Foreclosure Fortunes in Missouri

News Flash!

Now is one of the best times to invest in foreclosures in the last 25 years and Missouri may well be one of the best places!

Why?

Banks are desperate to clean their books and get rid of non-performing assets.
Many home owners are overextended with too much house and not enough money.
Taxes are not being paid on time, and
Gloom and doom is in the air.

Ironically, the problems that have occurred on the coasts have affected the Midwest, yet our economy remains strong. So what can you do about it?

Get in the game now!

Buy a foreclosure or a tax deed for 50% off. Invest in tax lien certificates while the competition is limited and the liens are plentiful.

Come join me this weekend and I will show you how we are buying foreclosures for $20,000 that are worth $80,000. Come join me this weekend and I will show you how we are buying foreclosures for $14,000 and renting them for $600 to $800 per month with a waiting list of over 20 people. Come join me this weekend and I will show you how you can buy tax lien certificates for only a few thousand dollars with the potential to foreclose in only one year and take ownership for only the taxes owed or earn a guaranteed 10% if redeemed.

Remember, the Missouri tax lien sales only occur once a year and we only have one Missouri tax lien seminar so don’t miss out on this opportunity.

Enroll now by calling us at 913-381-4520 or visit this link: http://www.rogueinvestor.com/tax_lien_course.html.

Missouri Tax Lien Sales (2008)

Missouri tax lien sales are coming up this Monday (August 25, 2008). By law Missouri sales occur only once per year on the fourth Monday of August. All sales in all counties occur at the same time. This makes it difficult to corner the market and attend more than one sale at the same time. Missouri also makes you find a resident of the county to sign an affidavit making it nearly impossible to attend a sale without knowing someone in the county. All of these factors help reduce the number of bidders and keep the sales interesting for investors like you and me. Fortunately, as a Rogue Investor member we can help you register!

Missouri tax lien sales are governed primarily by Chapter 140 of the Missouri State Statutes. Tax lien sales in all counties are held annually on the fourth Monday in August (RSMO 140.150). The sale is conducted by the Tax Collector.

If you are a Missouri resident, at least 18 years of age, and you provide the Tax Collector an affidavit attesting that you owe no delinquent property taxes, then you are eligible to bid at the tax sale. Non-Missouri residents must consent to jurisdiction of the county circuit court and appoint a county resident as the bidder’s agent (RSMO 140.190). The bidder, or his/her legally designated representative, must be present at the tax sale to bid.

In most Missouri counties, properties are offered at the tax sale when taxes are more than one year delinquent on June 15th and have not been paid in full by the day of the sale (RSMO 140.150 and 140.160). The county is required to advertise its tax sale properties in a newspaper of general circulation three consecutive weeks before the sale, with the last advertisement at least 15 days prior to the fourth Monday in August (RSMO 140.170). Properties are listed as 1st, 2nd, 3rd, and 4th offerings, based on the length of time the property has been in delinquency.

The minimum bid on a property is the amount of taxes, penalties and sales costs owed. Bidding is competitive, with bidders bidding on what they believe a property is worth. The highest bidder wins the tax lien certificate.

For first and second property offerings, there is a one-year redemption period following the tax sale during which the property owner can pay the amount of the certificate holder’s original investment, any subsequent taxes paid, plus interest. This period can be extended depending upon when the certificate holder chooses to act under RSMO 140.405. For third property offerings, there is a 90-day redemption period. Certificates purchased before August 28, 2003 may have a 2-year redemption period. Fourth offerings are basically tax deeds, as there is no redemption period. (Taxing jurisdictions that are referred to as first class charter counties may elect to conduct tax deed sales instead of tax lien sales. Currently, only Jackson County and the City of St. Louis offer tax deed sales).

If the property sold has not been redeemed during the redemption period, the certificate holder can apply for and receive a Collector’s Deed to the property. In any event the certificate holder must act in time to receive a deed within two years of the date of purchase to avoid losing interest in the property (RSMO 140.410).

If the property is redeemed, the tax and costs portion of the certificate holder’s original investment will earn simple interest at the rate of 10% per annum. No interest will be paid on the surplus; i.e., that portion of the investment which is in excess of the taxes and costs. Any subsequent taxes that the certificate holder pays will earn simple interest at the rate of 8% per annum (RSMO 140.340).

If the property is not redeemed during the redemption period, the certificate holder must follow the procedures described in RSMO 140.405 before being eligible to receive a Tax Collector’s deed. This statute is confusing to most people, so consultation with an attorney is recommended to ensure compliance.

Some title companies may require a “Quieted Title” before issuing a title policy to the land (RSMO 140.410).

Here are the lists for a few Missouri counties:

Boone County
tax sale information: http://www.showmeboone.com/COLLECTOR
tax sale list: http://www.showmeboone.com/COLLECTOR/WebPublish/RealEstate/webtaxsalead.pdf

Clay County
tax sale information: http://www.claycogov.com/taxsale/tax_sale_guidelines.pdf
tax sale list: http://www.claycogov.com/taxsale/tax_sale_list.pdf

Greene County
tax sale information: http://www.greenecountymo.org/spane/taxsale2.htm
tax sale list: http://www.greenecountymo.org/spane/taxsalelist1.htm

Platte County
tax sale information: http://www.co.platte.mo.us/docs/collector/del_tax_brochure.pdf
tax sale list: http://www.co.platte.mo.us/docs/collector/06delinquents08sale.pdf

Happy Investing,

Michael Williams