How To Buy Tax Delinquent Homes In Mi
If you are looking to make money in the floundering real estate market in Michigan, learning how to buy tax delinquent homes in MI is one way to find available properties. Tax delinquent homes in Michigan are regularly sold for a fraction of what they are worth, allowing buyers to purchase them, fix them up and sell or rent them, making money in the process. Buying tax delinquent homes in Michigan is very straightforward, proving you research the available homes and have your payment ready.
Find a tax delinquent home to buy. Visit the Department of Treasure of the state of Michigan's real property tax forfeiture and foreclosure website to locate a listing of parcels subject to auction for delinquent taxes. This will list each property scheduled for auction and the details of the homes available. Use this list to find one that interests you.
Research the tax delinquent homes. Before you buy, even at pennies on the dollar, you will want to find out as much about the home as possible. In addition to paying back taxes, you will responsible for any outstanding utility bills, repair or demolition fees and homeowners insurance. Similarly, you will want to have a general idea of the condition of the home as many may need significant renovations to bring them up to local building code and make them habitable. Take into account all of these conditions and costs before deciding to purchase a tax delinquent home.
Prepare your payment. Before you attend an auction for tax delinquent home in Michigan, you will need to make sure you have payment for any home you purchase ready. Payments on winning auctions must be paid within one hour of the auction closing. The state of Michigan accepts cash or cashier's checks for any total payments under $1,000 and only accepts cashier's checks for payments over $1,000. Personal checks, credit cards and money orders are not accepted.
- Attend a tax delinquent auction and buy. Depending on the county in which the tax delinquent home is located, the auction policies will vary. Some counties allow bids to be made online, where as others will require the auction to be held in person, with those interested required to attend and bid on the spot. All auctions require bidders to be over the age of 18 with proper identification. If you win the auction and make your payment within an hour, the house is yours. After paying all back taxes, you will receive the property deed within 30 days, at which time you can begin to use the property, contact any tenants, if applicable, and take the next steps to sell, move into or rent the property.