I have purchased tax liens for the first time and are a bit confused about the next steps. Do I need to notify the property owner and other lien holders within a certain period or do I need to wait until the redemption period is over. Who has experience and can help?
You can click on this link and it should answer your questions.
I am by no means an expert on this. I stay away from them at this time and purchase through other avenues. I'm sure others can help you as well.
You need to find an attorney that does tax liens and pay them the money to do it correctly. Up in NW Indiana, it costs us about $1200 per property for the attorney to do the notifications at the correct times. It's worth the money because if you don't do it correctly, you'll waste a bunch of money and time (15-18 months or more) and never get your deed.
It is very county dependent. In Marion you just need to sit back because the county does all that work for you.
Mario NA, I am a practicing attorney in Indiana located out of Indianapolis, and would be happy to discuss this issue with you further. We have worked with tax sales and have experience in this matter. I will private message you.
Mario, you might contact meridian title company. They have several locations but in Indianapolis they so the title searches for the sale. I have experience here but no other part of Indiana. If I can help send me a pm.
You most likely got mailings after you bought the liens as I always get mailings from people who want to do the notififcations for me. If you shop it you should be able to get it done for 700 or less a parcel. Lots of attorneys do this work and it is pretty simple for them. Just find someone who already does it.
Meridian Title does do title clearing but it is way more expensive than an attorney will charge you.
You didn't say which county you purchased your certificates. If not Marion, mostly likely, the sale was held by SRI. Go to their website and download their handbook. Look specifically for the county. They are usual pretty good at giving you handouts at the sale on what you need to do. But, and this is important, you'll need a lawyer to send post sale statutory notices. You got like maybe 60 days to do this. And then send them again towards the end of the redemption period. Fail to do this and you lose your money. You lawyer will also enter his fee on a 137b so if cert is redeemed you get reimbursed + 5%. The county has maximums that they'll reimburse for lawyer and title work. I've paid between $450- $650 for lawyer and between $250-$450 for title. They'll charge you the maximum, of course. They won't charge more if not redeemed to file for deed.
If you bought in Marion County, then ignore everything I just wrote. Like what was said, sit back and wait.
Look at the county's website and see if all this information isnt there.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing