NY Tax Auction (Ulster County)
Looking to connect with anyone who has had experience with purchasing at a tax deed auction in NY.
There is one coming up and I've started identifying properties of potential interest.
My next step is driving the properties to further narrow down parcels to focus on.
I will wait with this narrowed list until about 1 week prior to auction to reach out to the county to confirm parcels are still available and have not been paid up. (Eventhough the county waits 3 years to bring to auction) I will also be confirming the redemption period for lein holders.
I think it would be prudent to perform a title search for each property prior to attending. My thought is the $75-150 it will cost is better than bidding and laying out the 30% down before starting the process..$100 for the search seems better than $3-15K for a lost deposit.
Plan is to narrow down to 2/3 parcels, have the due diligence research completed, go to the auction with firm maximum bids, Win (at least something), either recoup my bid plus interest if a lien holder wants to maintain interest or wait the redemption period, go through quiet title process and either sell the property/ keep it if it requires little work.
Any additional advice would be greatly appreciated. Everything I am considering are non owner occupied multifamily properties.