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Tax, SDIRAs & Cost Segregation

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Karen C.
  • South Bend, IN
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Seller will not perform a quite title action

Karen C.
  • South Bend, IN
Posted Feb 6 2015, 19:26

Hi, I'm a complete newbie to real estate but desperately want to and plan on getting into investing sooner rather than later. There is a property in a historic neighborhood  that has been up for sale for awhile. The price has steadily dropped down to $29,000. I know it needs several repairs just from walking by and looking at the outside. I'm very interested in rehabbing older homes and this one was built in 1925, a beautiful brick cape cod. Okay, getting to the point, looking online at the listing it currently says:

THIS ASSET WAS ACQUIRED THROUGH TAX SALE, CONSEQUENTLY THE BUYER MUST USE SELLERS CLOSING AGENT SINCE THEY WILL SUPPLY THE TAX CERTIFICATION. THE SELLER WILL NOT PERFORM A QUIET TITLE ACTION.

Can anyone please help me understand what this means and the exact reasons why I should steer clear of this property as my first investment?

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