I'll be visiting my first tax lien auction in a few weeks (Lake county), and I'm trying to get the most out of my relatively limited war chest. I'm currently registered for the auction as an LLC, but as I understand it, there was a recent change to IL law that requires corporations to hire an attorney for all noticing.
I'd rather be putting that money into more liens vs. into an attorney's pocket, and I'm wondering if I'm better off re-registering as an individual so I can do my own noticing. There's a title company in town that says they specialize in tax sale title searches, so they can provide all interested parties that need to receive notice.
Is it as easy as finding a template, copying and pasting parcel and owner information, sending out certified letters and taking out a newspaper ad? The attorney's fees are steep (and I believe can't be reimbursed if not redeemed), but it would also suck to not get the deed because I screwed up noticing.
Anyone here done their own noticing? Any tips and tricks you'd like to share? Thanks!
@John Roorda if you use an entity, you must hire an attorney to do the noticing. I wouldn’t suggest buying in your personal name for a number of reasons. If you’re worried about spending $1000 or so per parcel for an attorney to do the job properly, then the deal probably isn’t very good. Doing it yourself is an invitation for mistakes and may end up in you forfeiting your right to perfect a lien into a deed. I have purchased several hundred tax liens in Lake County. Happy to answer any other questions
@Justin Smits Thanks for the perspective. It's not so much about a good vs bad deal, and more that my mind would like to see that money going to more liens instead of up in smoke in attorney's fees. But you're right, there's much more to lose in not perfecting properly. Can you recommend an attorney?
My understanding was that Lake Co. was online. And in general a tough county to work with.
I highly highly recommend using an attorney. This puts fault with the attorney if they fail to notice properly. For higher priced liens I may also get the title work and notice on top of what they do. @Justin Smits is right and don't cheap out on the most important part of the process. If you are buying in bulk, a smaller office may give you a discount.
Typically attorney's fees (title search and noticing) are in line with the reimburseable amount set forth by each individual county. This ranges from $500-$1000. Attorneys will match this amount for both. It is reimbursed upon redemption.
Always do in a company name.
Michael D. Kvachkoff - Attorney at Law
He’s in crown point.
You can message me for contact info for him if you don’t find it on google. It’s against rules to post numbers here I believe. tell him Justin from
region home buyers referred you. They own a title company as well so they can handle all aspects
Thanks @Justin Smits . I've been in touch with Michael Kvachkoff - his rates are reasonable and the fact that the title search is included helps out a lot. Now it's time to buy some liens!