Good day all. I have identified a property in MN I believe has a fair amount of value currently in the Tax Forfeiture process. I am attempting to contact the owner to help them "redeem" the property through redemption. This way they get something and I avoid paying top dollar as often seems to be the only way through tax forfeiture in MN. Anyone have experience in this?
Thanks for any help.
I have purchased one property this way. It is rare that a property goes through this without other issues. For example it may have a medical assistance lien or otherwise. I would recommend you first try to understand why it is going through this process if you can.
Thanks @John Woodrich . Any suggestions on best way to find that out? Would it be listed with a lien of some sort then? Thanks for your reply.
You can go to the recorder's office and review the recorded documents or you may be able to have a closing company run a title search for you. If you get close to a purchase I would recommend discussing with an attorney. @Brad Schaeppi is an expert and you could setup a consultation on his website https://minnesotalandlordlaw.c...
Thank you for the info. This is likely a longshot, but worse case scenario I just learn about the process for future opportunities.
I'm not sure if this is action would take care of any and all things attached to the property, but in case anyone else is following this thread, I requested a Owner's and Encumbrance report through a title company. It will cost me about $100- but it will show real estate taxes, state and federal liens, judgements and bankruptcies. I am assuming this will give me an idea if there is anything worth chasing prior to tax forfeiture auction.
Unfortunately follow up on the property yielded me with information that will not allow the owners to redeem. It also goes to show that opportunities exist. After explore all liens and judgements on the property they could have made roughly $150,000 had they just sold before forfeiture.