Ever dream of snagging a house for just $100? Believe it or not, you actually could have – at least in Riverside County’s tax deed sales! Until recently, the minimum bid for these auctions was a shockingly low $100, with over 150 properties up for grabs at that price just two years ago. Sadly, those days are gone. The latest auction in April 2024 saw the minimum bid jump to $1598.
But don’t despair! While not as cheap, this new price still represents a considerable discount – up to 90% off market value! And who knows, those $100 deals might just make a comeback next year!
Ready to see how you could still land a fantastic deal, even without those $100 steals? This blog post guides you to understanding Riverside County’s tax deed sales. We’ll cover everything from how the auctions work and where to find properties to the steps you need to take before considering bidding. Plus, we’ll share expert advice from Ted Thomas, a tax deed pro, so you can avoid common traps and make smart choices. Let’s explore how to turn a small investment into a valuable property!
Quick Glimpse: What to Know About Riverside County Tax Deed Sales
- Score Big on Properties: When homeowners fall behind on property taxes for more than 5 years, you can buy those properties at auction – often for less than their market value.
- $100 Deals Are Gone, but you can still find incredible discounts (we’re talking 90% off!) at Riverside County tax deed sales.
- Bid Online with Bid4Assets: Riverside County partners with Bid4Assets to make bidding easy. You can browse properties and place bids on your computer.
- Become a Tax Deed Pro: Learn insider secrets and strategies from Ted Thomas, a tax deed expert, and gain the confidence to navigate these auctions successfully.
What is a Riverside County California Tax Deed Sale?
Riverside County, CA, tax deed sale is a public auction where tax-delinquent properties or properties with unpaid property taxes are sold to recover tax revenue, and you can get a steal of a deal! Think of it like this: When someone doesn’t pay their property taxes for a while, the Riverside County government forecloses on the property and sells it on an auction called a tax deed sale to make up for the lost tax money.
But what exactly is a tax deed? It’s a document the auction winner gets from the government, officially making them the new property owner! Of course, there could be a short waiting period (called a “redemption period”) during which the original owner can still try to pay their property taxes and get their property back. However, this “extended right of redemption” is not observed in Riverside County or in California in general.
According to CA Rev & Tax Code Section 3707, “The right of redemption terminates at the close of business on the last business day prior to the date of the sale.” As such, if the original owner hasn’t paid their property taxes a day before the tax sale, the property will then belong to the winning bidder immediately.
As an investor, the guarantee of acquiring the property in a Riverside County tax deed sale is especially attractive, particularly for those looking to add properties to their portfolio rather than just earning interest. The best part? You can secure these properties at a significant discount compared to their market value!
Unpaid Property Taxes Penalties and Fees: Decoding the Minimum Bid
The minimum bid is based on unpaid property taxes and the penalties and fees that accumulate—sometimes for years! Understanding these costs is critical for spotting potential bargains, knowing when it might be best to walk away, and even getting a sense of the property’s history.
Here’s how those penalties and fees add up in Riverside County:
- Initial Penalty: If a homeowner misses the December 10th deadline for the first property tax installment, a hefty 10% penalty is added to their bill. The same goes for the second installment, which is due April 10th.
- Administrative Charges: On top of the 10% penalty, missing the second installment deadline means the homeowner will be hit with additional administrative charges.
- Tax Default and Monthly Penalties: If the property taxes haven’t been paid by June 30th, the property is officially “tax defaulted.” A 1.5% monthly penalty is added to the unpaid property taxes, which can add up quickly.
- The Power of Sale: After five years of accumulating penalties and fees – plus the cost of conducting the auction itself (including advertising and administrative expenses) – the county gains the right to sell the property. The minimum bid at a Riverside County tax deed sale reflects the original unpaid property taxes and years of added penalties, interest, and administrative costs.
Source: Delinquent/Defaulted Property Tax Information, Riverside County Treasurer-Tax Collector’s Office.
Ted Thomas Pro Tip: Watch for properties with really high minimum bids. If a property has been up for sale for a long time (way longer than five years) because of unpaid taxes, there might be a reason why other investors haven’t bought it. It could have hidden problems or need a lot of repairs. These properties might be worth checking out but, be extra careful and do your homework!
Now that you understand the basics of tax deed sales, let’s address the elephant in the room: those legendary $100 deals.
If The $100 Bids Are Gone, Are Riverside County Tax Deed Sales Still Worth It?
Remember when you could snag a property in Riverside County for a mere $100? Those days might be gone, but that doesn’t mean the opportunities are dried up. Let’s explore how the market has evolved and whether these sales still hold value for savvy investors.
