Tax Deed Sales
If I buy a property at a tax deed auction and the title search shows a mortgage, does that mortgage get wiped out.
What other liens survive the tax deed.
Thanks
If I buy a property at a tax deed auction and the title search shows a mortgage, does that mortgage get wiped out.
What other liens survive the tax deed.
Thanks
Does not extinguish:
Federal liens (e.g. IRS liens)
Most State liens (e.g. State Tax Liens)
Municipal liens (e.g. some weed liens, all demolition/boarding up/etc liens, rodent treatment liens)
Would extinguish other liens if they were properly served in the tax deed proceeding:
mortgages, fines, judgments and the like.
Good luck!
hat does NJ say about bird dog fees?
would 10K be allowable?
you could do one of the "transactional" funding deals.
you would close at 300, and then sell at what the retail buyer will pay.
Yup. Get yourself one-day funds - will cost you around 1% or so. Most title companies only allow it that way.
Option 2: create a brand new corp or LLC. Have the buyer fund the Corp/LLC. Get deed in Corp/LLC name. Sell buyer 100% of the shares. Has to be a brand new corp so buyer knows it does not have prior problems. Maybe even go to the SOS office together.