The dream of owning a vacation home in some sun-drenched overseas location is one the majority of us share, and because real estate proves itself time and again as a solid long term investment commodity, many more people are committing to purchasing real estate abroad as an investment that they and their family can also enjoy and benefit from.
California property taxes are due in two equal installments. The first installment is due November 1 and delinquent December 10th. The second installment is due February 1 and delinquent April 10th. Late payments adds a 10% penalty to the property tax bill. Unpaid properties are considered tax defaulted if not paid in full by June 30 of each year. Starting July 1, title to these parcels is vested in the name of the state and interest on any unpaid bill begins to accrue at a rate of 1.5% per month (18% per annum).
Online and Public Auctions.Similar to how California runs its tax year, tax deed sales are a little different in California. The tax deed to a parcel is not put up for sale for at least five years after the property tax bill becomes delinquent. In California, the \”redemption period\” starts when the property becomes tax defaulted on July 1 of any given year, and ends when the property is offered for sale to investors at a tax deed sale five (or more) years later. In most other tax deed states, tax-defaulted properties go up for sale shortly after they first default, but property owners are given an opportunity to essentially buy back their property even if the tax deed was already sold at a sale. Barring a county error and/or a successful lawsuit by the former property owner, a property in California may not be redeemed once it is sold at a public auction. In other words, there is no extended right of redemption in the State of California.
California tax deed sales use the premium bidding method. The minimum bid is equal to the amount of taxes, interest, penalties, and fees due upon the property. Most counties only hold an auction once during a year; however, some counties hold more than one per year.Generally, California property owners have up to the day before the tax sale to redeem their property. If possible, investors planning to participate in a California tax deed sale are advised to check the sale list just prior to the sale. This may entail contacting the county tax collector office directly, or checking the county or third-party Web site.
Bid4assets is a third-party Web site that holds online auctions for 28 California counties, including Alameda, Fresno, Kern, Santa Cruz, San Francisco, Solano, San Diego, and San Bernardino. Tax sale lists for Bid4Assets counties generally become available three to four weeks before the online auction. The Bid4Assets Web site has all of the information you need about each auction, including contact, registration and deposit information.
4. Place the property 1 to 2 percent below market value: If you are wanting to flip real estate and make money the object is to buy and sell the property as quickly as possible, so that you can move on to the next house. If you purchase a house and try to sell it at top dollar to make and extra couple of thousand dollars on your flip, and end up holding it for 6 months you are loosing money. Get the house on the market at a price that is going to blow the competition away, and you will sell it no matter what the market conditions.
Tip Four – Accessibility and Desirability.If you\’re thinking about making an income from your vacation home or even hoping to holiday in it yourself regularly, one of the most important factors to bear in mind is the accessibility or otherwise of your vacation home. If your real estate is difficult to reach, with many miles to traverse and complicated and expensive plane journeys to plan, then it will just become a less desirable commodity over time. While a vacation involves getting away from it all and escaping every day life, a vacation destination and home should be easy and affordable to reach.
5. Use a real estate agent – Do not try to sell you house on your own. Harness the power of a real estate agent and the power of the MLS system. When you do a FSBO you are depending on people driving by your house and seeing you sign, with a real estate agent you have some one actively marketing you house to get it sold. Once again this will free up more time for you to look for more great deals. If you want to help the process I have found that craigslist and listing you house in google adwords help to, but I use these tools with the help of a agent to make sure I have all my bases covered.
I hope this article has been helpful with the basics needs of flipping a house. If you will study and learn you will make money. But, do your homework before you purchase a house, and make sure that you can pull a profit on your deal. Then, make it happen!
Want to find out more about Houses for Sale in California, then visit Severica Vintila\’s site on how to choose the best Real Estate for your needs.
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