Posted by EquityHunter on October 10, 2005 at 08:43:28:
you’re right.
Any experts out there on tax lien foreclosures? - Posted by Todd
Posted by Todd on October 04, 2005 at 18:24:19:
Can anyone tell me whether or not you will obtain a clear title upon purchasing a property at a tax lien forclosure auction sale. I seem to have read in some r/e investing books where if the city foreclosures on a property for delinquent taxes, they wipe out any junior lien or morgage holders because they technically are the senior lien holder. I want to bid on a couple of properties in my area, but I don’t want to have to take on someone else’s mortgage loan and eat up all of my potential equity on the deal.
RE: TAX LIEN FORECLOSURES - Posted by Matt(MI)
Posted by Matt(MI) on October 09, 2005 at 22:10:39:
In Michigan, we buy @ tax auction by the DNR.
In cases where we’ve bought, everything is wiped out, save IRS Liens, and then we get a quit claim deed from the DNR. However, in order to get title insurance when we re-sell, we must obtain signature of previous owner who lost the property to taxes, or sue them in court for “quiet title”. Never had to go that far. We have had to get signatures. You can usually be cordial and offer them $ 100 cash or something to sign off.
Good Luck! Sounds like you need to do some research!
Re: Texas Tax Sales - Posted by Rudy-Austin
Posted by Rudy-Austin on October 07, 2005 at 03:19:07:
All you want to know is in the Texas Property code.
Re: Any experts on tax lien ? - Posted by Rudy-Austin
Posted by Rudy-Austin on October 07, 2005 at 03:16:17:
John Beck is an expert
Depends on state law - Posted by John Merchant
Posted by John Merchant on October 05, 2005 at 14:28:55:
Every one of the 50 states has different law on this…in some states there’s a redemption time and procedure, in others no such thing.
You can quickly learn, in most states, via their websites, what their statutes say about how it’s done in that state…or the tax office in the county can probably give you a printed brochure that will answer your questions for you about the procdure there.
My two cents - Posted by Janelle
Posted by Janelle on October 05, 2005 at 08:48:52:
First of all, I’d like to say that this isn’t the first post I’ve come across in the last few days with conflicting information, so while you may want to use it as a guide, it should be no means be taken as fact. A little research could save you a mountain of headaches!!!
I just did some research myself at my county courthouse and was told by the clerks for a bank foreclosure that if the creditor was listed as a defendant on the foreclosure that the foreclosure would include that claim (I know you are talking about a tax lien, but thought this might help others as well). The property I am interested in has three liens against it: a child support agency listed in the foreclosure, a woman who land contracted the property trying to get her down payment back, also listed in the foreclosure, and a credit card company who must be paid to close (about 15,000). That’s not enough for us to walk away from the deal, but it will impact our bidding. For your own peace of mind, talk to the people at the courthouse. While they seem intimidating, everyone was very pleasant and helpful with me once I explained what I needed.
Don’t listen to these “experts” - Posted by EquityHunter
Posted by EquityHunter on October 04, 2005 at 22:42:27:
First of all they don’t buy tax deeds. They don’t know a thing about them.Even though they have to answer every single post. Buyer beware.
To answer your question. Every state has different laws. Every county in that state has different rules. That’s why no one has a complete handle on this and that is why you can make big money off of them. Don’t ever follow the crowd.
My advice. research the laws in your state and then research the rules of your counties. Don’t limit yourself to one geographical area. You can do this nationwide. Opps! I let out the secret. Well let’s all go for it! There’s more than we can handle.
Oh! and you don’t have to pay thousands buying a silly course to do this! Oh OH.
Re: tax lien foreclosures? - Posted by Kristine-CA
Posted by Kristine-CA on October 04, 2005 at 19:24:07:
This is a state specific thing. In CA, the sale wipes out everything
except IRS liens. IRS has 120 days redeem. While there is no
redemption period for owners in CA, title companies here won’t issue
title insurance for the first 12 months following the sale. However,
there are now title companies online that claim to insure such sales.
Before buying a course or book, I recommend reading everything you
can find on your county’s tax collector website (if there is one) and
everything you can find about tax sales at the state level. In CA, just
about everything you need to know is available at the county and state
sites. Kristine
Re: tax lien foreclosures? - Posted by mike
Posted by mike on October 04, 2005 at 18:47:36:
i’m not sure about it wiping out the rest. but taxes automatically move into 1st position. i would think no, because it’s money owed to 2 different entities. if you owe 5K in back taxes, and 250K to a mortgage company, i don’t think paying off one satifies the other.
tax sales… - Posted by lukeNC
Posted by lukeNC on October 04, 2005 at 18:45:52:
Most of the time property taxes are super liens, meaning if they foreclose, any other lien gets wiped off.
Now lots of states have redemption periods where the owner or other interested party can come in and pay the taxes and fees and get the property back. Some redemption periods are like 10 days, such as our state, some are 1 year like in SC.
Again, check out your state law regarding this…
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Houses/Duplexes for sale - Posted by andrew ewig
Posted by andrew ewig on October 07, 2005 at 10:02:08:
Rudy:
Do you have anything you can wholesale or assign? Looking for cheaper houses-sub 70K / duplex-sub 100K and apartments. Please let me know if you have anything
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Re: My two cents - Posted by Natalie-VA
Posted by Natalie-VA on October 05, 2005 at 14:09:21:
Janelle,
Good advice to the poster about doing more research.
I might also add that you shouldn’t take advice from clerks at the county courthouse. If you are researching a foreclosure, it’s likely that those liens you referred to would be wiped away depending on the position of the mortgage that is foreclosing. You might be making a mistake about pricing them into your bid. My state normally doesn’t do judicial foreclosures with defendants listed, but they do have to give notice to anyone with a recorded interest in the property, regardless of whether their position is secure or not.
But, you know the deal, don’t take my word for it.
Research, research, research! Good luck.
–Natalie
Re: Don’t listen to these “experts” - Posted by KPC
Posted by KPC on October 05, 2005 at 10:27:26:
Paragraph 2 is exactly right. I wouldn’t pay “thousands” for a course, but you should get some good training somewhere.
Re: tax sales… - Posted by Tarheel T NC
Posted by Tarheel T NC on October 08, 2005 at 18:42:24:
“Some redemption periods are like 10 days, such as our state, some are 1 year like in SC.”
Luke minor point but we call the 10 days an upset bid period not a redemption period. Actually the redemption period could be longer than 10 days to account for the time after the last upset bid but before “confirmation” which is the day/time you get the commissioners deed back and recorded. I have lost them before after winning the final bid only to find out after another week that the owner redeemed or for a deed of trust fc declared bk.
Wrong Luke!!! NO Tax Redemption Period In NC. - Posted by EquityHunter
Posted by EquityHunter on October 04, 2005 at 22:29:10:
There is no redemption period in your state. I guess you don’t invest in tax deeds otherwise you would know. As usual the 'regulars" offer advice upon which they know nothing about. When was the last time you bought a tax deed Luke? Now please explain why I am wrong since this is your state and you should know everything about it.
Re: tax sales… - Posted by Todd
Posted by Todd on October 04, 2005 at 20:33:18:
Thanks for the information
Everyone has an opinion. - Posted by EquityHunter
Posted by EquityHunter on October 07, 2005 at 18:50:46:
What was the return on your last deal? If you did one?