A Look Back at the History of $100 Deals
Riverside County tax deed sales used to attract bargain hunters like moths to a flame. The chance to buy properties for a fraction of their market value created a lot of excitement among investors. Here’s a look at how the market has changed:
- 2019: In the seventh year of online auctions, 778 properties went up for grabs, with starting bids as low as $100. (Desert Sun)
- 2020: The starting bid for nearly 80 out of over 800 properties was only $100. (NBC Los Angeles)
- 2021: The number of properties with $100 starting bids doubled to over 173. Even more impressive, 300 properties saw their minimum bids slashed to $100 on the second day of the auction. (News Wire)
- 2022: The trend continued with over 150 properties starting at $100, but the total number of properties for auction dropped slightly to 590. (Yahoo Finance)
- 2023: The number of properties with $100 starting bids dwindled to just two out of 267. This shift signaled the growing awareness of these incredible deals among investors. (Yahoo Finance)
- 2024: The county offered 152 properties for auction, but the minimum bid rose to $1,598. This could be due to increased competition or a smaller pool of available properties. (Bid4Assets)
So, Is it Still Worth It? YES!
Even though you won’t find houses selling for $100 anymore, Riverside County tax deed sales can still be an excellent way to find property deals. It’s just a little more competitive now.
Case in Point: 26395 Hayden Ln, Menifee, CA 92584.
This property, estimated to be worth around $500,700 by Zillow and $422,463 by Redfin (an average of $461,561.50), went up for auction with a starting bid of just $21,985. And guess what? No one else bid! The lucky winner walked away with a whopping 95% discount!
This incredible deal proves that even in a more competitive market, Riverside County tax deed sales still offer the potential for tremendous savings.
Where to Find the Riverside County Tax Deed Sale Property List
Ready to start hunting for your dream property at a fraction of the price? Here’s where to find the hottest listings in Riverside County tax deed sales.
- Local Newspapers: The Press Enterprise, The Desert Sun, and the Palo Verde Valley Times are invaluable sources. By law, the sale is advertised three times at seven-day intervals, with the first notice appearing at least 21 days before the tax sale date.
- Bid4Assets: Riverside County has partnered with Bid4Assets to manage its online tax sale auctions. This independent contractor is fully responsible for conducting the sale.
Ted Thomas’ Magic Interactive Map: The Best Way to Find Tax Deed Sales
While the resources above are packed with helpful information, there’s a much easier way to find the auction list for Riverside County –with Ted Thomas’ Magic Interactive Map.
This user-friendly tool does all the heavy lifting for you, allowing you to locate tax-defaulted auctions in all counties across every state effortlessly. This map clearly shows the date of each upcoming auction, the county where it will be held, and whether it’s a tax deed state or a tax lien state. You’ll also see whether the auction is available online or in person and the number of properties or parcels up for grabs. Click on your state on the map, find your county, and you’re all set!
For Riverside County, click on California, select Riverside County, and easily access up-to-date information on the upcoming tax deed sale.
Riverside County Tax Deed Sale Auction: Need to Know Details
Now that you know where to uncover those incredible properties for auction in the Riverside County tax deed sale, let’s get down to the auction details. Important Note: Unless stated otherwise, all information in this section comes directly from Bid4Assets.When and Where the Action Happens
- Date: For 2024, the auction has already concluded. However, it typically takes place around April-May each year.
- Location: Conducted online at Bid4Assets; this platform operates independently on behalf of Riverside County.
- Time: The tax sale kicks off at 8:00 a.m.
Auction Format
- Bidding Increments: Bids increase in $100 increments.
- Auto Bid System: The auto-bid feature automatically places your bids to your maximum limit. You’ll receive notifications if you’re outbid. If there’s active bidding in the final minutes, the auction goes into overtime to ensure everyone has a chance.
- Payment Methods: Wire Transfers or Certified/Cashier’s checks payable to the Riverside County Treasurer-Tax Collector.
- Deposit: A refundable $2,500.00 deposit and a $35.00 non-refundable processing fee per item purchased are required.
Post-Auction Process: What Happens if I Win?
- Secure Your Property: Within 48 hours of the auction’s close, submit your deed information using Deed Wizard. Deed Wizard can be found on the main page of your Bid4Assets account.
- Ownership Transfer: According to Riverside County Treasurer-Tax Collector, your tax deed will be recorded within 60 days. Once that happens, the property is officially yours, free and clear! This includes wiping out any old mortgage/ deed of trust loans and other problems or debts – with a few exceptions we’ll talk about later.
