Tax Auctions & Co-Op - Posted by Cara

Posted by Ronald * Starr (in No CA) on November 29, 2001 at 24:07:56:


Q 1. The foreclosure process on delinquent taxes is very different from state to state. You need to mention the state to get good answers.

Q 2. Now, your post is rather vague, but, using my psychic skills, I will intuit an answer for you.

Let’s see. You saw a notice about a tax sale. You went to look at the property. On the front you saw a sign about the property being for sale. The text of the sign is “Brokers and Co-Op’s welcome.” [well that part wasn’t really psychic, but I thru it in anyway]

The sign is probably an old one. The owner of the property has been trying to sell it for a long time and has not been successful. Shows you that there is not much demand for that property, at least at the price and terms offered by the owner. The owner is trying to sell it him/herself and would welcome real estate brokers bringing in their possible buyers. The owner will pay some commission to the broker who brings in a buyer. I think that the co-ops means about the same thing as the broker. That the seller will cooperate with potential buyers from brokers, but I’m not certain.

If there is a phone number on the building, I recommend that you call up the owner and talk to him/her/them about buying the property. Even if you do not buy directly from the owner, you may get some information about the property that helps you decide if you will want to bid on it at the auction. And, if you do bid, what your maximum price will be.

Good InvestingRon Starr*

Tax Auctions & Co-Op - Posted by Cara

Posted by Cara on November 28, 2001 at 11:36:36:

Hi I’m new to this site. I’ve been checking in on a regular basis and I love it!!! Thank you to all the originators (of this site)!!!

My questions are as follows:
1- If you pay the back taxes at a Tax Auction, do you need to go through further litigation to own that property or do you own it as of that moment?
2- There is a building I am interested in but the sign out front threw me a little. It says Brokers and Co-Op’s welcome. I don’t know what a Co-Op is. Can anyone explain it to me??
Thanks in advance for your responses.