My daughter bought a house for $2000
By Kowgirl
@Kowgirl (3490)
United States
May 11, 2009 2:28pm CST
I have been interested in buying tax lien homes for a while and I have been gathering information about it. Well while I was reading everything I could find about doing this my daughter actually found a nice 3 bedroom 2 bath home that was being sold for back taxes. She got this house for only $2000. She and her 3 children have already moved into it. It just needed a little cleaning up because there wasn't any major repairs to do. So to those who have been wondering if you can buy a home for pennies on the dollar the answer is YES! How would you like to buy a home for under $5000?
I'm still looking into how this works. She was lucky because someone at her church told her how to make the purchase and pay it in monthly payments of $200. Does anyone here know anything about buying tax lien homes? If so please let me know. I have more questions I need answers to before I get involved in this.
4 responses
@jwfarrimond (4473)
•
11 May 09
As I understand it, the origional owner has a period of time to pay off the lien and recover the house, and the buyer of the lien does not own the house outright until that period has passed. Since you have been doing some research into it, you probably know more than I do though.
@jwfarrimond (4473)
•
11 May 09
This is what I was thinking of. http://business-reviews.com/investing/tax_lien_certificates.php
@Kowgirl (3490)
• United States
11 May 09
Yes that's the way it works. If they pay the tax during the period of time the state
has put on it you will get the money you paid on the lien plus the interest it accumulated during that time. The house she bought was sold to her for the amount of tax that was due on it. She did not buy the lien. So she got the deed when she paid for it.
@jwfarrimond (4473)
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11 May 09
Yes, that's the other way. I was thinking that if she'd just bought the tax lien certificate, she'd better not get too settled in 
However she's free and clear with it. I think that there will be a lot more opportunities like this in the future.
However she's free and clear with it. I think that there will be a lot more opportunities like this in the future.
@nj3mil (8)
• United States
11 May 09
I'm not sure how this stuff works either...but I'd love to get some more information on it from any one who knows anything about this subject. Two thousand dollars for a three bedroom, two bathroom house is unbelievable!
What state did your daughter buy the house in? I have noticed that land and real estate in less populated states is much cheaper than it is in crowded, more densely populated states.
@jellymonty (2352)
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11 May 09
wow that really sounds good. I've never heard about tax homes but I sure would like to know more.. I am house hunting at the minute so this really helps me.. please send me some more info... cheers
