Great Opportunity... How to proceed???

Question

A friend mentioned that her father passed away and had left her 3 brothers a property that she grew up on. The 3 brothers are not responsible at all and are letting the property go. They are not paying taxes on it and the property is owned free and clear.. Based off of that, the county would do what to collect on the back taxes? Would it be possible to pay each brother $1000 to sign over a quitclaim deed, pay the back taxes and then I would own the property free and clear? I am still very new at this, so I was unsure about any of this.

Based off of this information, what would happen to this property and how would you all take advantage of what seems to be a great investment opportunity? Thank you!

John Rooster · Answer

Every State is different, Call the County tax assessor and ask them what they will do.

Yes it would in theory be possible to pay each brother $1000 to sign over a quitclaim Deed. Highly unlikely they would agree to it. I would start by researching liens on the property, and how far behind the taxes are. Most likely the daughter is not giving you the whole story, and finding and approaching the brothers would be an exercise in futility. But you don't know till you do your research.

Wayne Brooks · Answer

Is the sister involved?  Talk to the brothers, see if they are interested.  Make sure you know  amount of the taxes, and any other possible liens(run title search using all names) before you commit, if you're buying sub 2 the taxes and other liens.