Topsham, ME · Member since 2016 · 4 posts · 2 votes
Hello
I am looking at a property that is a tax lien foreclosure property, title has encumbrances. Which means that even though I buy this property the owner has 5 years to come back, clear their debt and repossess the property. making it difficult for the title companies to issue title insurance. Making this property less desirable for investors.
This property is a distressed multifamily which needs tons of work but at the price point is screaming deal! from what I know from town minutes this house was placed on tax lien on 2016 giving me 3 years left for the owner to comeback.
Real Estate Broker · Watertown, NY · Member since 2016 · 1k+ posts · 1k+ votes
8y
I would suggest calling around and seeing if you can get a sit down appointment for an hour with an attorney to discuss the risks you face by going through with the purchase. It'll be money well spent
Topsham, ME · Member since 2016 · 4 posts · 2 votes
8y
@Michael Ablan No I haven't confirmed this with a local attorney. I am not sure how abouts I would contact an attorney or which one. I am fairly new to real estate and tax lien. Im assuming I would have to find a tax attorney and try to get free consultation. The only people I have contact with this information is the people from the town office.
Real Estate Broker · Watertown, NY · Member since 2016 · 1k+ posts · 1k+ votes
8y
I would suggest calling around and seeing if you can get a sit down appointment for an hour with an attorney to discuss the risks you face by going through with the purchase. It'll be money well spent