High Tax Lien Collections Success in Colorado Ski City
If you buy tax liens with the aim of foreclosing on the property and taking it over for a minimal investment, then you might want to steer clear of Steamboat Springs, Colorado. While the county (Routt) anticipates selling off about 300 properties and recouping about $1.3 million delinquent property taxes, the area’s chief deputy treasurer Lila Stucker says that in Routt county, about 99.96 percent of property owners ultimately pay up[1]. Not only does Stucker expect that the number of properties for sale will decline by the actual November 4 sale, but she adds that a number of owners of the properties, already published in the local paper, have called to let the county know that the check is in the mail.
One longtime local tax lien bidder says that “It’s extremely rare that anybody actually goes to deed,” partly because the parties have another three years to pay off the tax bill. As a result, that bidder said, you should not bid down the interest because that interest is where you are going to make your money if you buy tax liens in Steamboat Springs.
Does this demographic sound appealing to you, or are you just in it for the deeds?
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[1] http://www.steamboatpilot.com/news/2010/oct/24/tax-lien-numbers-down-values-routt-county/