:help
Hi all, Im new at this, I had been trying to win a bid on a tax sale property for years, now that I’ve won, I’m not sure what are the next steps, seems like everyone who is selling tells you how easy it is and it’s not. And then they say “well, afterwards you just foreclose on it and it’s yours!” :bs
So now I have a certificate in my hand and the county tells me I should get a lawyer. I talked to one, you know the one that mysteriously mails you their letter the same day you get your cert?
And he said he needs to send out a Pre-Foreclosure letter to the interested parties, then start the court process 60 days after sending out the letter then send a foreclosure letter then wait for the courts to determine when I can go to court, all this while we wait to see if the person decides to pay for it. And of course in the meantime, I have to pay for the attorney fees.
My questions are: What do they include in a Pre-foreclosure letter? What kind of attorney is this? What kind of questions should I ask the attorney? Is it worth paying the attorney to do this? What should I do or ask to be able to do thiswithout an attorney next time? Thanks for reading! :beer
congrats! - although something seems off here.
the first thing you should do is a get a copy of the prop. state tax codes. And read it through diligently.
You said you have a certificate in your hand. Did you win a bid on a tax deed sale, or just a tax lien sale? If you only have a certificate, then you don’t need an atty yet. If you havepurchased at a deed sale, the county should help you with the foreclosure process.
You don’t have to pay the atty if you are able to read the law and handle the appropriate steps yourself.
What state are you in? Can’t really help you if we don’t know where you are! the laws are different everywhere.
I won a Tax Lien Sale in the state of Maryland. And the county says I should get an attorney.
If I remember correctly, the redemption period ranges from 6-24 months depending on which county you are in. So there isn’t much you can do until you have waited the length of the redemp. period.
You have the first priority lien, above mortgages and such, except for IRS iens. Once you have waited for redemp time, then you can begin foreclosure process as stated in state law.
Since you are new to this arena, and also due to the fact that Maryland happens to be the trickiest of states to purchase liens, you def. want some professional help to help you with foreclosing on it. However, almost all the time the prop. owner will pay the taxes, in which case you will simply be notified to return your certificate, and you will be sent the money you paid plus the interest.
I would call the county and say, “Since I’m the certificate holder, and I need to wait for the redemption period to expire, why do I need to hire an atty at this stage?”
Please let me know what they say…