- Expect Additional Costs: Be prepared for transfer taxes, such as the California Documentary Transfer Tax and the City of Riverside’s Real Property Transfer Tax.
- Title and Improvements: Be aware that you must wait one year to obtain title insurance or begin making improvements to the property. This is to ensure the validity of the sale, as per California Revenue and Taxation Code Section 3725.
- Stay Informed: After the auction, you’ll receive notifications with detailed settlement instructions. Non-winning bidders will receive their deposits back. Remember to have your funds ready for a quick payment to secure your purchase!
Preparing for the Riverside County Tax Deed Sale: Due Diligence
Before you jump into bidding on a property at a tax deed sale, it’s crucial to do your research. Think of it like preparing for a big test – you must know what you’re getting into! Here’s what to look for:Check the Property’s History and Future:
Title Search: This is like checking the property’s “report card.” You need to find out if there are any problems with the property’s ownership. Essential Things to Look For:- Liens: Are there any debts or legal claims against the property? (Think of it like a big unpaid bill that could affect you.)
- Easements: Do others have any rights to use the property, like a neighbor’s right to have a driveway across your land?
- Government Interests: Does the government have any plans for the property, like building a road or park?
- Improvement Bond Liens: Is there a debt against the property because of renovations?
- Federal Liens: Does the federal government have a claim on the property, like unpaid taxes?
- Mortgages: Don’t worry; mortgages are removed when a property is sold at a tax deed sale in Riverside County.
- Zoning: This is like the “rules” for using the property. It could say if you can build a house on it, start a business, or something else. You don’t want to find out after you buy the property that you can’t use it how you want.
- California Revenue and Taxation Code: This is the official legal guide. Chapter 7 of Section 3712 has a detailed list of everything to watch out for.
- Riverside County Planning Department: This is where you can find information about the property’s specific zoning restrictions.
How to Participate in the Riverside County Tax Deed Sale with Bid4Assets
Bid4Assets, is an online auction site, the official partner for Riverside County tax deed sales. To participate, you’ll need to register with Bid4Assets. Here’s a quick guide to getting started:- Create an Account: Click here to register with Bid4Assets.
- Watch the Video: This video below will walk you through the process of setting up your Bid4Assets account, finding the Riverside County auction, and placing your bids:
Before You Bid: Gain the Ted Thomas Edge in Tax Deed Sales
Ready to dive into the world of tax deed auctions? Before you start bidding, get the inside scoop from Ted Thomas, a master of the game with over three decades of experience. Ted’s course gives you the tools to avoid costly mistakes and land winning bids. Imagine knowing how to:- Uncover hidden risks: Ted shows you how to do your homework and find potential problems with properties before you buy.
- Become a bidding pro: Learn the insider secrets to outsmart the competition and snag the best deals.
- Master the post-auction game: Get the proper steps to secure your property and turn it into a money-maker.
- Explore your options: Discover how to get the most out of your investment, from fixing it up and selling it to renting it out.
Frequently Asked Questions
How can I obtain the Riverside County delinquent property tax list?
You can find the delinquent property taxes and tax-defaulted property inventory list through the Bid4Assets’ Riverside County Tax Sale Page.
What are the upcoming dates for Riverside County tax deed sales?
This year’s Riverside County tax deed sale has already concluded. Check Bid4Assets’ Riverside County Tax Sale Page around the start of the second quarter of 2025.
How does one participate in a Riverside County tax auction?
To participate in a tax auction, you must register as a bidder, submit a deposit, and comply with the auction rules detailed on the Riverside County online auction platform.
How to register for a tax deed sale in Riverside County?
Check this blog’s “How to Participate in the Riverside County Tax Deed Sale with Bid4Assets” section to learn more.
Ready to Explore Incredible Real Estate Opportunities?
You’ve now got the inside scoop on uncovering amazing real estate deals in Riverside County. While those $100 properties might be a thing of the past, tax deed sales still offer incredible opportunities for investors of all levels to purchase properties at a fraction of their market value.
Remember, careful research and preparation are crucial to success. Thoroughly investigate properties, understand the auction process, and don’t hesitate to seek expert advice. With a strategic approach and determination, you could be well on your way to securing an exceptional real estate investment.
Want to navigate the world of tax deed investing with confidence?
Start your money-making journey by attending Ted’s 7-Hour foundational training. Book your seat today to attend the Retire Rich From Home Virtual Workshop.
Want to earn massive income from bargain real estate investing? Would you like to buy mortgage-free properties for pennies on the dollar? Or earn double-digit interest rates secured by real estate? Then get started today by clicking the button below and get your FREE Insiders Report.
