I'm just reaching out to see if there are any TN real estate professionals that know the length of time a property can be delinquent on taxes before the state steps in to begin the foreclosure process. I'm asking specifically for land lords that are only late on taxes but not in foreclosure yet. I heard states are all different.
Thanks for any help!
It is not generally referred to as a foreclosure, but a Tax Sale. The process starts when they are 2 years delinquent, but it usually 3-4 years before the auction actually happen. There are notification requirements, that can drag out a long time. After the auction there is also a 1 year right of redemption.
All states have their own rules. Returns can be much higher in your home state of Georgia.
Why do you ask?
Our county has delinquent taxes that go back to 2008, so I guess each one is different.
@Roger Poulin I'm creating a real estate company currently and after I get all my infrastructer completed I'll be using some capital to reach out to delinquent owners in the hopes to get them out of their foreclosure issues, and hopefully also collect a portfolio of land to resell. I'm planning to utilize @Seth Williams business model mostly from BiggerPockets podcast 39. It really struck a cord with my financial position and needs with my current full time career.