Be Prepared To Bid – Did you ever go to a tax sale not fully prepared to bid? Recently I went to a tax sale and was able to purchase a small lien at 7%. I could have purchased one or two more liens if I had been more prepared to bid. I only brought $500 with me, thinking that the sale would be so competitive I wouldn’t get the chance to bid. And that if I did get the opportunity to win more than one lien, I would have time to go to the bank and get the money. I was wrong on both counts.
Although there was competition at this tax sale, it wasn’t as stiff as the tax sales that I had been to previously. Perhaps because this tax sale was at a very out of the way town and there were no large liens for sale, there were less bidders at this sale. Had I brought more money with me and not relied on the tax collector giving investors time to go to the bank afterward I may have been able to get a couple more liens. I used to say that part of the battle is just showing up but now I know that is not entirely the case. It’s not just showing up, but showing up prepared to bid and take advantage of any opportunity that may present itself.
Do you have an experience of going to a tax sale where you wish you were more prepared? If so share it in the comments below.