Learn how to get 18-36% returns on your investment and buy property for as little as $500 with Tax Liens and Deeds.

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How does a Tax Lien Sales work in New York City?

In New York City, tax lien sales have a distinct structure: they are sold in bulk and exclusively to institutional entities like banks. This approach contrasts with states like Arizona or Florida, where tax lien auctions are open to individual investors. Given this, we won't be exploring the process of tax lien sales in New York City, as it doesn't apply to individual investors such as yourselves.

How does Tax Deed Sale work in New York?

In New York City, the 'Third Party Transfer Initiative' is a unique strategy aimed at addressing tax delinquencies. While it operates within the framework of tax deed sales, it distinguishes itself as a specific program with unique objectives.

The primary goals of the 'Third Party Transfer Initiative' are twofold: firstly, to ensure tax compliance, and secondly, to breathe new life into communities by transferring property ownership from negligent owners to responsible ones.

This initiative efficiently expedites property transfers to new owners, streamlining the process and reducing the time and financial burdens, typically associated with long-term city ownership. Notably, the prospect of a tax deed sale under this initiative, motivates many property owners to settle their tax debts, compelling them to fulfill their responsibilities or risk losing their properties. The financial scale of this endeavour is substantial. Properties acquired through this program often incur costs exceeding millions of dollars over extended periods. These expenses cover maintenance, lost tax revenue, and rehabilitation.

Here is the “Third Party Transfer Initiative” process step by step.

The city identifies properties with overdue property taxes. Property owners are informed of their delinquent tax status and awarded a foreclosure judgment in court. Owners have the option to settle their tax debts, to avoid further action and will be given a specific redemption period by the court. If debts remain unpaid, responsible new owners or entities are selected by a third party. The new owner is selected based on the history and property management qualifications submitted to the city. Ownership of delinquent properties is transferred to the selected entities. New owners rehabilitate and maintain the properties.

Note that specific details, the frequency of auctions, and requirements for participation can vary across different boroughs within New York City.

New owners, chosen through a thorough process, are tasked with improving and managing these properties, thereby interrupting the cycle of neglect and abandonment. It is an exemplary model of tax deed investing, demonstrating how strategic tax foreclosure can enforce compliance and rejuvenate neglected properties, turning them into valuable community assets.

Interested in acquiring properties through New York City's Third Party Transfer Initiative?

Here's how to qualify as an investor. First, watch for the Request for Qualifications or RFQ, announced by the Department of Housing Preservation and Development (HPD). This is your gateway to enter the program. Your financial strength is key. Demonstrate your ability to secure private financing and provide equity for property rehabilitation. HPD will assess your financial capacity, credit history, and references. If you've got experience in property rehabilitation or development, especially with HPD programs, you're already a step ahead. When responding to the RFQ, you can express your preferences for specific properties or areas.

To explore New York City's Third Party Transfer Initiative, begin by visiting The Official Website of the City of New York. On the homepage, navigate to 'NYC Resources,' then click on 'Agencies', to access a comprehensive list of city departments and organizations. Locate 'Housing Preservation & Development' (HPD) in the agency list, and click on it to access the HPD page. In the 'Do Business with HPD' section, find and click on 'Development Opportunities.' Explore Requests for Proposals (RFPs), Requests for Qualifications (RFQs), and Requests for Expressions of Interest (RFEIs).

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