:Jerry is delinquent on his taxes and the county has placed a lien on his property.Unfortunately for the County, Jerryʼs lien was not sold at the annual taxlien sale.This makes Jerry happy, but wait a minute If Jerryʼs tax lien or tax deed is not sold at public auction, it is “struck off” ortaken over by the county or municipality. The county still wants its moneyso they offer these liens or deeds possibly at another auction or they putthem on lists that are available for purchase usually by a sealed bidprocess.2www.rogueinvestor.comCopyright 2013 Rogue Investor, LLC
Benefits1. Maximum interest rate2. No direct or immediate competition3. No travel costs if you are willing to assume more riskor work with someone locally4. More time to research – you are not constrained by anauction deadline3www.rogueinvestor.comCopyright 2013 Rogue Investor, LLC
Drawbacks1.2.3.4.4You are buying leftovers that have gone through a saleMore screening is required to weed out the junkNot as many liens or deedsNot as many properties with improvements (i.e.,houses)www.rogueinvestor.comCopyright 2013 Rogue Investor, LLC
How to Screen through OTC Lists1. Look for the most current listings.2. Search for key words in the legal or propertydescription ¼ interest, mineral rights, mine, water rights 10 feet of lot 54 running electrical easements3. Compare the price of the lien or deed to the assessorʼsvalue. Screen out all liens/deeds that exceed theassessorʼs value4. Do your normal due diligence5www.rogueinvestor.comCopyright 2013 Rogue Investor, LLC
When is the Best Time to Obtain OTC Lists?Answer: Immediately after the annual or monthly sales.You will usually have to allow 3 to 4 weeks for theCounty to get the lists updated. Some are quickerand some are slower.Why? Some people donʼt follow through on paying theCounty for liens or deeds obtained at the annualsale.6www.rogueinvestor.comCopyright 2013 Rogue Investor, LLC
Alabama“Sold to State Properties”Liens – Properties delinquent for 1 to 3 yearsDeeds – Properties delinquent for greater than 3 yearsInterest Rate: 12%Annual tax lien sale: MayBest time to pick up list: 3 to 4 weeks after the sale, or bythe end of June7www.rogueinvestor.comCopyright 2013 Rogue Investor, LLC
Alabama – Jefferson County ion/HTML/taxsale soldtostate.htmlHow to /HTML/taxsale buylist.aspCall: (205) 325-5084Send a cashierʼs check or money order for 28 to:J.T. Smallwood, Tax CollectorLand RedemptionsRoom 160 Courthouse716 Richard Arrington Jr. BlvdBirmingham, AL 35203Once you have your list, use their online form to submit the parcels you are interested redemption.html?who state8www.rogueinvestor.comCopyright 2013 Rogue Investor, LLC
ArizonaTax Liens: Unsold parcels or assignments are “struck off to the state” andcalled certificates of purchase.Tax Deeds: Properties that are not sold after 7 years may be picked up fromthe Board of SupervisorsInterest Rate: 16%; Redemption period: 3 yearsMost counties charge for the lists (i.e., Maricopa list is 50) To purchase liens, you must obtain a bidderʼs number (http://treasurer.maricopa.gov/research/cp bidder card.pdf) and fill outthe IRS form W9 (http://www.irs.gov/pub/irs-pdf/fw9.pdf) just like youwould if you attended the annual tax lien auction.9www.rogueinvestor.comCopyright 2013 Rogue Investor, LLC
Yavapai Arizona Over-the-Counter List: xReport.pdf10www.rogueinvestor.comCopyright 2013 Rogue Investor, LLC
Arkansas – www.cosl.org11www.rogueinvestor.comCopyright 2013 Rogue Investor, LLC
Arkansas Mail-In BidsMail-in bids are allowed at auctions.1. Bids by mail must be received by the Commissioner ofState Lands no later than seven (7) days prior to thedate of sale.2. Unsuccessful bidders will be refunded in full.3. Bids received by the Commissioner prior to the saledate will be announced immediately preceding theoral auction of the parcel.12www.rogueinvestor.comCopyright 2013 Rogue Investor, LLC
Arkansas Negotiated SalesTax-defaulted properties that are not purchased at a countyʼs annual taxdeed sale will be available 90 days after the sale.These properties may be purchased by mail or in person You may requesta list by calling the Real Estate Division at 501-324-9422.To purchase, you must submit a sealed bid. The first negotiated sales bidstarts a 30-day process during which anyone else can submit aclosed bid. The highest bidder wins, but the property owner still has30 days to redeem. If the property owner redeems, the investor willbe refunded his/her money, with no interest.13www.rogueinvestor.comCopyright 2013 Rogue Investor, LLC
