I own 3 vacant lots that I’m currently behind on taxes, I don’t have the funds right now to pay them off. So unless I donate the land or sell it within the next couple of weeks I’ll lose it. I’m curious if there are any benefits of giving the land away. I was thinking maybe the city or perhaps some charitable organization. I hate to lose the money I put into it, but it looks like I don’t have much of a choice.
Any advice, I’m desperate right now.
are they buildable?
sell them to investors.
where are they located?
They are buildable but they need slight improvements. I’ve been having a hard time finding investors in my area who are looking to buy land, I guess I need to network more. At this point I’m willing to sell them at substantial loss just to get a little bit of money back
Would Ebay real estate work for a situation like this?
ebay? maybe worth a shot. others on here might be able to inform otherwise. i haven’t come across too many people on this board who use ebay for properties.
you forgot to mention where…there may be people who are interested on this board…who knows
well for 1 where is the land located ?? maybe someone here is in the area to help you or maybe knows someone who is.
you can also post on craigslist and city-data…
Chris
I tried Craiglist before without much success, but I’m willing to give it another shot. I’ll look into city-data as well.
The land is in Park Forest, Il. It’s a suburb not far from Chicago and a few miles west of Indiana.
Bare land is a hard sell right now, because builders aren’t building until inventories reduce a bit.
Look into selling one of the lots at a greatly reduced price to pay the taxes so you don’t lose all of them. Better to do a fire sale on one and be able to hang onto the other 2.
Get the price low enough and someone will buy it.
By the way, after you sell one for a bargain price, you can appeal the tax evaluation and maybe get taxes reduced on the other 2.
arkitech,
You say you are behind in taxes but just how delinquent are you? Have the tax certificates been sold off and are the holders prepared to foreclose their position?
Even if your property goes to a tax sale, you have not really lost the property to a tax sale, until your redemption period expires. Until then, you can still “buy” your property back for the back taxes plus interest. I believe the redemption period in your state is two years. If the redemption period in your state is two years, will you be able to resolve your cash flow issue in time to redeem your property if it does go to a tax sale?