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Tax Title Sales?
Posted on 2/9/15 at 11:59 am
Posted on 2/9/15 at 11:59 am
So, there is an empty lot next to me that I have been trying to investigate a way to purchase. Lo and behold it just showed up for an upcoming tax title sale.
It seems simple, which leads me to believe im missing something. I bid 100% ownership, if no one undercuts that, i simply take care of the debts listed and wait out the previous owners repayment period. if they decide to pay up, i get a nice little return, if not i own the lot next door and continue to grow my empire.
whats the catch/potential horror story im missing?
(edit, orleans parish for reference)
It seems simple, which leads me to believe im missing something. I bid 100% ownership, if no one undercuts that, i simply take care of the debts listed and wait out the previous owners repayment period. if they decide to pay up, i get a nice little return, if not i own the lot next door and continue to grow my empire.
whats the catch/potential horror story im missing?
(edit, orleans parish for reference)
This post was edited on 2/9/15 at 12:00 pm
4
Posted on 2/9/15 at 12:19 pm to NoSaint
quote:
whats the catch/
If they owe money to the bank on it, a representative of the bank will be there bidding against you.
That will drive the price towards "fair market value". They'll let you have it once it gets close to what they're owed.
Posted on 2/9/15 at 12:29 pm to NoSaint
Who is responsible for maintaining the lot?
Posted on 2/9/15 at 6:12 pm to NoSaint
If you bid less than 100%, and you get the property in the tax sale, you will never get clear title. By bidding 100%, you can go to CDC after 3 years and get a judge to sign a judgment of possession giving you clear title. If you don't own 100%, you don't have clear title.
Posted on 2/10/15 at 3:17 pm to NoSaint
One thing to be aware of, is that if you intend to sell the property down the road, most title companies cannot write a policy on that property if the property is in LA.
If title work cannot be written, then you better hope the buyer is paying cash and not financing the purchase because no bank will finance the purchase w/out title insurance.
Maybe this has changed, but this was the case at one point. I would check with a title company for this answer before proceeding in the event you plan to sell the property down the road.
If title work cannot be written, then you better hope the buyer is paying cash and not financing the purchase because no bank will finance the purchase w/out title insurance.
Maybe this has changed, but this was the case at one point. I would check with a title company for this answer before proceeding in the event you plan to sell the property down the road.
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