Does anyone know how to purchase tax liens in New York City?

Question

I researched every link and understand that tax lien sales are not open to individuals or the general publicin New York City.

Does anyone know the way to get in the business?

Thanks.

Answer 1

They post tax lien auctions at the Treasurer's Office website. It is in January of every year. Tax liens work on a bidding system where the winner accepts the lowest interest rate for the certificate. If the property owner does not payback the taxes with interest within two years you can obtain a tax deed which entitles you to the property. It is highly unlikely but it does happen. Also, many banks attend to purchase the certificates of properties that they loaned against that are in foreclosure.