Virginia: Judicial Or Ministeral
I have a quick question for all of you seasoned investors. Does Virginia use either judicial or miisteral tax sales exclusively, or does it vary by county. It either is used exclusively which one is it. I just bougt a property from someone who bought it at a tax sale. I didn't have the title checked out since I thought it was automatic that all liens would be wiped out.
i would contact a attny. on this matter. the devil is in the details and are different state to state, county to county. if you do not have a good understanding of the tax regs. in your area get an attny........km
If you redeem your friend's interest--typically accomplished via quit claim deed--remember any liens, mortgages, etc. that were there at forfeiture all remain alive and become your responsibility. He may not even be aware of them, but check the Recorder's office and/or do a title search or opinion.
Patrik1--TX------------------
If your friends house was homesteaded, the redemption period is two years.
Why are you in such a hurry? Even if there is a six month redemption period, you should have lots of time.
Why did he lose the property anyway? Does he live there?
As mentioned by another poster, ALL old obligations against the property will reattach to the property should it be redeemed. Of course, if there were no obligations--loans, liens, judgments, etc--there is nothing to reattach.
If there are liens which might reattach, those lienholders also have the right to redeem the property, I believe.
So, there might be many different actions to take, depending upon the situation.
Aren't you concerned that you are taking advantage of your friend's situation? I don't mind buying properties at the tax sales and tax resales for cheap prices. However, I don't know the people who are losing them, and they are often dead anyway.
Do you suppose you could just help your friend find a loan to pay the delinquency and reinstate?
Before going to an attorney, which is expensive, get more information about the situation and come back here for questions and advice.
You need to know about obligations against the property at the time of the auction.
Check with the appraisal district to see if there was a homestead against the property or if it was indicated as being agricultural, as that would extend the redemption time to 2 years, as I mentioned above.
It would be good to have the name and address of the buyer at the tax sale. If possible, check for a history of investing this way by the person to see how sophisticated s/he is. It might actually make sense to approach the holder of the sheriff's quitclaim deed, depending upon the circumstances.
Good Investing and Good Investigating*************Ron Starr*****************
Patrik1--TX------------------
If your friends house was homesteaded, the redemption period is two years.
Why are you in such a hurry? Even if there is a six month redemption period, you should have lots of time.
Why did he lose the property anyway? Does he live there?
As mentioned by another poster, ALL old obligations against the property will reattach to the property should it be redeemed. Of course, if there were no obligations--loans, liens, judgments, etc--there is nothing to reattach.
If there are liens which might reattach, those lienholders also have the right to redeem the property, I believe.
So, there might be many different actions to take, depending upon the situation.
Aren't you concerned that you are taking advantage of your friend's situation? I don't mind buying properties at the tax sales and tax resales for cheap prices. However, I don't know the people who are losing them, and they are often dead anyway.
Do you suppose you could just help your friend find a loan to pay the delinquency and reinstate?
Before going to an attorney, which is expensive, get more information about the situation and come back here for questions and advice.
You need to know about obligations against the property at the time of the auction.
Check with the appraisal district to see if there was a homestead against the property or if it was indicated as being agricultural, as that would extend the redemption time to 2 years, as I mentioned above.
It would be good to have the name and address of the buyer at the tax sale. If possible, check for a history of investing this way by the person to see how sophisticated s/he is. It might actually make sense to approach the holder of the sheriff's quitclaim deed, depending upon the circumstances.
Good Investing and Good Investigating*************Ron Starr*****************