Quit Claim Deed - Ron ******** Star - Posted by sam (NC)

Posted by Ronald * Starr on September 03, 2001 at 21:26:47:

Sam(NC)--------

Sam, I studied a little bit the mortgage foreclosures in NC a year or so ago, but I have not studied the tax sale law.

Rather than give you bad information, I suggest two things. Read the state statutes on the collection of delinquent property taxes by tax sale. Be sure and read anotated statutes which will cite court case decisions on the meaning of the laws. This may require going to the county law library, although you would be well advised to first check on the internet.
The other posibility is to get advice from a knowledgeable attorney. Most attorneys will probably not be very knowledgeable on this topic, and may inadvertently give you wrong advice. You might check with the treasurer or tax collectors office and ask if there are some attorneys who have done lawsuits for tax lien/sale buyers. You can also check in the court files for taxlien/sale lawsuits and contact those attorneys.

You can also get a copy of the state law by buying Roy Stubblefield’s book for the state. For about the same price you can get John Beck’s “Free and Easy” course, which covers all the USA and Canada. I found a telephone number to buy it by putting in john beck in the search engine and reading the posts. It might have been in the Carleton Sheets forum or the main forum. Roy Stubblefield will e-mail his manual and take credit card orders, so you can get about one day delivery. John Beck’s course takes about 18-20 days to arrive.

I do not like right of redemption after buying a property. I got a house in Wace, TX for $5K last year and had it redeemed about three months later. I prefer getting a good deed and not worrying about redemptions.

If you can get the former owner to deed his/her interest in the property to you after the auction – probably with a quitclaim deed – you could redeem the property yourself, if you were not the buyer at the auction. If you were the buyer at the auction, you would have both parts of the property and could fix it up without worrying about getting it redeemed out from under you.

Good InvestingRon Starr*******

Quit Claim Deed - Ron ******** Star - Posted by sam (NC)

Posted by sam (NC) on September 02, 2001 at 24:57:22:

Ron,

I am going to attend the Tax Foreclosure sale in Surry County, NC. At the sale, if you are the winning bidder, you get the Quit claim deed to the property. The upset sale takes place within 10 days, if anyone interested. The owner has 1 year right of redemption.

By getting the quit claim deed to the property, I am just getting the rights and interest to the property. The owner does not relinquishes his mortgage obligations. In other words, I inherit the tax assessment liens and not the mortgage liens. Is that true?

Thanks in advance for your reply.

Sam