Hello guys. I'm planning on jumping into the upcoming Jackson County tax sale with both feet this year and I'm wondering if anyone here has any experience with this process and any tips on what to look out for (potential risks) from acquiring one of these properties. Thanks in advance!
Potential risks - incomplete foreclosure.
Yes you can buy a property at the tax sale in Jackson County - but to sell it be prepared to find a buyer that will take defective title as that is the only way most title companies will close - some sort of CYA document stating it was acquired via tax sale and might not be 100% clean. or you can complete a quiet title.
And make sure you GO SEE THE HOUSE.
In Jackson County houses make it to the tax sale for 4 years of unpaid taxes. However many times they go pay the oldest taxes (year 4) for several years before they give up and let it go. So a house could have been standing vacant for MANY years before it ever goes to the sale and just might be so bad that it's not economically feasible to fix it.
Thanks for your response Kim! When you say "incomplete foreclosure" are you saying that a lien holder (mechanic's, mortgage, etc) can come back and claim ownership in the property?