Ask away.Roger *******************Cool! For starters, what do you mean by a TSC?I think I understand the concept and the auction process. What I am looking to understand is what happens after the auction. Let me sketch out what I think happens, and maybe you can correct my errors and fill in the blank, OK?So I find out about an auction and research the properties on which there are liens. My due diligence is probably going to focus on what the property is (i.e. is it good collateral and where is it) and who the owner is (individual primary home, vacation home, developer, commercial real estate of some sort, etc.). Once I scope out properties with which I am comfy, I attend the auction at which I play the bid down the rate game and hopefully purchase a few liens. I pay up for the liens and then the delinquent property owner has two years to pay. During that time, I earn whatever rate I agreed to in the bidding process and the applicable penalty (2% or 5%, depending on the size of the lien). If the owner pays up, the municipality cuts me a check. If not, I somehow have the right to foreclose and take ownership of the property. I'm a tad hazy on this part of the process.Questions:- Is what I have described accurate?- Once I buy a lien and pay for it, do I need to do anything other than wait?- If I don't get paid after two years, what is the process to foreclose? Is it time-consuming and expensive?- What am I missing?- Any idea what kinds of rates are being gotten at auction?Tkanks very much for your offer of enlightenment. It simply isn't that easy to find much out about tax lien investing.
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