Heaven forbid!! they would more properly be called tax redemption certificates. Basically you are paying real estate taxes to the state on a property where the owner has not paid. For this the state guarantees you that your money wiil be repaid, plus interest, should they be redeemed by the owner. Often that interest is pretty high, 10% to 18%. Should the owner never redeem the back taxes, (They usually have 5 years to do so) you would have foreclosure rights. Since tax liens are always first in priority, superseding any mortgages, you are in a very secure position. There are some catches. For instance, it would not be wise to pay $10,000 in back taxes on a lot that is worth less than that, or a home that has been burned out with no insurance coverage. Just common sense stuff.
pantherj...what exactly are tax certs. Are they anything like PCBM certs? LOL
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