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Bidding Rules

Bidding Rules
2024 Nassau County Tax Certificate Auction

Terms of Sale

Bidding Rules

Summary of Important Information

 

Terms of Sale

Such tax liens shall be sold subject to any and all superior tax liens of sovereignties and other municipalities and to all claims of record which the County may have thereon and subject to the provisions of the Federal and State Soldier’s and Sailors’ Civil Relief Acts.
 
However, such tax liens shall have priority over the County’s Differential Interest Lien, representing the excess, if any, of the interest and penalty borne at the maximum rate over the interest and penalty borne at the rate at which the lien is purchased.
 
The Purchaser acknowledges that the tax lien(s) sold pursuant to these Terms of Sale may be subject to pending bankruptcy proceedings and/or may become subject to such proceedings which may be commenced during the period in which a lien is held by a successful bidder or the assignee of same, which may modify a Purchaser’s rights with respect to the lien(s) the property securing same.  Such bankruptcy proceedings shall not affect the validity of the tax lien.  In addition to being subject to pending bankruptcy proceedings and/or the Federal and State Soldiers’ and Sailors’ Civil Relief Acts, said purchaser’s right of foreclosure may be effected by the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA), 12 U.S.C. ss 1811 et. seq., with regard to real property under Federal Deposit Insurance Corporation (FDIC) receivership.
 
The County Treasurer reserves the right, without further notice and at any time, to withdraw from sale any of the parcels of land or premises herein listed.
 
The rate of interest and penalty which any person purchases the tax lien shall be established by his bid. Each purchaser, immediately after the sale thereof, shall pay to the County Treasurer ten per cent of the amount from which the tax liens have been sold and the remaining ninety per cent within thirty  (30) days after such sale.  If the purchaser at the tax sale shall fail to pay the remaining ninety per cent within ten days after he has been notified by the County Treasurer that the certificates of sale are ready for delivery, then all deposited with the County Treasurer including but not limited to the ten per cent theretofore paid by him shall, without further notice or demand, be irrevocably forfeited by the purchaser and shall be retained by the County Treasurer as liquidated damages and the agreement to purchase be of no further effect.
 
Time is of the essence in this sale.  This sale is held pursuant to the Nassau County Administrative Code and interested parties are referred to such Code for additional information as to terms of sale, rights of purchasers, maximum rates of interest and other legal incidents of the sale.
 

Bidding Rules

Getting Started

If you are not completely familiar with the statutes governing tax liens in this state, read the “Tax Certificate Process” document located at the left-hand menu prior to logging in. It is a plain English summary of the law and will take only a few minutes to read.

Realauction offers live training classes (via the Internet) once a week for several weeks prior to the close of the sale.  Attendance is by registration only. These classes generally last about ninety(90) minutes, cover the use of the software only and, are free of charge. To register for a class, please contact the Realauction Customer Service Center at (877) 361-7325.

 

Register on this site

As a requirement of participation in the sale, potential buyers must register on this website to receive a bidder number. At the time of registration, you will create your own Username and Password as part of the process.

Note: Nassau County utilizes a Single Simultaneous Bidding Entity Rule which states that each bidder may register only once and cannot have a contractual, legal or financial relationship with any other bidder registered in the Nassau County Tax Sale.

 

Requirements to Participate

Registration begins at 11:00 AM ET on 01/24/2024 and ends at 11:59 PM ET on 02/07/2024.
Registration grants you access to the site only and does not guarantee participation in the Nassau County tax certificate sale.

To become a "qualified" participant in the 2024 sale, you must also comply with the participation requirements by 11:59 PM ET on Wednesday, February 7th, 2024.

The participation requirements in Nassau County are as follows:  

  Submit a deposit  
  Set a budget  
  Pay the registration fee  

  Failure to meet ALL of the participation requirements, by the date/time specified, will affect your ability to participate in the sale.

 

Review Important Auction Information

Review the Summary of Important Dates table below which contains dates, times and other important information specific to the Nassau County tax certificate auction. 

 

Terms 

While purchasing tax certificates is generally a good investment, there are some risks involved. The Treasurer does not make any guarantees that a purchaser will make money on a purchase and bidders should be aware that the property owner has a right to redeem the tax lien AT ANY TIME.

