Small Lot Tax Lien
I went to a tax lien auction yesterday and picked up a few properties I had researched.
The auction was brutal as most went for 1% or 2% (and about 10% for 0%!).
During the auction I got in the action for 2 properties for 18% and 15% respectively. That is the good news, the bad news is that the property ID's were not the ones I was expecting (due to issues with the way the ID's were announced) and I ended up with someones driveway <IMG SRC="images/forum/smilies/icon_frown.gif">.
My questions are:
What is the best way of dealing with these 2 properties?
Should I acquire them and:
1) Donate to charity?
2) Go dig up as much of the soil as possible and sell as top soil (would almost cover my total costs)?
3) Try to sell to wireless provider for use as a tower site?
5) Place a for-sale sign on the property?
6) Other suggestions?
Or not acquire and consider as a loss?
These 2 were not items where I invested much cash and the other properties look promising for either making me money or positioning me to acquire.
How have others dealt with this situation?
Thanks
_________________
Tax Liens are my Gig
Sometimes I pass, sometimes I Bid...
Glenn[ Edited by GlennI on Date 11/04/2003 ]
We are sorry to hear this was such a let down. The cell site idea may be worth pursuing.
What county was the auction?
Eric & Rosa
[addsig]
McHenry County.
I heard that Kane County was similar.
I do not know anyone who attended Dupage or Lake Counties Auctions, so any info from those areas would be welcome.
[addsig]
Hi,
Get the deeds. Sell the driveway to the people that live in the house. You'd be surprised at what they might pay.
My guess is they will redeem and you'll get paid back anyway.
How big is the one that I am assuming is on top of a hill?
Steve
The first one is .08 acre and is valued for tax purposes at $806. This is the one I'm looking for options. Donations or sale are the direction I'm leaning, but sale might be difficult. I might send a letter to the owner advising that property is tax delinquent and encouraging them to bring current. I'm not sure it makes sense to pay next years taxes ($86) and quiet title costs for a donation.
Glenn L----------
I think you are dead on with the idea of approaching the former property owner or the occupant of the property where the driveway is.
If the pay off the delinquent taxes you will be out clean.
Good Investing************Ron Starr***********