Archives for June 2014

St. Louis Tax Sales Make Money

St. Louis Tax Sales make money.  St. Louis Tax Sales happen because of non payment of Real Estate Taxes.  St. Louis County holds its largest sale every August and St. Louis City holds sales four times a year as the properties are sold in geographical regions.  The procedure to purchase property differs greatly between the County and the City.  The City goes through a judicial process, and the County does not.  The County is part investment for First and Second Sales, the purchaser, for his or her money, receives a Certificate. All is not lost for the homeowner.  The homeowner has one year to to pay the back taxes.  The purchaser will in return receive his or her money back plus 9% interest. St. Louis Tax Sales in the County are coming up and you need to be prepared. A smart investor is an informed investor. Do your homework for each property you want to bid on. Go to Google Maps or drive by the property.  Remember, you can not go inside.  You should be careful not to walk on the property as you may get shot.  Look at values of comparable houses in the area.  This can be done on Zillow.com or viewing the St. Louis County Collector of Revenue website.  Determine how much you can spend and presume the worst about the interior condition.

Now that you own the Certificate, you job, or that of your attorney, is just starting.  NOTICE must be given to all interested parties at least 90 days before the expiration of the one year right of redemption.  Obtain a title report so you know who and where to send the notice.  Send the notice by regular first class mail and certified mail.  Failure to give proper notice will cause you to loose the property. Once this is done and the one year has expired, you can complete an affidavit and obtain a Collector’s Deed.  You now own the property but still you do not have clear title.  It is recommended that you file a lawsuit to “Quiet Title” the property.  A judgment on quiet title will allow you to obtain title insurance which will increase your ability to sell the property.

St. Louis Tax Sales Make Money.  Now, go find your diamond in the rough.