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Thread: Tax Liens in NYC

  1. #1

    Default Tax Liens in NYC

    I looked on the Dept of Finance's website. They hold tax lien sales, they publish a catalog, then they say that you can't just buy a tax lien.

    Does anyone know how you go about getting allowed to bid?

  2. #2

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    Quote Originally Posted by MikeW
    I looked on the Dept of Finance's website. They hold tax lien sales, they publish a catalog, then they say that you can't just buy a tax lien.

    Does anyone know how you go about getting allowed to bid?
    I have also looked into tax lien investing in NYC -- from what i understand, the city "outsources" its tax lien process to a third party (the name of which escapes me) which then services the lien for a period of time (effectively trying to get the property owner to pay up) recieving a fee to do such, and will eventually auction off the property or the lien if the property owner never pays up....it is from this company that you can buy liens and or foreclosed properties as opposed to directly purchasing from the city...

  3. #3

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    I called the DOF. They didn't say there was one company, but that they'd only deal with companies that were "big enough". They didn't want to deal with individuals.

    I also wouldn't mind finding out who the middlemen are.

    Quote Originally Posted by jsgardinier
    I have also looked into tax lien investing in NYC -- from what i understand, the city "outsources" its tax lien process to a third party (the name of which escapes me) which then services the lien for a period of time (effectively trying to get the property owner to pay up) recieving a fee to do such, and will eventually auction off the property or the lien if the property owner never pays up....it is from this company that you can buy liens and or foreclosed properties as opposed to directly purchasing from the city...

  4. #4

    Default

    Quote Originally Posted by MikeW
    I called the DOF. They didn't say there was one company, but that they'd only deal with companies that were "big enough". They didn't want to deal with individuals.

    I also wouldn't mind finding out who the middlemen are.
    Finally dug up the name of the company I was thinking of: J.E. Robert Companies (www.jer.com). They have a servicing arm that services the liens and then auctions off the remaining liens and properties. They also run a real estate PE shop that invests in (i think) distressed property. In addition to NYC, they service liens in other cities too...

    Hope this helps a bit...it would be great if you can forward me (or post) anything meaningful that you find as i will do the same....

  5. #5

    Default

    I read through the site. It looks like individuals can't do anything related to tax liens. The first shot anyone has is when the properties get forclosed and auctioned off.


    Why do I get the feeling that the Tax Lien Trusts and the JER company get to siphon off the best properties? This game sounds pretty fixed.

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