Almost all of the properties I’ve researched for a possible wholesale deal are tax delinquent. My question is, who cures the back taxes?
Also, what would I offer the owner of said vacant property? Thank you all in advance.
Hi DeiDei,
Typically the buyer will cure the taxes in the case of a pre-foreclosure as well as the back payments on the loan (sub-2). I usually offer the owner $1k for moving expenses and I pay all the back taxes and payments. This assumes that there is enough equity in the property for it to be worth my time to buy it. Be sure that you do a preliminary title search before you get too far into the process to make sure there are no additional liens that will bite you in the pocket book.
Wilson
GREAT ADVISE. Always pull title before you buy, assume on quit claim deed, or land contract. Always record, immediately, your position–so new liens can’t sneek in.