Owners That Live In England
One of my mentors (who I lost contact with) once told me to avoid buying properties at tax deed auctions with owners that live out of the country. I was wondering if anyone knows WHY he said that??
I am in Florida and a lot of properties near Orlando are owned by people in other countries, I assume because they want a vacation home near Disney. So I am very curious as to why he said that?
Any advice is appreciated because a property I am eyeing is owned by a guy in England.
Thank you
Be careful. There is a scam going around with English buyers. They will absolutely lighten your wallet.
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hmmmm....I tried to google the subject but I cant get anymore details....Is there anyway I can be on the safe side? Or should I just forget about ALL props owned by out of country owners....thanks so much for any help!
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MTNWIZ I think he was saying Foreign or English sellers not buyers.
Not sure what difference where the owners live would be to buying a property? The local/state laws would be applicable. Only diffuculty would be getting information or deed from them if you are shorting the property. [ Edited by webuyhousesmi on Date 11/28/2006 ]
Thanks quidam
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Why are you using an attorney that you do not trust? Doublecheck tax liens in Georgia. In Florida after 10 years a lot of title companies will coinsider title marketable.
Call a few title companies and ask about getting title insurance.
Otherwise, consult another attorney if you do not want to trust what yours say.
John CI, as I see it, a Quiet Title action is required to give you a marketable title for this property.
A Quit Claim from the previous owner will only give you his right, title and interest, if any. Any other encumbrances on the property would remain.
If your purchase agreement called for the seller to provide a marketable title, which most do, the seller must initiate and bear the cost of the Quiet Title action.
Unless very unusual issues arise, you should have your marketable title in 4 months or so.
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bargain76,
Thank you. That makes a lot of sense. It would be nice if there were another way, but such is life.
My purchase and sale agreement does state that the seller is responsible for providing marketable title. Any legal actions I can take if they do not try to make it marketable?
JohnCl
[ Edited by JohnCl on Date 10/28/2006 ]
Johncl
Most boilerplate contracts do have a "marketable title" clause. However the clause usually gives the seller a specific time period to remedy and after that the contract can be declared void and the earnest money deposit dispersed according to the instructions in that clause. Commonly written as no penalty to seller but read yours carefully.
Jim
Ok. If the tax lien was not foreclosed on and a quiet title action was not completed can the old owner still redeem and take the property back (assuming I can find him after 18 years)?
JohnCl
I have dealt in tax deeds for years in florida, my suggestion is that you either make the selelr give you marketable title which means a quiet title suit completed- can do this quick in 2months with online title suit companies - search tax deed attorneys.- or four months regularly. If they dont want to do this then drop the price $6000 for the cost you will have to pay for it and have a cluas ethat states that you will only purcashe if you are successful in the suit and escrow the monies.
They are selling a property they do not own. That the gist of it. No matter what they say. They have a title by adverse possession. Ther is little chance of redemption in florida by the original owner that lost the property, but unless your lawyer is friendly with is title company you need to do the quiet title suit to clear things up and truly own the property.
maybe this will help you
http://www.co.gwinnett.ga.us/cgi-bin/gwincty/egov/ep/gcbrowse.do?channelId=-536882273&channelPage=%2Fep%2Fchannel%2Fdefault.jsp&pageTypeId=536880236
this is the tax comm. site for Gwinnet county. I believe that is the current owners foreclose then they can sell the property to you.
any ideas?