Has anyone purchased any investment property from a Jefferson Parish or Orleans Parish auction in Louisiana? When you purchase a property from an auction are you buying it free and clear or if there are liens on the property or a second mortgage do you have to pay off the liens and mortgages in addition to the purchase price? This is all new to me so if this seems like a dumb question I apologize.
When you purchase auction properties in New Orleans, they are usually selling them free and clear from outstanding tax liens. The City of New Orleans is very slow to clear those old tax liens, so be prepared for the process. My last auction property took almost four months to clear, and that was with the assistance of an attorney. Also, be aware that you will have a difficult time obtaining good title insurance because property heirs have ten years to make claims to the auction property, post-sale. Nonetheless, I still enjoy buying auction properties, as my buyers don't much mind the aforementioned headaches. Most of them will hire private investigators to locate any heirs and clear the title properly so there are no lingering issues. Hope this helps.
I am a local investor here and per the attorney's, louisiana is a hig risk state for doing these tax purchases due to the laws afforded to the people or their heirs in the years that follow.
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