Prepare for, and Attend an Auction
Sign up and get registered. Many counties have specific guidelines on signing up early, sometimes a week in advance. Get your money in order and decide whether you are buying in your name or a business name. Read the rules on the county’s website but also check the tax sale laws of the state.
Go to a live sale with cashier’s checks made out in different denominations. That is, if you plan on spending $5,000, then you may want to have two cashier’s checks made out for $2,000 and one for $1,000. You will also need to fill out a government 1099 form, where you will either need a Social Security Number (SSN) or an Employer ID Number (EIN).
If you are attending an online auction, you will need to fill out an ACH form, or some auction sites will allow credit cards. Instructions are mostly easy to navigate but remember in some states you may be required to put up a deposit, so you need to know how much you plan on spending. For example, in Florida you are required to deposit $200 or 5% of your bid.
To summarize, check the rules of a sale you are interest in, make sure you register in advance, and pay the necessary deposit.
Happy Investing,
Gus and Mike
Authors/Investors | https://taxforeclosuresales.com/training/
P.S. Would you like to learn more about due diligence and navigating auctions? Premium membership includes access to an online course plus ongoing mentoring support, but first let’s work through your last lesson (Lesson 7).
https://taxforeclosuresales.com/training/
