Since I live in California I'm researching over the counter properties in other states where I have friends that will go do a drive by for me. I just had a friend move to Virginia. According to my research Virginia is a Tax deed state that sells over the counter. When googling the counties near my friend i'm finding minimal information. Most give no information about what happens to the properties that do not sell at auction. A few county sites did say "properties that do not sell at auction transfer to the county". I guess my question is what happened to them when they transfer to the county. Any ideas on things to Google so I can dig a little deeper. I have emailed some treasures and they just there are no auctions scheduled at this time. Kind of annoying because I was asking about over the counter surplus properties that did not sell at auction not when is the next auction.
I got lucky with one county in another state where the county website said they "do not sell properties over the counter". Turns out the properties transfer to a 3rd party govn't agency called a land bank and then they are sold over the counter. I was hopping this was a similar scenario but no such luck at least not yet.
I have heard that some counties are starting up a "Land Bank" for areas that have been hit by a large amount of properties that are delinquent.
I did some research and found this on the West Virginia Auditor Office selling Delinquent Land, am not sure if this is any help to You.
Sorry forgot the link
@Mark Abbott :
WOW! Thanks I am also looking in West Virginia so yes that helps
Cook County, IL (Chicago and surrounding suburbs) has OTC/forfeitures sales. IL is also a tax deed state and tax deeds convey "new & merchantable title." This is my primary practice area, feel free to contact me.
In Texas, nothing is sold over the counter. All tax deeds are sold at auction. If there are no bids, the property is "struck off." This means that the property is basically given to a taxing jurisdiction. Those taxing authorities then can sell the properties how ever they see fit.
Some of the counties hire the collection attorneys to sell the properties on their behalf. The attorneys still have to obtain all jurisdictions approvals prior to the closing of the sale. Otherwise, nothing happens.
The larger metropolitan areas will auction off their inventories once or twice a year, sometimes more if necessary. The city of Fort Worth will also accept offers on properties prior to their sale. You can visit their website for a current listing of properties. Just google City of Fort Worth Real Property Division.
Best of luck.
I realize there's a risk but that's half the fun... and when it's 100s of dollars or even 1000s rather than 100s of 1000s of dollars it's not so scary!
I just want to thank Mark Abbot, Richard D, and Chris Seveney for there responses in this tread post there information is very helpful and informative.
Thanks again for helping all of us out it is truly appreciated
Get the Ultimate Beginner's Guide
Sign up today to receive the popular eBook for free!