Transcript:
Welcome to our tax sale start series where we’ll take one specific topic and explain it to you in less than two minutes!
Today:
Today we’ll be talking about over the counter or OTC sales.
When a property goes to auction it usually has a starting bid of the back due taxes interest and fees. That’s where the bidding starts. BUT . . . what if no one bids on the property? This could happen if it’s overlooked, if there is something wrong with the property, if no one comes to the auction or for a number of other reasons.
If this happens, in some states, the property is then offered for purchase OTC or over the counter. Most of the time the price will be for the opening bid that the property initially failed to sell at, but in some aresa they’ll discount the properties over time. You’ll simply logon to the countys’ website or actually walk into the county office, submit your payment and then walk out as the owner of the property. Very simple and easy and a fantastic way to lineup buyers prior to purchasing your property.
Be careful though as many of the OTC properties are there for a reason.
It’s important to note that OTC sales are not available in all states, so be sure to check your county for details. If you want more info aout this, I have a training class specifically for otc inesting at www.otcclass.com.
Hope this helps!
I’ll see you next time on our tax sale starter series.