Tax Lien on an REO Property

[Joseph Burell]

So I found a property where the bank foreclosed in May ‘17 for $20k and it's listed on the MLS for $110k. I drove by to look at it today and there was a sign from the parish (this in Louisiana) that said "property will be sold for unpaid taxes on June 6, 2018"

Can someone explain to me what’s going on here? If I paid the lien off, do I get the property? Or do I purchase from the bank and the satisfy the lien at closing? It sounded like the parish was trying to foreclose on it from the bank.

Thanks!

Joseph

[Wayne Brooks]

You don’t “pay the taxes”, you bid at the auction the parish holds.

[Jeff V.]

@Joseph Burell 

In Louisiana we have a 3 yr redemption period.  You bid to pay the taxes and they put a tax lien on the property.  If it is not redeemed in 3 years you can get the deed.

If you want a wealth of information I have a contact for you...  you can take her to lunch and pick her brain.  Her and her father have been investing in tax liens for years they have it all ironed out for the area.

Jeff V

[Clint Galliano]

what is going on is that it will be sold at a sheriff's sale. the bank may be listing it to try to get their money back, plus some extra. is the market value $110k?