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Our Transparent Approach
50EAST exclusively offers over the counter (OTC) tax deeds that our company does not purchase. 50-EAST present these deeds to fellow real estate investors to see if there's interest before returning them back to the state. OTC tax deeds are properties that have been put up for auction due to unpaid property taxes but were not sold during the initial tax deed auction. After the auction, these unsold tax deeds become available for purchase directly from the county or municipality, often at a significantly reduced price.
Here’s a breakdown of how OTC tax deeds work:
1. Tax Delinquency: Property owners fail to pay their property taxes, prompting the county to take action to recover the owed amount.
2. Tax Deed Auction: The county holds a public auction where these tax-defaulted properties are offered to the highest bidder.
3. Unsold Properties: Some properties do not attract any bids during the auction. These unsold properties are then moved to an over-the-counter status.
4. OTC Availability: These properties are made available for purchase directly from the county, often at a set price that includes the unpaid taxes, interest, and any additional fees.
5. Purchase Process: Interested buyers can view the list of available OTC tax deeds on the county's website or at the county office. They can then submit a purchase application and payment to acquire the deed to the property.
6. Clear Title: Unlike tax lien certificates, purchasing a tax deed typically grants the buyer ownership of the property, subject to any redemption period during which the original owner can reclaim the property by paying the owed amount.
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Disclaimer!
All information provided herein is deemed reliable but not guaranteed. The seller and/or agent make no representations regarding the accuracy or completeness of the information. Buyers are encouraged to conduct their own due diligence and consult with professionals before making any purchase decisions. Properties are sold 'as-is.