Tax Foreclosure - Quiet Title?
Hi everybody! I'm new here and in desperate need of help. In 2 weeks I'm going to a Tax Foreclosure Sale here in Wayne County (Detroit), Michigan. This is my second, but first that I'm prepared to bid at. The reading/research I've done has told me this - *winning bidder gets quit claim deed from county *all prior liens are cancelled (except IRS liens) *winner is responsible for 2002 taxes *title insurance may/may not be issued - quiet title may be needed to get insured. That is the part that I'm concerned about and have heard different things about. How do I know if quiet title is needed? How much does it typically cost? Once quiet title is done do you get clear title, and thus are able to sell property at any time? Just want to cover my rear. Am looking to buy, get title, rehab, and sell. Any info would be greatly appreciated. Thank you, and best of luck to all! Phil Sherman
Welcome to the TCI Family Phil Sherman!!!
Your question is right up my friend and fellow TCI Family member Bill Young's Alley...
Bill you out there anywhere???
Probably off closing another MONSTER DEAL!
Anyway IMHO I'd talk to a local RE/Tax sale Lawyer --who I would ask if they were going to participate in the upcoming sale or not!
This is a good indicator of exactly both who is in the KNOW and Who is in the Market and Who else is just out to collect another retainer for legal services(most education at YOUR expense).
After you call around and interview or actual meet with these Tax Sale Expert lawyers AND YOU KNOW APPROX. "HOW MUCH THEY WILL CHARGE YOU for 'QUIETING A TITLE", Then go back & Count Your Pennies to see if you'll have enough to both BUY and 'PERFECT' your quit-claim from Wayne county---and GO FOR THE GOLD!
Most Tax sales of Quit Claim deeds usually are for properties that are unMarketable or of suspect value or limited use. Sometime they come with an EPA clean up Price tag --not apparent until after the county sells you this 'LOSER'!
It AINT ALL GOLD IN DEM DER TAX CERTIFICATES!
Be careful Cuz you buy 'As Is'!!!
Also if you position yourself not to wait until these "Scavnger Sales" and learn how to buy DELINQUENT Taxes instead of DEEDS, you can come out ahead of the game with a High-Interest Return on your money once the Homeowner pays off their taxes. Sometimes you can get a nice home, but this is RARE.
Much Success,
Derrick Ali
PS. Now BILL YOUNG can give you more of the 'skinny' on the Tax Deed sale Thingy-Dingy!
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THANK YOU,DERRICK ALI, FOR THE RESPONSE. HAVE TALKED TO 1 REAL ESTATE LAW ATTORNEY, WHO SAYS HE CHARGES $150 AN HOUR AND DOES A LARGE AMOUNT OF QUIET TITLES EACH YEAR (HE IS THE ONLY LAWYER THAT I KNOW OF THAT ADVERTISES AT THE SALE) ALSO SAYS THE TOTAL COST IS USUALLY BETWEEN $3OOO - $5000 SOMETIMES LESS, THE ACTION EXTINGUISHES ALL LIENS & CLAIMS TO THE PROPERTY, AND YOU GET CLEAR TITLE WITHIN A COUPLE MONTHS. DOES ALL THAT SOUND FEASIBLE? THANKS AGAIN.
PHIL SHERMAN
Worth Every Penny for the safe feeling it inspires and peace of mind that you hire an EXPERIENCED Authority to do it PROPERLY!
This is not to say that after a filing or two...you could preapare your own Quiet Title actions...Just use the paperwork filed by your lawyer change the (property and Tax assessor's info. however)!
Much Success,
Derrick Ali
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THANKS ONCE AGAIN FOR YOUR INPUT, MR. ALI. I'M PRETTY NERVOUS ABOUT THE WHOLE THING(SCARED TO DEATH REALLY) BUT LIFE HAS DEALT ME A TERRIBLE HAND LATELY, AND I JUST HAVE TO GIVE THIS A SHOT. GONNA BE PUTTING EVERYTHING I HAVE (FINANCIALLY) INTO IT, SO I NEED TO AT LEAST COME OUT EVEN, HOPEFULLY THINGS GO MY WAY AND I CAN BANK SOME BUCKS. GUESS I WON'T KNOW UNLESS I TRY, AND EVEN IF I LOSE, I SHOULD AT LEAST LEARN. PRAY FOR ME, PLEASE, CUZ I'M GOING FOR IT !!!!!
I'LL LET YOU KNOW HOW THINGS GO. HOPE I'M HAPPY!
PHIL SHERMAN
Phil Sherman:
Let us all know how the Tax Sale goes this week!
Keep us posted on your Success!
Derrick
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