I was very active on BP a couple of years ago, but I allowed life to get in the way. I'm back for good now!
I've been approached by an out-state REI company with interest in dozens of Maryland properties, many of which they've obtained through the tax lien auction/foreclosure process. I'm assisting them with wholesaling some of these properties, but they've recently approached me with the opportunity to "purchase" a tax lien foreclosure judgement they've recently received for one of their properties. I would then be responsible for paying all of the outstanding fees to Baltimore City necessary to obtain the deed to the property.
I've run the numbers, and it looks like this could be a good deal.
My question is....is it possible to "wholesale" this judgement to another buyer? If so, what type of contract would I use to set this up? What is the process for registering a new judgement holder with the court?
I've researched these issues extensively, but I couldn't find any similar scenarios....I figured BP would be the place to get some answers :) TIA!
I've researched these issues extensively, and could find any similar scenarios....I figured BP would be the place to get some answers :) TIA!
@Ned Carey is your man to answer this one. Glad you are back.. I think you were on a podcast right when I discovered BP...
Christina is right. Ned will definitely be able to help you.
I am almost certain this can be done. I'm not sure of the paperwork/contract required to make it happen. I would love to look at this deal. I will pm you for more info.
@Ezinwanne Hawkins I was wondering where the heck you went!
In theory a judgement can be assigned. However in Baltimore city they will not allow it because they want to collect the transfer taxes on the property twice. The property needs to transfer into the name of the judgement holder first and then into your (or your companies) name.
For all practical purposes you are simply buying the property from them. As long as you area willing to pay both sets of transfer taxes it makes no difference to them.
I would caution that you need to know not just what they want you to pay them, but the bid price of the lien. There may be a very good reason they want to get rid of that judgment
I know nothing about Maryland tax liens and procedures. But, every time I've seen someone looking to unload a bunch of tax deed Junkers, there are a bunch of issues that aren't obvious if you don't intimately know the entire process. They're usually looking for a sucker to unload their problems on.
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