Redemption Period Ending on a Tax Lien

[Paige Cone]

I am looking at a large duplex in Central Illinois that currently has a tax lien and the redemption period is almost over. The house is vacant and in disrepair so the nether the owner nor the lien-holders would not be able to sell it to a non-cash buyer. If I wanted to buy the property for cash, what makes the most financial sense for all parties involved? Could I buy it from the homeowner for the amount of the lien, or should I wait until the lien holder takes possession of the deed and buy it from them? Is is possible to get the property for less than the amount of the lien, by saving either the owner or the lien-holder the costs and headache of foreclosure proceedings and/or reselling or managing the property after the forclosure?

[Matt Whiteside]

Your best bet is to try and locate the owner and buy directly from them, the best scenario for you would be to get the property for the amount of the back taxes and maybe a small amount to the owner. The back taxes have to be paid back in full plus any interest and fees, so you won't be able to get it for less than the lien. As far as a foreclosure, if the property is empty the lien holder will get the deed and most likely just have to change the locks and that's that.  So hurry and try to locate the owner,  good luck.