Bidding Rules
Township of Irvington, New Jersey 
Bidding Rules for Annual Public Auction of Delinquent Municipal Charges
 2016 Tax Lien Sale
 
SUMMARY OF IMPORTANT DATES AND INFORMATION
 

SALE

  • The Township of Irvington, New Jersey Tax Lien Sale will be held via the Internet 12/20/2016 at 10:00 AM ET.
  • The Tax Sale web site will open for registration and deposits on or before 11/21/2016. The Tax Sale web site will begin accepting preliminary bidding beginning 11/21/2016. Deposits must be completed by 12/13/2016 at 4:00 PM ET. Formal Bidding and modification of bids can be done up till the closing hour of the tax lien sale (12/20/2016). More detailed instructions can be found on the FAQ (Frequently Asked Questions) page of this web site.
  • You will be required to post a 10% deposit of the total face amount of intended winnings (this does not include premium bids), minimum deposit of $1,000.00 required. The deposit may be made online via ACH.
  • Deposits must be completed by 12/13/2016 at 4:00 PM ET.
  • Each Buyer will be required to register online at https://irvington.newjerseytaxsale.com/ to participate. Buyers are responsible to assure that their information is entered correctly as IRS W-9 forms, tax lien certificates, refunds and redemptions are prepared from this information.
  • The sequence of the published list will be followed as closely as possible.
  • Return of unused deposits will be made by the Township of Irvington in approximately seven days.
BIDDING
  • Bids start at 18% and go down to 0% in percentage increments (1% increments).
  • Once the bid reaches 0%, the bidder can begin to "bid up" a premium in whole dollars amounts ($100.00 increments).
  • No interest accrues on the premium to the benefit of the holder of the tax sale certificate.
  • Each winning bidder shall make a payment of funds sufficient to cover the total amount of the bidder's winning bids no later than 12/20/2016 at 2:00 PM ET.  FINAL PAYMENTS MUST BE MADE VIA WIRE TRANSFER ONLY.  If a winning bidder fails to make such a payment by this time, the bidder's deposit shall be forfeited and the Tax Collector may, in the Tax Collector's sole discretion, award the tax liens to another bidder or may re-offer the tax lien for sale.
TERMS
  • The winning bidder is the one who bids the lowest percentage of interest or bids the highest premium dollar.
  • It is the Buyers’ responsibility to know the quality of the property on which they are bidding.
  • At the close of the auction, all successful bids are final. No changes in, or cancellation of certificates purchased can be made after the certificate is sold.
  • As with all investments, the investor must do his or her due diligence when investing in tax sale certificates. Unlike more “passive” investments, i.e. certificates of deposit or stocks and bonds, tax sale certificates require “active” follow up and management by the investor.
  • Industrial properties may be subject to the Environmental Clean Up Responsibility Act, the Spill Compensation and Control Act (NJSA 58:10-23.11 et seq), the Water Pollution Control Act (NJSA 58:11A-1 et seq) and the Industrial Site Recovery Act (NJSA 13:1K-6 et seq). The Township of Irvington is precluded from issuing a tax sale certificate to any purchaser who is or who may be in any way connected to the previous/current, owner/operator of such sites.
INTEREST
  • If the certificate is redeemed by the property owner prior to foreclosure, the certificate earns a redemption penalty at the rate of 2, 4, or 6 percent, depending on the amount of the original tax sale certificate, in addition to any interest at the rate bid.
  • No interest accrues on the premium to the benefit of the holder of the tax sale certificate.
TAX LIEN
  • You do not have ownership or any rights to the property, simply a lien against the property.
  • After two years, a lien holder can begin proceedings to foreclose the certificate against the property. 
SUBSEQUENT TAXES
  • Bidders have the option to pay any/all subsequent taxes, water/sewer, special assessments, and property maintenance charges, etc. that remain outstanding for the current year. If they remain unpaid in the subsequent year, a tax sale certificate will be sold at the next tax sale. Any subsequent tax sale certificate issued will be paramount to any prior tax sale certificate. Subsequent taxes paid by the lien holder earn interest at the rate set by the municipality.

SUMMARY OF IMPORTANT DATES AND INFORMATION

 

 Bidding Type  Proxy Bid Auction
 Percentage Bid Increments  1%
 Premium Bid Increments  $100.00
   
 Deposit Required / Minimum Deposit Amount  10% of estimated winnings (does not include Premium bids) /  $1,000.00 Minimum
 Deposit Types Accepted  ACH
 Payment Types Accepted  Wire Transfers only
 Electronic Redemption Available  No
   
 Website Training Class  Call Customer Service for upcoming classes at (877) 361-7325
 Site Opens for Registration and Deposits  11/21/2016
 Bidding Officially Begins  11/21/2016
 Deposits Due  12/13/2016, 4:00 PM ET
 Auction Starts (First batch closes)  12/20/2016, 10:00 AM ET
 Auction Ends (Last batch closes)  12/20/2016, 10:00 AM ET
 Payments Due  12/20/2016, 2:00 PM ET  
   

 

 

 

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