How to purchase a delinquent tax property to reside in?
Good Morning,
I would love to purchase my first home from a delinquent tax sale. However, I don't see how that will be possible. I currently live in Norfolk, VA and I get the monthly listing from the two law firms that handle these properties for the city of Norfolk. Basically, what I've been told by the lawyers at the firms is that you have to give them a $1500 deposit to bid...if no one bids against you on your property...you get the property and have about a week or so to come up w/ the balance of the money. Now, they've said it takes about 9 months before the property is completely yours. And that's how long the homeowners have to reclaim their property, too. They've also said that there is an additional $10k in fees on top of the back taxes owed that would have to be paid. So, my limit would be $20k, based on the properties on the list that I would be interested in.
My question is...how do I purchase a home to buy? I don't have a stash of money. I got approved for a loan to purchase a home, but evidently, that doesn't qualify to purchase a delinquent tax property. I do want to invest in real estate, but my lease is up on my apartment March 1 & I would love to purchase my first home before then.
So any help and adivce that I could get would be greatly appreciated. I'm sure there's a way to make this happen and I know I"m on the best site to find out.
Many thanks,