Property Bought At Tax Sale
I got several properties at a tax claim sale. After finally getting the opportunity to phyiscally inspect them, I want to dump one of them. What are my options? If I cant sell it for $5k - $10k what options do I have to dump it?
Any advice is appreciated.
Sell it on Ebay - lol. I see lots of crazy folks buying land there at crazy prices
You must deal directly with the property owner(s) of record before the sale.
The city does not foreclose when they have code violation liens. Why should they when they can wait and get paid regardless.
Contact the persons with the oldest and the 2 year certs and see if any of them want to sell. If the property has a lot of code violations and is undesirable then they might agree to sell the cert to you.
Check and see if the county owns any of the certs as they will definitely sell the cert to you
The city was to foreclose because they have rehabed the whole block and that is the only house on the block that has not been rehabbed. It is a unique sitution and I have a good relationship with the code enforcement officer in the area. He said that the city wanted him to open new cases so they can foreclose on the property. It is an ideal investor location because it is the worst house on the best block.
I looked at the certs and most are owned by companies outside of the state. I found one that is a local individual and it is just over 2 years old. Is it easier to work with the individaul? How hard is it to deal with companies on the certs?
I have not had any problems with individuals nor small companies. The big companies like banks and investment houses do not sell. At least not in my experience.
If the owner is deceased, check the records and see if his estate was probated or if ti belongs to the state. Then contact the pertinent entity. However, try the cert route first. Do not give the cert owner any detail. Just that you see they own cert so and so and you wish to buy it.
I have never bought a cert, what is the price? Is it just what they bought it for and the interest they charged? Can they ask for more than it is currently worth? If I buy all the certs to force the sale, could I lose money if someone happens to outbid me at the auction?
Great reply, Loon. It works the same in Florida.
A good title search is required before you spend the money, though.
[addsig]
Could be. What does your attorney tell you?
He told me that I could not get title insurance but I could continue the closing. Afterwards I could then seek some type of court ....."something"... not sure what he meant!
I think I may just request my money back!
You would need to either locate the original owners and get them to file quit claim deeds so you can get a clear title and title insurance. Or you need to do a quiet title action to accomplish the same thing.
Looks like I have the same question. The one I put under contract was bought 18 years ago. If it was never foreclosed on and a suit to quiet title was never executed, does that mean I can still go and get the original owner to QCD to me? At that point, does the seller now have marketable title or do I now have the right to buy him out (redeem)?
JohnCl