Fed Seizure Question
Recently I saw that someone who owned 4 condo's in a complex that I would like to buy into (for investment purposes) was arrested for possession. The Feds felt that he was using his coke business to bankroll his real estate ventures so the seized all four properties. My question is what happenes to these units. How can I get in on one?
Anyone?
Thanks in advance!
Goss
Good Day to you,
With my limited experience I believe that the person must first go to trial. Once convicted, and the judge decrees the property to the Feds, then they will put them up for auction. This process can last for several years. If you are interested then just stay intune to the procedings. Good Luck
My experience with these types of properties was a number of years ago.
The properties could be seized and sold without trial under the RICO (Racketeer Influenced and Corrupt Orgaizations) Act.
The sales were conducted by the US Marshal's office. Call them..
One word of caution. Some of these drug houses such as Meth labs are considered to be just like toxic substances dump sites. The building needs to be treated that way & can be very expensive to cure..
Thanks for the advice/info.
Unfortunately I know some people who know this guy on "business" levels. I have been told that he rents the units out and that each unit is currently occupied. Not that I care much but what happens if you are living in one of these and the unit gets seized?
I'll give the Marshalls office a call.
Thanks again!