Updated about 8 years ago on .
Approaching a bank foreclosing after tax deed auction with a 1031
This is a little complex but looking for some guidance. I purchased a property with a friend at a Philadelphia tax deed auction. They did a 1031 exchange to purchase the property and purchased it in their name. We were going to quit claim it right after we got the deed. After the sale, we could not get the warranty deed from the county. It turned out that the bank with the mortgage wasn't properly notified, was contesting the sale, and it went to court. The court sided with the bank so we are waiting to get our money back from the county. Since the purchased tax deed address was already recorded to do the 1031 exchange, we would like to explore purchasing it directly from the bank... which is US Bank. Is there a way we can track down someone at the bank about purchasing the property? We think there might be enough equity to still make it worthwhile, plus the fact they would save paying capital gains with the 1031. Thanks for any help!
Megan