Things to remember about ArkansasNotes: Research with the Assessor or Recorder willusually require a trip to the County courthouse.Arkansasʼ system is not online in many counties.Class 1: Delinquent for 4 years; owner has 2 years leftClass 2: Delinquent for 5 years; owner has 1 year leftClass 3: Delinquent for 6 years, prices are negotiable14www.rogueinvestor.comCopyright 2013 Rogue Investor, LLC
Colorado “County Held Liens.”Liens – Parcels not bid on during the sale are struck off to the county andcalled “County Held Liens.”Coloradoʼs annual tax lien sales occur in October or November (beforethe second Monday in December). Colorado offers 9% plus thefederal discount rate. Traditional sales occur in two ways: somecounties conduct round robin bidding and others conduct a bid upsystem with no interest on the premium.Redemption period: 3 years from the date of the sale.To purchase County held liens, you must pay the County the value of thecertificate plus an assignment fee (approximately 4). You mayhave to sign an affidavit stating that you understand what you aredoing in addition to the W9 and bidder form.15www.rogueinvestor.comCopyright 2013 Rogue Investor, LLC
Some Colorado County Held Lien ListsDouglas County t.pdfEl Paso County Jefferson County eas/countyheld.htm16www.rogueinvestor.comCopyright 2013 Rogue Investor, LLC
Florida – Over-the-Counter LiensLiens not purchased during the annual sale are placed on a list andavailable for immediate purchase through the mail or in-personat the Tax Collectorʼs office. A fee may apply.The redemption period of 2 years starts on the date of the originalsale. So liens older than 2 years can be purchased and forced togo to the tax deed sale.During foreclosure you petition to take the property to the tax deedsale. You will then either show up and bid like anyone else orwait until someone bids to collect your interest rate.17www.rogueinvestor.comCopyright 2013 Rogue Investor, LLC
Example: Lee County, FL18www.rogueinvestor.comCopyright 2013 Rogue Investor,LLC
Florida “Lands Available”According to Florida Administrative Code Chapter12D-13.064: Lands Available for Taxes, if the taxdeed application was made by the county and thereare no other bidders, the clerk shall enter the land ona "List of Lands Available for Taxes". The county thenhas 90 days from the date of the auction to purchasethe land for the opening bid. After 90 days, anyperson or governmental unit may purchase the landfor the opening bid.Handled by the Clerk of the Circuit Court19www.rogueinvestor.comCopyright 2013 Rogue Investor, LLC
IllinoisTax Lien Sales: In cases where the tax liens remain unsold, theCounty acts as Trustee and may offer the liens for purchase“over-the-counter.” These liens pay the full interest rate of18%, if redeemed. This is not widely advertised so you willhave to check with the County you are interested in.Tax Deed Sales: “Scavenger Sales”Illinois holds normal tax lien sales every year in the fall (usuallyOctober/November/December). State law also allows for aScavenger Sale every other year in odd numbered years.Scavenger sales are available on properties that have gone throughthe tax lien sales and have been delinquent for two or moreyears. Scavenger sales typically occur in the fall or /scavenger20www.rogueinvestor.comCopyright 2013 Rogue Investor,LLC
Iowa “Adjourned or Public Bidder Sales”After a parcel has gone through the annual tax lien sale in June, the leftoversare placed on over-the-counter lists available for purchase by mail orin person. There is usually a separate real estate list as well as a mobilehome list.The good news is Iowa offers an outstanding interest rate of 24%. The badnews is some counties charge a fee to register as a bidder, even for theAdjourned lists. In Polk County the Adjourned list will cost 10 tohave it mailed to you.Polk Countyhttp://www.co.polk.ia.usPottawattamie Countyhttp://www.pottcounty.comStory r.comCopyright 2013 Rogue Investor, LLC
