Hello BP Baton Rouge community
I recently just won the bid on a piece of adjudicated property in Baton Rouge. The property ended up on the sheriffs sale list because the current owner of the property did not pay the taxes that current year in my case it was 2009. An online company named civic source usually does the bids online but I did all of the foot work myself for my first one. I went to the assessors office and opened the file and placed a deposit once found out it was adjudicated. The city council has approved my offer for the property as well. I then had to do research to notify all interest in the property (i.e. Probate records,civil records, mortgage records and et cetra) of what is going on. If no one comes up in 6 months and says anything I can buy the property. I have been informed that the person can always come back and get there property back, and the property is sold without warranties.. They say it rarely happens but it is a possibility.
1.) I have been told after 10 years I can get a lawyer to do something to get it set into stone. How true is this?
2.) Is there only a tax deed I can get. Is there a process I can go through to get a quiet claim deed. Or a deed set in stone and no one can ever challenge it?
3.)I want to borrow money against it so I can buy another piece of property. I have been told banks are unlikely to give money on a tax deed property
4) I need advice and answers!!
Did you ever get answers to your questions?
You'd have to get advice from your own attorney, but I will say that when I looked into similar properties in the past, I had a title attorney tell me it would be 10 years before I could file to quiet the title.
That means 10 years before the property would have a clean title that banks would willingly lend against.
Yes, you can get title insurance for some of these adjudicated properties to protect against someone taking the property back (I forget the auction service that does this), but if you look at the policies as a percentage of the purchase price, they are exorbitant.
The adjudicated property situation in Louisiana is a mess and, in my opinion, will continue to be a hindrance to redevelopment in blighted areas until systemic change occurs.
Thanks, Nathan. How long ago did you look? It seems like Civic Source has done a decent job of auctioning fully adjudicated properties in New Orleans. I have colleagues who have bought homes on this site without issue. I haven't looked into their auctions for BR yet.