tax lien foreclosure - check list

[George P.]

Does anyone have a checklist for things to do/consider upon taking over the property as a result of the tax lien foreclosure?

Thanks

[Ned Carey]

@George P. Your picture looks like yo are crying. Depending on the property that could be the appropriate response. :-)

First Drive by and make sure you still want the property, then wait 30 days. In MD the owner has 30 days to appeal and generally the courts will side with the owner during that period. After that it gets harder to challenge.

Presuming you want it, have the attorney draft a deed for the city to sign. This takes a while so you may want to get that started before the 30 days is up.

Order a lien sheet to see what bills are due for you to record you deed.

Record you deed.

If it is occupied you either need to do cash for keys or file for a writ of possession. (basically an eviction) If it is vacant drill and change the locks.

Then do what ever you want with the property.

Actually you don't need a traditional "closing." All you do is record your deed. You can do that yourself or pay someone $75 to do it. You don't need a title search, you won't get title insurance so there is no need to pay a title company to close. Your tax sale attorney will know someone who can go down to the city to record it for you.

NOTE: I do the following. I an not recommending this, nor is it to be considered legal advice. It is simply how I choose to handle things.

I start to market the property and take action to get access to the property often before my deed is recorded. After 30 days if it is obviously vacant I drill and change the locks. If I am not sure it is vacant, I post a notice telling the occupant to call and If I do not here from them in 5 days I will presume the property is vacant.

I usually just take it to auction. I do not insure the properties because I do not hold them long. This is a risk I am willing to take.

Good luck - Ned