Has anyone ever purchased a commercial property from a tax sale/auction?
Tax bill hitting me about $10,000. I really want to keep this property. My street cred is on the line, lol. It does not need any major repairs. I know the owner is having legal issues, health issues (rumor he is bed bound), money issues, and this property has not generated any income in several years.
One group of people is saying he has the 10k to redeem. Another group is saying he don't have the money. Some are saying just hold the certificate and wait it out some years (no problem). Others are saying approach the owner and propose a partnership. And then some are saying call his bluff, evict, and see if he can redeem.
@Denise Evans , do you have any pearls of wisdom to drop? I know about the situation where the couple turned a van company to a daycare and got sued for a million. We would not be converting this to something other than was it was always used for. I know I can't make restoration improvements. If I wait it out, can I insure the property & tack that bill onto the redemption in case that happens? I can't make any move without insurance. I don't trust them to not set it on fire.
@Anastasia Jordan i don't know poop about Alabama tax law, however my philosophy is if the desire is to ultimately get the property, then I move as quickly as possible. The subsequent taxes and fines can turn a great deal into a very mediocre deal quickly. This is especially true when you an expensive property with significant taxes.
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