I got anxious after I didnt get the properties I wanted and the got in a frenzy & bid on a house that appears to be abandoned. The lien was $700. What can I do if the owner does not redeem it?
@KENDA BELL Are you talking about purchasing a property at a tax lien sale? You mention redemption, and that usually means tax lien sales and/or foreclosure in certain states.
If you bought the tax lien rights, then you would have to foreclose on the owner after the correct period of time for the area the property is in. That involves legals fees and court filing fees. You'll want to speak to an attorney who is familiar with tax foreclosures if that's the case.
What is the property worth? Have you inspected it? What were your plans for it when you bid on it?
It's a tax lien , it is worth 25k , I just looked at it on google earth & zillow during the actual auction. It was not property I had initially researched or seen ..I just went for it..I figured I may could resell it if I had to foreclose to one of those 'We Buy Houses" people.It is in a busy urban area but I am sure it is a prime candidate for section 8 tenants if fixed up.. I just made a bad decision .., I hope the owner redeems BUT my BF doesnt think they will ..he drove pass it and he said it was abandoned..
Yes, sometimes a property for FREE is a bad deal. Post the particulars and get feedback. Message me directly if you don't want to post details. I have an interest.
I always have a local realtor drive-by any note we are looking at. While we can't usually get inside, at least you can get some sort of idea of the exterior condition to help value it. Buying a property unseen is something we just won't do. Good luck with it & let us know how it plays out!
Thanks everyone!! Clifton ..I will email you directly this evening...
Just because the property is vacant, does not mean it has no value. I foreclose on and resell vacant properties all the time.
If you post the address I will let you know what I think.
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