Real Estate Professional · Oak Brook Illinois · Member since 2012 · 32 posts · 7 votes
I've come to find out someone is in tax trouble with their property. Taxes have been sold at a sale and the redemption period is around the corner in 90 days or so. They own the property completely (commercial property). Not sure they will have the money to bail out and save the property. What can they do?? They have never been in this type of situation before and asked me about it because they know I have an interest in investing but I'm not qualified to give them solid advice or the means to buy it from them and work out some kind of deal to sell it back. So here I am, asking BP.
- Sell it to a cash buyer and close quickly and pay off the taxes?
- Can they take an equity loan out if their personal taxes are not in order or not filed in the last couple years?
- Are there Lenders that offer assistance with this sort of situation?
What can they do to save their investment? All helpful replies are greatly appreciated!!
Homeowner · Signal Hill, CA · Member since 2015 · 521 posts · 70 votes
11y
if its commercial prop, why are they at a loss not profit?!
would advertise it for lease with enuf rent & deposit required to get them out of tax jam.
if tax is loooong overdue, then one has to wonder even if they are bailed out, its likely to be allowed to go to default all over again, so yea, in that case, quick sell it and get out of it since its supposed to be for profit but obviously its a loss in their scenario.