Harford County, MD, sells 459 properties for nearly $1 million; investors to reap large profits
MERRITT ISLAND, FL - Harford County, MD, just north of Baltimore, put 486 properties with past-due taxes on the auction block last week and took in nearly $1 million.
The auction saw 459 properties sold. Thirty-nine people registered for the online auction.
“That was 39 people who had the chance to invest in 486 properties. These people will earn 12 percent on the money they invested, a very good return in today’s economy. If the taxes are not redeemed, they can foreclose and own property in one of the Maryland’s fastest-growing communities,” said Ted Thomas, a noted expert in the field of property tax investing.”
Harford County is an affluent suburb of Baltimore and a coastal community as well. It’s prime real estate for people trying to move out of nearby big cities, but yet be close enough to enjoy city amenities, Mr. Thomas said.
Mr. Thomas said he expects more than 90 percent of the properties to be redeemed. That means the investors will earn that 12 percent on the money they spent. The other properties that won’t be redeemed will have new owners who got their real estate at a fraction of the fair market value.
“How much would you pay to have a home either on a bay or less than an hour’s drive from Chesapeake Bay?” he asked. “Now I want you to think about buying property like that for about 10 percent of the fair market value. Some people are going to own some excellent real estate which they can sell for far more profit than they could get just on the interest if the property was redeemed.”
The tax sale was advertised in local media and news stories also appeared online. Mr. Thomas said the 39 people who registered for the auction is pretty typical of property tax sales.
“People may know about property tax sales, but they don’t understand them. They don’t know that investors can make tidy profits and sometimes own very valuable real estate,” he said. “The fact is, this is a very safe way to invest money.”
A report in the Baltimore Sun states, “[The] winning bidders pay off county taxes and any penalties owed and then have a lien against the property until the owner either pays them back, plus redemption interest at a rate set by the county, or the lien holder forecloses and, subject to court approval, takes ownership of the property.”
For more information about investing in property tax sales, visit www.TedThomas.com.
ABOUT TED THOMAS - Ted Thomas, www.TedThomas.com, is a recognized expert in the field of property tax and distressed real estate investing. His website offers free information on how to get into this field of finance.
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