Tax sales in Michigan are excellent for beginners since this state has such a user-friendly process. Find out why.
Tax sales in Michigan can seem daunting, especially if you’re new to the process. No worries, we’ve compiled the essential information to give you a leg up in your pursuit of excellent deals on real estate in Michigan.
In this article, we’ll discuss the type of tax auctions held in Michigan, when they typically occur, how to easily find tax sales and where to get a tax delinquent properties for sale list in Michigan. Plus, we’ll reveal a unique and convenient payment option available at tax sales in Michigan that may pleasantly surprise you.
Michigan is a user-friendly state for tax delinquent real estate investors, which is why tax sales in Michigan are a great place for beginners to get started. Let’s talk about why this is.
Key Takeaways
- Michigan tax sales offer opportunities to acquire property through tax deed auctions.
- Stay informed about current rules and auction schedules by checking county websites and dedicated tax sale resources.
- Be prepared to pay for your winning bid, potentially with a credit card, but be aware of additional fees that may apply.
Essentials of Tax Sales in Michigan
Does Michigan Hold Tax Lien or Tax Deed Sales?
In Michigan, tax deed sales are conducted, which means you’ll gain ownership of the property by being the highest bidder at the auction. Opening bids begin at or near the back taxes, making it possible to acquire real estate for pennies on the dollar at tax sales in Michigan.
What’s the Schedule for Tax Deed Sales in Michigan?
Tax deed sales in Michigan typically occur during the summer months, such as July, August, and sometimes September. Keep an eye on county websites and other resources like Michigan’s Tax Sale Info site for any changes in timing.
Are Michigan County Tax Auctions Online or In-Person?
Michigan currently holds live auctions in auction rooms where you can physically attend. However, nowadays tax sales are increasingly being held online or both in-person and online simultaneously, so always check for updates.
What Ways Can You Pay at Michigan Tax Deed Sales?
While you can pay with wire transfer or certified check, Michigan is one of the few states that accept credit card payments at tax auctions. However, note that if you pay with a credit card, you may encounter a 2.75% fee added to your winning bid amount.
Getting Ready for Tax Sales in Michigan
Before attending an auction, research the tax deed properties you’re interested in by checking county records and physically visiting the properties. Don’t rely solely on Michigan’s SEV (State Equalized Value) amount, which could be out of date. Always be well-informed with the most current information about any property you plan to bid on.
Role of the County Treasurer at Property Tax Auctions
The county treasurer has immense power over the auction process, including the ability to change the rules during the auction. Be aware of the treasurer’s presence and influence during any Michigan tax deed sale.
Addressing Unsold Tax Defaulted Properties
When properties don’t sell at tax sales in Michigan, the county may decide to hold another auction, called a “no-reserve auction” in a short time frame, sometimes starting with a bid as low as $100 just to sell a property quickly. The treasurer has the authority to make executive decisions on selling leftover properties, so stick around, you may be able to get an amazing deal on a property that didn’t sell the first time around.
A Well-Informed Approach to Michigan Tax Deed Sales
At tax sales in Michigan, counties sell tax deeds rather than tax liens, which enable you to purchase tax delinquent real estate outright for 10, 20, or 30 cents on the dollar and get the properties without a mortgage.
If you’re an investor looking to dive into Michigan tax deed sales, it’s essential to know the intricacies of the process and stay updated. Michigan’s site Tax-Sale.Info is a helpful resource for comprehending the overall landscape of tax deed sales in the state, and information can also be found on the individual county websites.
Before attending tax sales in Michigan, take the time to research and investigate the properties. We can’t stress enough how important it is to know what you’re buying before you place a bid on it. Always do your due diligence.
The government is serious about these sales, and you should approach them with the same level of seriousness. As an investor, maintain a confident, knowledgeable outlook. Armed with information, you can make the best decisions for your investment future.
Conclusion
Tax sales in Michigan provide an exciting opportunity to purchase mortgage-free real estate for as little as the unpaid back taxes, and this state is very user-friendly, making it perfect for beginners.
If you know the rules and do your homework, you can achieve financial freedom via tax deed investing in Michigan or any other tax deed state, working 7 to 10 hours a week and doing as few as 2 or 3 deals a year since you can earn $25,000, $50,000 or more from just one deal. Once you understand the process, you have a valuable skill that you can keep repeating all the way to financial independence.
If you’d like to know more about tax lien certificates and tax deed investing Ted Thomas provides full support and complete training with home study courses, Q&A webinars, live tutorials, workshops, web classes, auction buying tours, personal coaching with certified coaches, and an interactive map and auction calendar research tool that allows you to visit each county online to find the details about upcoming auctions.
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