How to get started in tax deed investing in NC
Member since 2023 · 2 posts · 3 votes
Hello fellow real estate investors!
I'm excited to dive into the world of tax deed investing in North Carolina. However, I'm just starting out and looking for some guidance on where to begin my journey.
I've done some research online, but I'd love to hear from those with experience in this field. Can anyone recommend the best places to learn about tax deed investing in NC, particularly in Union County and Cabarrus County (near the Charlotte area)? Are there any specific courses, resources, or meet ups that have been helpful to you?
I want to make sure I have a solid foundation and understand the ins and outs of this type of investing before getting started. Any recommendations, tips, or advice would be greatly appreciated!
Thank you in advance for your help and expertise.
Within the context of North Carolina, the statutes outline two distinct procedures for tax foreclosure. The first procedure, outlined in Section 105-374 of the North Carolina General Statutes (referred to hereafter as G.S.), pertains to a mortgage-style process and necessitates the initiation of a standard civil action within the state court. This process is characterized by its more stringent requirements.
Conversely, the second procedure, as established by G.S. 105-375, involves an in rem approach. This expedited procedure allows a taxing unit to register a judgment against the property in the state court, facilitating a foreclosure sale after a period of three months. The choice between utilizing either Section 105-374 or 105-375 for foreclosure rests with the county attorney. For instance, Alamance County opts for the In Rem procedure outlined in 105-375.
If one successfully secures a bid on a Tax Deed resulting from a foreclosure carried out under the auspices of 105-375, the prospect of securing title insurance from a title company becomes exceedingly challenging, if not improbable. In such scenarios, recourse may involve engaging an attorney to initiate a quiet title action subsequent to the foreclosure process. This action aims to rectify the title status and establish a clear, marketable title. The intricacies involved in these post-foreclosure proceedings are not to be underestimated.
Within the context of North Carolina, the statutes outline two distinct procedures for tax foreclosure. The first procedure, outlined in Section 105-374 of the North Carolina General Statutes (referred to hereafter as G.S.), pertains to a mortgage-style process and necessitates the initiation of a standard civil action within the state court. This process is characterized by its more stringent requirements.
Conversely, the second procedure, as established by G.S. 105-375, involves an in rem approach. This expedited procedure allows a taxing unit to register a judgment against the property in the state court, facilitating a foreclosure sale after a period of three months. The choice between utilizing either Section 105-374 or 105-375 for foreclosure rests with the county attorney. For instance, Alamance County opts for the In Rem procedure outlined in 105-375.
If one successfully secures a bid on a Tax Deed resulting from a foreclosure carried out under the auspices of 105-375, the prospect of securing title insurance from a title company becomes exceedingly challenging, if not improbable. In such scenarios, recourse may involve engaging an attorney to initiate a quiet title action subsequent to the foreclosure process. This action aims to rectify the title status and establish a clear, marketable title. The intricacies involved in these post-foreclosure proceedings are not to be underestimated.
Within the context of North Carolina, the statutes outline two distinct procedures for tax foreclosure. The first procedure, outlined in Section 105-374 of the North Carolina General Statutes (referred to hereafter as G.S.), pertains to a mortgage-style process and necessitates the initiation of a standard civil action within the state court. This process is characterized by its more stringent requirements.
Conversely, the second procedure, as established by G.S. 105-375, involves an in rem approach. This expedited procedure allows a taxing unit to register a judgment against the property in the state court, facilitating a foreclosure sale after a period of three months. The choice between utilizing either Section 105-374 or 105-375 for foreclosure rests with the county attorney. For instance, Alamance County opts for the In Rem procedure outlined in 105-375.
If one successfully secures a bid on a Tax Deed resulting from a foreclosure carried out under the auspices of 105-375, the prospect of securing title insurance from a title company becomes exceedingly challenging, if not improbable. In such scenarios, recourse may involve engaging an attorney to initiate a quiet title action subsequent to the foreclosure process. This action aims to rectify the title status and establish a clear, marketable title. The intricacies involved in these post-foreclosure proceedings are not to be underestimated.
Thank you for breaking this down, Sriv. I will study these two procedures and ensure I know which is being applied. My initial research uncovered the concern about getting title insurance, but your thoughtful explanation of how this could be remedied is helpful. I see that quiet title actions can run $1K - $5K depending on the situation, so it would be wise to factor this into the decision-making process.
I'm wondering, do you typically engage an attorney early on to assess the situation and what will be needed?
Also, outside of establishing clear title, are there other areas you'd encourage me to study?
Greatly appreciate your help.
Hey Guys,
I have purchased a property at Tax Deed Sale in North Carolina (in rem).
I have purchased 10 in Florida this way, and has a similar process with the Quiet Title Process.
Can you either of you share a attorney that you've used or spoken to about this process?
Thx
Ryan
Welcome to BP!
If you're interested in attending a local REIA meeting there is a great one in Matthews, NC I attend weekly and would recommend. It's located at Jonathan's on Tuesday mornings 8am - 10630 Independence Pointe Pkwy, Matthews, NC 28105
Hello fellow real estate investors!
I'm excited to dive into the world of tax deed investing in North Carolina. However, I'm just starting out and looking for some guidance on where to begin my journey.
I've done some research online, but I'd love to hear from those with experience in this field. Can anyone recommend the best places to learn about tax deed investing in NC, particularly in Union County and Cabarrus County (near the Charlotte area)? Are there any specific courses, resources, or meet ups that have been helpful to you?
I want to make sure I have a solid foundation and understand the ins and outs of this type of investing before getting started. Any recommendations, tips, or advice would be greatly appreciated!
Thank you in advance for your help and expertise.
Where I’m in Huntersville been grinding. Where are you in your journey?
Hey Guys,
I have purchased a property at Tax Deed Sale in North Carolina (in rem).
I have purchased 10 in Florida this way, and has a similar process with the Quiet Title Process.
Can you either of you share a attorney that you've used or spoken to about this process?
Thx
Ryan
Welcome to BP!
If you're interested in attending a local REIA meeting there is a great one in Matthews, NC I attend weekly and would recommend. It's located at Jonathan's on Tuesday mornings 8am - 10630 Independence Pointe Pkwy, Matthews, NC 28105
@Tony Pellettieri is this still ongoing? I live in Matthews and would love to meet people knowledgeable on tax deeds (and liens in other states) to learn.