We bought a property through the auction. While not required, I would suggest hiring a lawyer that has experience with those deals. Do your research on the properties you are interested in. There may be liens on the property that you would have to pay as the new owner. The auction price is not necessarily a fair representation of the final cost. You pay 3 years of back taxes that are owed on the property and then the taxes for the current year I believe. There were some additional smaller fees. Have your financing figured out before going in. There is certainly an industry that has developed around these sales so you may be looking at some competition if it is in a desirable or up-and-coming neighborhood.

List price (or starting price) is just the sum of the back taxes owed. If the owner of the house had a loan (mortgage) on the property, then the bank will want to get paid. They may even pay the taxes themselves. You will have to call around and figure those things out. When I went a couple of years ago, there were a lot of people. I don't remember exactly, but I don't think many had competition. Although one property in the Shaw neighborhood went back and forth for a while between a few people. It went up $30k or so. Even though I didn't have anyone going against me, it was still exciting.

What's the advantage of a tax sale property compared to an LRA property? Is it that the tax sale properties tend to be in better shape?

^I believe (and I could be wrong) that once a propertey goes unsold at the tax sale, then it becomes an LRA property. So no, LRA properties are no better or worse than tax sale properties... Unless one considers that all the "good" properties are likely to be sold at the auction and the cruddier properties go to LRA.

flipz: It's my understanding that once I bid/pay for a property, there is some sort of 30-day waiting period wherein the owners have the time to pay up (be it a bank, holding company, or individual). While tax liens may play a factor in making the aquisition final, I don't think a mortgage has any clout. Especially in today's market where banks have forclosed on hundreds of homes in hundreds of markets, they can't even keep track of it all and lose property to tax sales as well... I think...

^ Did you have any luck at the land tax auction? Were there any good deals?

Another round of tax sales.

44 more Urban Assets LLC properties up for sale.

32 Kingsbury Pl and 5291 Lindell up for sale. Fancy!

5315-23 Cabanne a 35 unit condo building up for sale.

https://www.stlouis-mo.gov/government/d ... le-178.pdf

^St. Louis has a San Francisco Avenue?

Tax Sales: Not for the novice. Tread lightly.

After keeping a close on the last few rounds of tax sales I was highly considering one particular vacant lot on this upcoming round but from all I've heard and read I've decided that it's just too complicated and too much of a hassle.

The Baybridge Equities building on Cabanne is so awesome.

let me provide a quick, high-level primer on Missouri RE tax sales:

1. you "buy" the house for the outstanding taxes owed. a house goes to auction once an owner fails to pay their taxes three years in a row. if the house is "sold" at the tax auction, the "original owner" has one year to "redeem" the property by paying the outstanding taxes and some other fees.

2. assuming the "original owner" doesn't "redeem" the house, you receive the deed to the home. however, you also receive the responsibility for any other liens on the home, of which the types are wide, varied and potentially very expensive.

3. bonus awesomeness in the city of St. Louis: you receive the deed for the home but try and sell the home before receiving an occupancy permit from STL city, you're severely fined (i believe to the tune of $5000 per violation). why would you even consider doing something like this? (see point 4)

4. most of the time you're unable to know the condition of the home before you "buy" it.

5. tax sales are governed by state. in MO, tax sales always occur in early August in every county. (think about this game at the Ozarks!)

for obvious reasons, you could see where wantonly "buying" a home at the tax sale could totally blow up in your face. conversely, you could see where having the know-how to navigate such a sale could make you large sums of money.

BONUS CONFUSION: Judicial and Non-Judicial foreclosures are allowed in the state of MO. I've seen lis pendens, i've seen "sheriffs deeds"...it's a mixed bag.

DISCLAIMER: I'm but a broker in the state of MO. I'm not a lawyer. You should always consult a lawyer before making decisions regarding real estate law.

thanks, RGII, we'll see what happens. our fate rests in the hands of the real estate gods now.

we closed on another in Carondelet yesterday and we have another TGS project happening on Potomac in contract negotiations right now. Behind that is a little Boulevard Heights project and a big mother in Dogtown.

Might do it. Do you prefer RGII or RWII? Had the kids and wife down an Lulu's last night. Wyoming is one of the nicest streets in South Grand.

Also, if anyone is thinking about buying from the tax sale, PM me and I'll try to help.

There was an article in the Post a couple of weeks ago about the tax sales business:

http://www.stltoday.com/news/local/metr ... e02db.html

July 19 Tax Sales. 15 pages!

https://www.stlouis-mo.gov/government/d ... le-183.pdf

A few interesting ones
4934 McPherson
1926 Union
Look what someone did to 5676 Cates
429 N Euclid
5556 Clemens Owned by a company in CA
4116 Union