Mississippi “Tax Forfeited Land”Over-the-Counter Tax Deed Sales: “Tax Forfeited Land”Mississippi holds annual tax lien sales in August. Properties that arenot purchased at the annual sale are forfeited or matured to theState if not redeemed during the two year redemption period.These “sold-to-state” properties are available with the chanceryclerk.Inventory of Tax Forfeited Lands http://lands.sos.state.ms.us/tfl/search.aspPublic Lands Division (601) 359-6373Exclusion: Corporations, that are not banks, amount of land andcertain restrictions on nonresident aliens.22www.rogueinvestor.comCopyright 2013 Rogue Investor, LLC
Mississippi23www.rogueinvestor.comCopyright 2013 Rogue Investor, LLC
NevadaOver-the-Counter Liens:Any special assessments not sold during the publicauctions, may be held by the County and availablefor purchase for the amount of the lien plus 1% permonth. The redemption period is 120 days for landand 2 years for improved properties.Clark a certbuyers.htmDouglas Countyhttp://cltr.co.douglas.nv.usTax Sale Mailing List: ain.htm24www.rogueinvestor.comCopyright 2013 Rogue Investor, LLC
South DakotaOver-the-Counter Tax Lien Sales: If there is no bid at thetax lien sale, the liens may be purchased that havebeen issued in the name of the County.The annual interest rate is 12%. The annual tax lien saleoccurs on the third Monday in December so checkfor over-the-counter liens shortly thereafter.Administration Building, 1st Floor 415 N. Dakota Avenue Sioux Falls, SD 57104-2465 Phone: (605) 367-4214 25www.rogueinvestor.comCopyright 2013 Rogue Investor, LLC
TennesseeOver-the-Counter Tax Deed Sales: The County is thepurchaser when there are no other bidders at the taxsale, and must retain the property during theredemption period. County-owned properties maybe available for over-the-counter purchase (Surplusor Tax Lien Property Lists).Shelby County (Memphis) Delinquent Tax Parcels for Sale http://www.shelbycountytn.govFor more information, contact Mike Blackwell, RealEstate Specialist, at (901) 545-4900 or via email mCopyright 2013 Rogue Investor, LLC
Texas “Struck Off” or “Resale” PropertiesProperties that are not purchased at the tax deed sale arestruck off to the county and are available forpurchase. In Texas, larger counties tend to handle the tax salesthemselves, while medium to smaller counties utilizelaw firms. The law firm of Linebarger, Goggan Blair& Sampson, LLP is used quite extensively(www.publicans.com). However, in terms of struckoff or resale properties, the taxing units or usually thecounty will maintain the lists of struck off properties.27www.rogueinvestor.comCopyright 2013 Rogue Investor, LLC
Selected Texas Struck Off ListsCollin County (McKinney – North of Dallas)Contact Jeff Durham at (972) 548-3723City of Dallas, Dallas Property Management at (214) 948-4100http://www.pgt.dallascityhall.comDallas County Struck Off pubwks/strucklist.pdfTravis Countyhttp://www.co.travis.tx.us/tax assessor/foreclosure/resale info.asphttp://www.co.travis.tx.us/tax is.tx.us/tax investor.comCopyright 2013 Rogue Investor, LLC
West VirginiaOver-the-Counter Tax Deed Sales: Tax lien sales are heldby the Sheriffʼs office. Any properties not redeemedwithin 18 months are taken to a second sale held bythe State. Properties not sold at the second sale maybe purchased over the counter from the DeputyCommissioner of Forfeited and Delinquent Lands foreach County. The Deputy Commissioner isappointed by the State Auditor.Search Delinquent Land Properties yright 2013 Rogue Investor,LLC
Final ThoughtsOver-the-Counter InvestingThe Good – full interest rate, no travel, relatively easyThe Bad – not offered by many states or all liens/deedsare purchased at the sale so not many are leftThe Ugly – there is a lot of junk on these lists so please becareful, do your research and be careful.30www.rogueinvestor.comCopyright 2013 Rogue Investor, LLC
Colorado “County Held Liens.” Liens – Parcels not bid on during the sale are struck off to the county and called “County Held Liens.” Coloradoʼs annual tax lien sales occur in October or November (before the second Monday in December). Colorado offers 9% plus the federal
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