ST. LOUIS CITY TAX SALES MAKE MONEY

St. Louis CITY TAX SALES make money.  St. Louis City Tax Sales happen because of non payment of Real Estate Taxes.  St. Louis City holds sales four times a year as the properties are sold in geographical regions.  The procedure in St. Louis City is a judicial process which is a court process to confirm the sale which was conducted by the Sheriff of St. Louis.

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 City Collector of Revenue website.  Determine how much you can spend and presume the worst about the interior condition.

Now that you purchased the property, your job, or that of your attorney, is just starting.  You, the purchaser, need to obtain a title report which will reveal all owners, judgments, and other lien holders such as a lender or mortgage company.  You will need to check that the Sheriff gave all interested parties NOTICE that the property was going to be sold for nonpayment of taxes.  Remember our Constitution requires proper notice be given before property can be taken away.  You want to make sure that no one comes back later and claim they did not know of the sale.  NOTICE is critical to these proceedings.  St. Louis City Tax Sales make money.  But only if you follow the rules. The court will always require you to strictly comply with the rules.

Notice must also be given to anyone who remotely had an interest in the property of the hearing on CONFIRMATION of the tax sale.  An appraiser, who you hired, will testify as to the fair market value under forced sale conditions.  Hopefully, the value is equal or less than what you paid at the sale otherwise it is possible that the Judge will require the purchaser to pay more for the property.  

Once the judgment is obtained, you have 10 days to apply for an occupancy permit,  (more money, of course).  You do not have to obtain the permit only apply for it.  Once this is done, go to the Sheriff with your paperwork and obtain your deed and have it recorded.  CONGRATULATIONS. Now you know how St. Louis City Tax Sales make money.

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