Good Video. This is my second MS tax lien auction. The interest rate is actually 1.5% per month and it's important to note because if the lien gets paid back earlier than a year they only get that percentage of interest and NOT 18%. For Example, if you buy a lien and someone pays off the lien, you will get the face value PLUS only 9% interest (because it was 6 months)
Great distinction there - if the liens paid out an immediate full 18% then it would be called a "Penalty Interest rate" instead of pro-rated monthly interest. Thanks for calling that out, and good luck at the auctions this year!
@@bishop8hit148 It truly is a can't lose proposition, I'd say advice I'd give would be not to go crazy on ANY overbids - only buy liens that that have a reasonable overbid, essentially don't go over 18% on your overbid
I may be wrong but you can check the hinds county property tax search tool on parcel fair and check to see if they paid last year as well as when you click on the property on parcel fair you can scroll down and see if it was in a previous auctio
On the property listed for auction it shows Tax Lien 1 and Tax Lien 2 and if has names on those spaces that means that someone already owns the liens on those.
Good Video. This is my second MS tax lien auction. The interest rate is actually 1.5% per month and it's important to note because if the lien gets paid back earlier than a year they only get that percentage of interest and NOT 18%. For Example, if you buy a lien and someone pays off the lien, you will get the face value PLUS only 9% interest (because it was 6 months)
Great distinction there - if the liens paid out an immediate full 18% then it would be called a "Penalty Interest rate" instead of pro-rated monthly interest. Thanks for calling that out, and good luck at the auctions this year!
This is my first one and i am NERVOUS. so many questions
@@bishop8hit148 It truly is a can't lose proposition, I'd say advice I'd give would be not to go crazy on ANY overbids - only buy liens that that have a reasonable overbid, essentially don't go over 18% on your overbid
how do you know if it is the first tax lien or the second?
I may be wrong but you can check the hinds county property tax search tool on parcel fair and check to see if they paid last year as well as when you click on the property on parcel fair you can scroll down and see if it was in a previous auctio
On the property listed for auction it shows Tax Lien 1 and Tax Lien 2 and if has names on those spaces that means that someone already owns the liens on those.