In our weekly question segment, we answer Ken’s question about how long he would have to close on properties purchased at a tax sale. Watch our video to listen to the answer!
Transcript:
Hey there! Casey Denman here with TaxSaleAcademy.com, answering your weekly question. This week’s question comes to us from Ken. And Ken says, “How long do I have to close on properties purchased at tax sales?”
Ken, first off, thank you very much for your question. The answer here can vary from state to state, county to county and from auction company to auction company. With that said, you typically don’t have a whole lot of time whatsoever to close on these properties. Most counties, for instance, will tell you that you have to close or you have to pay for the property within one hour of the auction ending. In other counties, they allow you till the end of that business day. And in the more lenient counties, they actually allow you 24 hours to close.
So your answer is you don’t have a lot of time. As far as the specifics, obviously, you should check with the county or the auction company that handles the auctions for the particular area that you’re interested in. But you definitely don’t have time to get a bank loan or to get any of that nonsense taken care of. If you’re going to, find out some way to finance a property ahead of time. Maybe it’s through a personal line of credit or a credit card, a loan from a friend or whatever it is. You need to figure all that out long before the auction gets here. You have to have all your ducks in a row because there won’t be time to figure it out once you are the winning bidder.
Ken, I hope this has answered your question. If you have a follow-up question or if anybody else has any questions about tax sale investing, head on over to my website at TaxSaleAcademy.com, which you can do by clicking the blue link at the bottom of this video. Again, it will take you to TaxSaleAcademy.com. Once you get there, submit your question, and it’s very possible I’ll give you a video response just like this one.
Have a wonderful day, folks! Bye-bye.