I see that if a property does not sell at an auction, then it goes to the taxing party (district, county) and is for “tax re-sale”. At this time you submit a sealed bid and can even bid below the min price because the party wants this property back on the tax roll…
Ok the question is, if your bid is accepted, is the property yours or is there still a redemption period? Some of these properties are over 7 months old. And in the record search of the property, it is now owned by the tax authority so there is no owner to contact…
Any insight on this would be helpful. I know some of these “tax resales” are worthless property confirming the reason they did not sale at an auction. However, I think i found one that is sorta OK and could make a couple of bucks off of it if everything goes good in my research…
From what I understand the redemption period starts the day the deed selling the property is recorded no matter if the county buys it or who. Do not forget some may have longer like here in Texas the homesteaded ones have 2 years. Here too I believe I have this right that the bidder actually sends in a cashiers check for the amount of the bid and if they are the high bidder will get a deed and not a contract. You are right too in that most I looked at were not good deals. I was told too that on rare occasions would they consider less than the taxes owed but this may have been BS.
Thanks alot for the reply. The situation on this actual lot that is a struck off property is that the owners next door to the lot on both sides own about 3 lots…And then there is this one in between them that obviously someone owns, however, hasnt paid there taxes and also the redemption period is over, so now the taxing party is trying to sell… My thoughts on this - why doesnt one of the lot owners next to this lot (they have nice homes on them) buy it to seal the deal that no one will ever build on it…I would have 2 outs (both owners). So I called one of them mainly to see what lot was not theirs since it was a little confusing… We started talking, I told her that I had come about the property and had a right to redeem it if I paid off the taxes but I didnt know if i was going to do this or just let it go and not worry about it. She told me, well give us a call because we would be interested in buying it…Then we talked about pricing around that area which I already know that some lots are selling for in that neighborhood and she really lowed balled me on the price, but its still alot alot more than the taxes. To me that says she is really interested and is trying to take advantage of my lack of knowledge of that area…So now I am guessing my job would be to do a title research to make sure everything is OK.
This would be my first REI, and it seems to be a little too easy unless I am just getting lucky. I want to make sure they want to buy it before I buy it. I dont think I want the property if i dont have a seller lined up due to the location and I dont know how quickly they sale. Also, its hard to talk to them (neighbors) because I dont want them to know they are allowed to go and pay off the lot and its theres also. Any insight or something I am missing pls let me know. If I got a deed from the county, redemption period is over, no liens on the property… Is it mine now? Can I sell it and walk away???Will the buyers have a good deed and would it be theres???