Real Estate Investor · Chicago, IL · Member since 2013 · 57 posts · 17 votes
Hello BP community,
I found an abandoned house and finally found the owner for the house. Doing some research I see his back do taxes of $12k were bought by a investor from 2011-2014. Its more taxes do now that aren't paid. The owner doesn't want anything for the property he just wants to move on. What is my best option to settle the tax debt? Should I have the owner apply for hardship exemption through the homestead act or negotiations on the debt? The home is only worth arv $75k and it needs $25k of work. Any help is appreciated.
why dont you take a deed from the seller, give him a couple hundred dollars and pay the back taxes.most exemptions dont do anything for taxes already accrued. no legal or tax advice. You may want a title report or title insurance as well.