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Updated over 8 years ago on .

User Stats

48
Posts
16
Votes
Richard Wormwood
  • Wholesaler
  • Grand Prairie, TX
16
Votes |
48
Posts

What happens when a city owns a home?

Richard Wormwood
  • Wholesaler
  • Grand Prairie, TX
Posted

I know every state and municipality within will have its own various rules and regs on a city-owned property but when checking local records; I have come across a curious situation more than once.

It seems that at some point a city has "purchased" a real property (or vacant land) for $10. When I pull the local documents attached to the property, they often have the owner's signatures.

I am just wondering if anyone else has come across this?

Is this from a take lien?

Did the city just seize the property?

How would you proceed to attempt to procure the property for rehab and resale?