Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
10y
@Christina Hall none of that matters at all as far as the process to take possession of a property you acquire via some type of auction. There is a well-defined process and timeline for you getting full possession. Arguing you're doing a good thing for the community won't get you anywhere. Following the process will. These vary from state to state, and sometimes even by county. If you do not fully understand the process in your area, I recommend spending a few hundred dollars on an attorney who can at least explain the process in detail. What you think doesn't matter. What the law and the process says is all that counts. Set aside your frustration that things aren't going as smoothly as you would like, figure out the process, and follow it carefully.
Someone may well redeem at the last minute. That's their right under your law. Absolutely nothing you can do about that. Further, investors sometimes buy redemption rights from an owner, and then redeem. They may well wait until the last minute to do that.
As with many things in the business, there are battles you can win and battles you cannot. Better to spend your energy on fighting the ones you can.
Rockwall, TX · Member since 2014 · 380 posts · 211 votes
10y
It is usually controlled by the language in the code. Alabama also allows the owner to redeem until the deed is recorded. Texas (deed state, not liens) doesn't start the redemption clock until the deed is filed for recording. Remember, the previous owner may be a voter. The taxing authority just wants the money. They are not there to make it easy for investors.
ALWAYS, ALWAYS, ALWAYS know the specifics of the code in the area you are investing.
Investor · Clairemont, CA · Member since 2011 · 3k+ posts · 2k+ votes
10y
I'm not familiar with your state specific guidelines so I won't/can't comment on that.
I know it seems unfair or biased somehow, but it does seem to have some basis in logic. Let's say there is a 10 day redemption period (just for a talking point). Now you wait out the 10 days and there's no redemption, that means on the 11th day you now have the ability to file for a deed but not the obligation to do so. If you wait say another 30 days...just because....you haven't exercised that right. So should the former owner have lost their right even though you haven't exercised yours?
It seems to me there was/is a basic idea underlying the creation of the rules, that there should still be an opportunity to redeem in the event that the lien/deed holder chooses not to perform quickly. I'm not sure how long from applying for the tax deed it actually takes for it to record so maybe there is some sense of it not being fair. But assuming that once you file it is a quick process of a couple days then it seems it's just an attempt at being equitable to all parties involved....especially the one that is "losing" on the deal.
Investor · Mineral Wells, WV · Member since 2015 · 30 posts · 2 votes
10y
In WV if you don't pay your taxes they post it serval times in the local paper along with certified mail. Come Nov. the Tax sale, at this point the owner has 18 months to redeem PLUS the time it takes to get the new deed.
However I purchased my liens at the LAND sale. Basically everything posted above happened back in 2010 but the State bought the lien So the owners have had 5 years to Redeem at this point.
I have a hard time feeling sorry for the owners at this point. I Have a lot of money invested in this sale along with 10 other liens I'm still holding from our Nov. 2014 Tax sale. I'm perfectly fine when someone redeems their tax But don't wait to the very last min to do it!
If you don't like the rules of the game, don't play the game.
If I "don't play the game" then these homes sit even longer to the point of non repairable, the homes around it drop in value, the druggies have a place to crash, kids in the Neiberhhood can be injuried . Do I really need to continue?
Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
10y
@Christina Hall none of that matters at all as far as the process to take possession of a property you acquire via some type of auction. There is a well-defined process and timeline for you getting full possession. Arguing you're doing a good thing for the community won't get you anywhere. Following the process will. These vary from state to state, and sometimes even by county. If you do not fully understand the process in your area, I recommend spending a few hundred dollars on an attorney who can at least explain the process in detail. What you think doesn't matter. What the law and the process says is all that counts. Set aside your frustration that things aren't going as smoothly as you would like, figure out the process, and follow it carefully.
Someone may well redeem at the last minute. That's their right under your law. Absolutely nothing you can do about that. Further, investors sometimes buy redemption rights from an owner, and then redeem. They may well wait until the last minute to do that.
As with many things in the business, there are battles you can win and battles you cannot. Better to spend your energy on fighting the ones you can.
@Christina Hall none of that matters at all as far as the process to take possession of a property you acquire via some type of auction. There is a well-defined process and timeline for you getting full possession. Arguing you're doing a good thing for the community won't get you anywhere. Following the process will. These vary from state to state, and sometimes even by county. If you do not fully understand the process in your area, I recommend spending a few hundred dollars on an attorney who can at least explain the process in detail.
I understand the process going into it all and I don't have a problem with the whole process I just think that at the end of it all when they list the FINAL date they should not be able to do anything after that point.
Things are going very smooth for me & think maybe I'm just getting over excited because its almost finished:-)
Now we get to the crux of the issue; an over-excited investor. Remember this feeling. Then use it to evaluate your position on your next deal. Emotions are ok when you get the check, not when you are estimating what the check will be.
Emotions are ok when you get the check, not when you are estimating what the check will be.
I'm not sure if truer words have ever been spoken.
The check amount has not even been a thought! I'm still just hoping for a deed :-)
I'm a Antique lover and nothing rings my Bell like old wood. This house is a old brick with 4 units. Just from looking in the windows I seen all original trim,doors, floors,baseboards, mantals & light fixtures. IF I do get it I will not keep it because it's on the wrong side of town for me But I may have to take a few things for my house :-)