Many of them didn't know they could collect the extra money that the auction brought in beyond the cost of the back taxes. I'd ask a lawyer about it but the last one I asked didn't understand even the basics of this type of tax sale so I'm leery to ask one a more complicated question. When I ask the county assessor complicated questions about it he tells me to ask a lawyer. It would take 4 years of not paying taxes for it to go to the tax sale again. I don't want to share the ownership, I'd try to mediate for a sale and if that didn't work I'd file for a partition. I talked to a lawyer about that and he said it could be up to 30k and a year.
I wouldn't go into it unless the profit potential is more than that. I'm trying to figure out if the liens that normally get wiped out in a tax sale would still get wiped out if the original owner still owns some portion of the property. William, I am curious about your encounters with tax sales in the Ogden area.
Gap rows, unbuildable vacant land, etc. Anything that has actual value gets bid up well beyond the taxes owed. Overages already go to other liens and back to the owner. Most counties make provisions giving adjacent owners first option on unbuildable parcels. I think your source is suspect or you're not understanding something. By the way, you should be talking to the auditor or treasurer. If you are being referred to an attorney, ask them what section of code has changed that an attorney can interpret. As far as Weber county, I haven't seen much in the last few years. Not a terrific deal, but definitely below market.
It had a house on Google Earth, but had burnt to the ground a few years back and was now a bunch of weeds. What's worse is that it lost its grandfathering and was below the minimum lot size, so there was a chance that he wouldn't even be able to build on it again.
Finally, make sure you understand that title insurance underwriters don't like these. You either have to hold them for a matter of years or quiet tile to get title insurance. This means you can't sell them easily. I don't know about any changes in the last couple years in Utah county but I have attended several tax sales.
Generally, along the Wasatch Front, the properties that go to auction have little value. It's usually unusable, vacant land just as William Hochstedler mentioned above. I have only purchased one parcel at a tax sale. It was a 15ft. The room was packed and there were others bidding on the same parcel, but I doubt they really knew what they were bidding on. My sister wanted the property simply because it gave her a bigger yard. This gives you a very small buyers list and limits the upside.
Still, if you buy cheap, there may be opportunities there. Sounds a little risky for just a few bucks.
Most counties make provisions giving adjacent owners first option on unbuildable parcels. My sister wanted the property simply because it gave her a bigger yard. However Federal and State Tax Judgements do not get write off. The only action the county takes is the notification of the parties that have a recorded interest, the sale of the property, and the issuance of the tax deed. Thu Jun 1, I have a feeling I should not show up at court I received a letter for court date the owners of the tax lien want to foreclose.
I've been to the May sale before and it was interesting, but not something that I could make money off of. I'd like to know also. Please let me know If you find out please let me know. Wed Aug 2, Don't try to understand 1 link in a complicated chain of title.
You need to examine the whole picture. Work with a professional you trust. Thu Jun 1, Mon Sep 19, Florida Condo Association Foreclosures can be very tricky. Keep in mind, you are only buying the associations lien. You will be subject to all superior liens mortgages You will get Title 10 days after the sale and you will legally own the property, but will face foreclosure on existing mortgages. Very few are free and clear, but I have seen them.
Also bank foreclosures on association related properties, weather condos or homes, do not eliminate association dues. You will be responsible for every penny owed the association when you get title. Keep this in mind when you bid. If you find out after the fact. Sat May 31, When a tax lien owner forecloses on the property which the lien is valid for a period of 7 years after the lien is purchased.
I'm interested in bidding at a tax sale in Utah county. We are a tax deed state. Guides · Education . property that normally disappear in a tax deed sale still disappear if the original owner Bruce Lynn Investor from Coppell, Texas Anything that has actual value gets bid up well beyond the taxes owed. If you own real estate, you'll be expected to pay these property taxes each year. NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY DC Similar to tax lien states, every tax deed state has a different set of rules about . Finding Deals The Ultimate Beginner's Guide To Wholesaling Real Estate.
Its a minimum of a 2 year wait. Say a lien is out since And its bought this year. Well, now its the 3rd year and now you can foreclose at anytime unless the home owner redeems the certificate. If not redeemed after tax deed filing, then the property gets auctioned.
If no one bids, then you legally own the property which wipes out all other liens, i. Once you have deed, then, you are responsible for getting a clean title. Sun Jul 7, I am recently moved to Florida from Texas. Based on my understanding is that If I purchase a property in a Tax Deed Sales in Florida, all existing liens including outstanding mortgages gets wipe off.
The buyer of Tax Deed gets title free of outstanding mortgage against the property. If you have any other advice regarding purchasing real estate in Tax Deed Auction. It is your responsibility to investigate the title and know what you might be liable for before you buy the property. If there was a clerical error that led to misinformation, the judge might rule in your favor and clear the title or have you and the lien holder negotiate a settlement.
In the end, you might not clear the title until the lien is paid for. If you are subordinate to another claim, you may be forced to surrender the home, but the party that receives the title is required to reimburse you for your purchase of the tax deed.
With more than 15 years of professional writing experience, Kimberlee finds it fun to take technical mumbo-jumbo and make it fun! Her first career was in financial services and insurance. Skip to main content. Tax Deed Sales Properties go into tax deed auctions because owners have not paid property taxes. Released Liens If a tax lien has a higher priority than another lien, the other lien is wiped out at the time of sale.
Liens That Stay on the Title Property taxes are not the first position to all liens. Quiet Title File a quiet title lawsuit if you are unable to clear title with the outstanding liens.
Warning If you are subordinate to another claim, you may be forced to surrender the home, but the party that receives the title is required to reimburse you for your purchase of the tax deed. References 4 Kinsey Law: What Is a Quiet Title Action?