Company Profile First National Assets acquires real estate tax liens at public auctions held by municipalities. FNA is active in the acquisition of underutilized commercial and residential properties and has built an outstanding reputation as a leading operator, developer and property manager in the marketplace. Establishing successful, long-term partnerships with both individual and institutional investors has been the foundation for the company's success. FNA identifies recovering markets and maximizes returns through diligent acquisitions, hands-on management, value-added capital improvements, and timely asset dispositions.
The pre-sale process involves in-depth, comprehensive research to determine the likelihood of redemption, thereby minimizing risk. FNA performs due diligence on every property with a representative tax lien listed for auction. This includes evaluating historical asset performance by region and property type, as well as determining if there are additional open taxes in order to set bid parameters prior to auction. Purchased tax liens are stored and tracked in FNA’s custom software program, TBS.
FNA prides itself on the acquisition of high-quality assets through superior due diligence, financial analysis and strict adherence to policies and procedures. FNA has cultivated important relationships with attorneys, title companies, brokers and contractors that afford the company flexibility when handling difficult liens and their underlying properties.
The revenue created from tax lien auctions helps municipalities overcome budgetary shortfalls that arise when property owners are delinquent in their tax obligations. These funds are distributed to numerous local government agencies including school districts, park and forest preserve systems, libraries, public health and safety agencies, election authorities, economic-development agencies and bonds to pay for public-works projects. Tax lien auctions help lower the interest rates owners must pay on delinquent taxes, and they also afford property owners more time to pay their taxes before foreclosure. Most tax liens redeem during the statutory redemption period. In the event the property owner does not redeem the taxes, the investor can obtain the deed to the property, allowing for the opportunity to develop or sell the real estate.