Tax Pre-foreclosure
Hello everyone,
I am new to tax foreclosures. Any advice would be greatly appreciated! I have came across a property that has been abandoned for 2 years. It needs a lot of work, but has great potential. The owner has no money for repairs. I am figuring between $40 to 60k in repairs. They paid cash for the house in 2011 and are loosing it to past taxes so no mortgage or mortgage foreclosure. The house is worth $190k. I would like to purchase this property. What is the best way of approach? Should I ask for a quit claim deed? I'd like to offer them a settlement of $5,000 for them to walk away from the property. The back taxes are about $8,000 and a court date set for February 2016 when they will finally loose the house. Up front cost to retian the propety I would be looking at $13 to 16k, as long as theres no other liens. Another factor is her husband is on the title and he passed away. Would I have to probate that or can she provide a death certificate for him so she (the wife/owner) can sign off? Should I run a full title search as well?