Chunk of dirt I'd like to get has a tax lien on it and is list by the county. I've been told that if I purchase/pay the tax lien and it becomes 'mine' that the prior owner has up to seven(7) years to reclaim the property if he repays me for taxes paid to the county. Is this true? Or is there some other issue with how this works?
Where's all the OSA lawyers??
@SoonerP226
@SoonerP226
With all do respect, I think they hang out over at arfcom. My understanding is everybody that posts over there doesn’t make less than $500,00 a year.
Here’s some info. You need to know exactly what you are getting into. I’ve seen the deed not vest anything at all but that’s rare and wouldn’t be likely today. But also if there are other liens they may come with it depending on circumstances.
http://misuniversity.com/members/oklahoma-ok-tax-lien-and-tax-deed-sales/
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http://misuniversity.com/members/oklahoma-ok-tax-lien-and-tax-deed-sales/
Sent from my iPhone using Tapatalk
Not a lawyer, but I’m questioning the 7 year payback. We have sheriffs sales all the time in Kay county for tax liens.
Once it goes through the sale and the deed is recorded it’s a done deal from what I’ve been told by a couple guys that buy them for rentals.
Once it goes through the sale and the deed is recorded it’s a done deal from what I’ve been told by a couple guys that buy them for rentals.
Tax Lien Sale in Oklahoma
An Oklahoma tax lien technically begins on the first day taxes are due. Property owners then have three years from this date to pay up, and taxes continue to accrue during this time because they’re an annual assessment. Interest and penalties will begin adding on as well.
The property will be sold at a public tax lien auction after three years if the total balance due, including interest and penalties, isn’t paid. This three-year period acts as something of a redemption period, but the property hasn’t actually been sold yet. The county simply maintains its tax lien against it during this time.
Tax lien certificates in other states are more or less an intermediary step in this process. Oklahoma counties go directly from “taxes due” to “tax lien auction” with no middleman or certificate involved. The deed to and ownership of the property is then transferred to whomever purchased the property at the county auction.
Redeeming Real Property After Tax Sale
The majority of property owners can’t redeem their homes after a tax sale in Oklahoma, although they can do so during that initial three-year period before the sale takes place. Most owners are pretty much out of luck after the sale.
An Oklahoma tax lien technically begins on the first day taxes are due. Property owners then have three years from this date to pay up, and taxes continue to accrue during this time because they’re an annual assessment. Interest and penalties will begin adding on as well.
The property will be sold at a public tax lien auction after three years if the total balance due, including interest and penalties, isn’t paid. This three-year period acts as something of a redemption period, but the property hasn’t actually been sold yet. The county simply maintains its tax lien against it during this time.
Tax lien certificates in other states are more or less an intermediary step in this process. Oklahoma counties go directly from “taxes due” to “tax lien auction” with no middleman or certificate involved. The deed to and ownership of the property is then transferred to whomever purchased the property at the county auction.
Redeeming Real Property After Tax Sale
The majority of property owners can’t redeem their homes after a tax sale in Oklahoma, although they can do so during that initial three-year period before the sale takes place. Most owners are pretty much out of luck after the sale.
I've been to a couple and believe me, there are plenty of investors that have done their homework and they have deep pockets, ready to buy most properties that have marketable value. Strangely I have seen quite a few parcels of land that were easements, retention ponds, or center island on circle drives go into these tax sales, some don't sell but some dumbos will buy them, I'm sure they will be for sale again when they see the land is unusable and worthless. Anyway it was presented to me that at the day of the tax sale, the property is or will become yours within a few days (as long as it takes to get the papers done) free and clear. The bids start at what is owed in taxes, if nobody bids, the county acquires the property. Whatever the property sells for minus taxes and fee's a check is made to the owner of the property before the sale. Tax sale happens after 3 years of unpaid taxes, the property owner may only be able to reacquire property if they can prove the sale was unjust for whatever reason, and I heard this is very rare. Liens other than some level of .gov are the only ones that might stay attached (which the property won't be in the sale if one of these liens are attached). Mechanics liens, HOA liens, or others like it simply disappear, at the time of sale
Almost lost my grandma's land when my uncle "forgot" to pay the property taxes on it. My grandpa had to pay the guy back that bought it and then some all because my uncle didn't want to pay the taxes.
The tax auctions are like the first Monday in June each year. Then after about July the county will publish a list of properties that didn't sell.
99% of those are worthless. like a strip 200 feet long and 5 feet wide between somebody's back yard and a railroad track.
If it's a desirable house or farmland, investors will bid it up
99% of those are worthless. like a strip 200 feet long and 5 feet wide between somebody's back yard and a railroad track.
If it's a desirable house or farmland, investors will bid it up
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