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Anybody ever buy property on civicsource?
Posted on 3/4/24 at 5:59 pm
Posted on 3/4/24 at 5:59 pm
Any good or bad experiences would help
6
Posted on 3/4/24 at 10:10 pm to DeepShot
Congrats on the tax deed to a crackhouse in the 9th Ward.
Posted on 3/5/24 at 8:03 am to DeepShot
Bought a couple lots in NOLA from civicsource. Paid in full the next day. Looking for a local HomeBuilder to take them off my hands. The auctions were semi-competitive. Closing took about a month and we did it all through email; didn't have to appear in person.
Posted on 3/5/24 at 11:08 am to DeepShot
I've never done it, but I would advise that you make sure you know what you're buying. Some of these properties have portions (1-2% each) that have been sold at Tax Sale 2-3 times, so to clear title, you'll have to redeem each sale, then file suit to quiet title after the redemption period has expired. Just like everything else, there are good deals to be had, but it's not always as easy as buying and waiting for the redemption period to pass.
Posted on 3/5/24 at 2:18 pm to DeepShot
Is that the company that "specializes" in tax sale properties? And by "specialize" I mean they advertise they can "close them," and by "Close them" they mean they just take exception to the tax sale on your title policy. Just be careful, ask questions, review everything before you sign.
You really don't want to mess with tax sales. You get them cheap for a reason. They're a pain to clear title and you may be sitting on property you can't do anything with for years until the various prescriptive periods pass.
You really don't want to mess with tax sales. You get them cheap for a reason. They're a pain to clear title and you may be sitting on property you can't do anything with for years until the various prescriptive periods pass.
Posted on 3/5/24 at 2:35 pm to Neauxla_Tiger
Just realize you still have lots of legal work still to be done to obtain "clear and merchantable title" usually in the costs of $5,000 give or take to obtain judgment to quiet tax titles.
Most people think they are getting these great deals and don't realize the amount of legal work to be done cleaning these things up.
Then after paying to clean it up, some lenders still will NOT lend money on tax title properties...Period.
My recommendations when someone asks me about buying one are if you can plan to hold the property for at least 10 years, like rental property, then it might make sense. Otherwise, stay away. These are not "flip" properties.
Most people think they are getting these great deals and don't realize the amount of legal work to be done cleaning these things up.
Then after paying to clean it up, some lenders still will NOT lend money on tax title properties...Period.
My recommendations when someone asks me about buying one are if you can plan to hold the property for at least 10 years, like rental property, then it might make sense. Otherwise, stay away. These are not "flip" properties.
Posted on 3/5/24 at 7:20 pm to DeepShot
I bought and flipped a handful of them from 2016-2020. I made a little on each one. Some offers fell through because all title companies won't insure them. Back then there were plenty for sale each month in NoLA. When the supply shrank I quit messing with them because auction prices got too close to retail value.
ETA-I considered building/renovating, but I wasn't comfortable investing without good title insurance either. I preferred the quick flip.
ETA-I considered building/renovating, but I wasn't comfortable investing without good title insurance either. I preferred the quick flip.
This post was edited on 3/5/24 at 7:38 pm
Posted on 3/5/24 at 7:31 pm to DeepShot
I would never do that, most of the times the city reimburses they buyer without any interest. Ive heard all bad stornies about this crap including the legitimacy.
Posted on 3/6/24 at 6:38 am to TopWaterTiger
quote:
Most people think they are getting these great deals and don't realize the amount of legal work to be done cleaning these things up.
I look at them like buying a lawsuit.
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