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Do You Need a Law Firm? Tax Sales for the Novice Investor

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Many people have heard of purchasing liens on delinquent properties as a method of investing. And, it’s true that you can make money by purchasing delinquent tax liens and holding onto them. In the event that the owner of the property doesn’t pay the taxes, after a certain period of time, you can foreclose on the property itself, and become the owner by investing just the amount required to pay the delinquent taxes, plus a few fees.

But, is this a venture you can undergo without a law firm? Tax sales, and the properties that go along with them can have many caveats; so the basic answer is “no”. It’s wise to employ a tax law firm. Tax sales are complicated, and a tax law firm can advise you of all the things you need to look out for when you purchase a tax lien on a property. Here are a few examples.

First of all, you can get the basic questions about the governing rules from a tax law firm. Tax sales have very stringent rules – such as how many months must pass before you can foreclose on the property. These rules vary by state, and sometimes even by county. Your tax law firm will know all the rules about how to go about purchasing a tax lien and how to manage on once you’ve purchased it.

You can also have information gathered by your tax law firm. Tax sales don’t come with information about the property to which you’re purchasing a lien. When you attend a delinquent tax auction, the auctioneer will basically give you the name of the address of the property and the starting bid (which will be the amount of taxes owed plus some fees). Before you go to a tax lien sale, it’s important that you research the properties up for bid. Your tax attorney can help tremendously in this process, since he has quick access to all public records about a property. He can give you the approximate value of the property and physical details about it. He can also research other aspects, such as whether or not there are other taxes owed. (For example, you may purchase a tax lien on a property because they have delinquent city taxes not knowing that their county property taxes are delinquent too.)

There are many details to be considered before you purchase a tax lien on a property – and these details are all familiar to your tax law firm. Tax sales can be a way to make money – but they can be a way to lose money, too, if you aren’t prepared. This is where a tax attorney can help you the most.


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