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The Water Cooler
General Discussion
Land tax lien sale/purchase
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<blockquote data-quote="4play" data-source="post: 3263819" data-attributes="member: 7223"><p>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</p></blockquote><p></p>
[QUOTE="4play, post: 3263819, member: 7223"] 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 [/QUOTE]
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