The purchase of a certificate does not convey title to the land.  Understand the risks and apply the “buyer beware” philosophy.

 

Pay your Registration Fee

A Registration Fee of $175.00 is required to participate in the sale. Registration Fees must be completed by Wednesday, February 7th, 2024, are NON-refundable and will NOT be applied to auction winnings.

 

Place a Deposit

A deposit is required and must be submitted prior to the deposit deadline in order for your bids to be valid. In Nassau County, the deposit requirement is 10% of your estimated winnings or, a minimum of $5,000.00, whichever is greater.

 

Set  a Budget

As the deposit minimum in Nassau County is $5,000.00, using the 10% rule, all buyers can potentially win a minimum of $50,000 in certificates at the auction.

As such, all buyers will be required to set a budget prior to placing bids on the site. Budgets may be set up to the amount of winnings your deposit will support.

 

Place Your Bids

It is the bidder's responsibility to research properties, prior to placing bids.

Bid on as many quality liens as you like. Your deposit will limit how much you can win, no matter how many bids you place and there is no penalty for running out of deposit money. If you are fortunate enough to win all of the liens you want, your remaining bids are simply ignored.

Note:
• All bids placed whether intentional or not are the responsibility of the bidder.
• You may place as many bids as you like before making a deposit, but none of your bids will count unless the deposit requirement is met prior to the deposit due date.

 

Batch Closings

Certificates are advertised and sold individually. However, in order to make the bidding process more manageable, certificates are divided into groups called "batches" which close every 60 Minutes on the sale date.

As each batch closes, you can review the results for that batch by clicking “Results” on the website menu.  After viewing the results, you are welcome to modify your bids in any open batches.

 

Payments

Payment for certificates won will be accepted by ACH (electronic check) only. Please ensure your financial institution will allow an ACH debit to your bank account before placing bids.

If the purchaser of a tax lien fails to pay the amount due by the date/time determined by the Treasurer, the Treasurer may prohibit the purchaser from purchasing tax liens for a period of not more than one (1) year.

 

Summary of Important Dates

 

  Bidder Accounts  
  Allow foreign bidder registrations     No  
  Single simultaneous bidder rule     Yes  
 
  Auction Information  
  Bidding style     Proxy Bid Auction  
  0 value bids use proxy system     No  
 
  SubAccounts  
  Allow sub-accounts     No  
  Automatic certificate rollup / rollup fee     Yes     $20.00  
 
  Auction Dates and Times  
  Registration begins (site opens)**     01/24/2024 at 11:00 AM ET  
  Deposits, Registration fees and Budgets begin     01/24/2024 at 11:00 AM ET  
  Bidding begins     01/24/2024 at 11:00 AM ET  
 
  Deposits, Registration fees and Budgets end      02/07/2024 at 11:59 PM ET  
  Participation Requirements  

 

    Submit a deposit  
  Set a budget  
  Pay the registration fee  
  

  Click HERE to go to the "Participation Requirements" page  

  to view or update the eligibility status of your bidder account.   
  Participation Requirements Due Date     02/07/2024 at 11:59 PM ET  
  Registrations end     02/07/2024 at 11:59 PM ET  
   
  First batch closes     02/20/2024 at 12:00 PM ET  
  Batch closing interval     60 Minutes  
  Last batch closes     02/20/2024 at 4:00 PM ET  
   
  Auxiliary batch opens     N/A  
  Auxiliary batch closes     N/A  
   
  Payment due date     03/21/2024 at 3:00 PM ET  
 
  Budget, Deposit and Payment Information   
  Deposit or Budget required (% of estimated winnings)     10%  
  Minimum deposit amount     $5,000.00  
  Registration Fee     $175.00  
  Registration Fee Refundable     No  
  Registration Fee Applied to Winnings     No  
   
  Deposit / Payment types acceptable:   Deposits Payments
    Budget     Yes     ---  
    ACH     Yes     Yes  
    ACH auto-debit final payment     ---     No  
    Wire transfers     No     No  
    Counter payments     No     No  
 
  Redemptions available via ACH?     No  
 
  Public Access  
  Public computers available      1 West St. Mineola NY 11501  
 
  ** Subject to change. The site will open when approved by the County.  

 

For an explanation of any of the terms above, please visit the FAQs.