All Forum Posts by: Josh Hansen

As an update, I just read the notice. Norfolk is essentially asking you to take on the burden of cost to file the suit, which is why it takes so long. Chesapeke, Suffolk, and several surrounding counties don't do it like that. When you go to auction there, it's as I described. I have to check on VA Beach.

The lawyers you have been talking to are absolutely wrong. All sales at a tax deed auction must follow VA statute, which clearly spells out what happens.

First, there is no right of redemption in VA. Once the confirmation of sale happens (about 30 days later, unless there is a challenge) you have the special warrantee deed in about 10 days. That gives you complete rights to the property. Unless there is someone living there (and that is rare since most of these places need significant renovation) you can go right in. If you have to do an eviction, that might take a little more time, but it only cost a few hundred dollars.

The cost for a tax forclosed house is usually around 35 cents on the dollar of assessed value. Then add 10% as a buyers premium. So if the house assesses for say 100K, fair auction price is around 35K, depending on how much money is in the room. Add 3500 as your premium, and you walk out the door for 38500. Closing times vary, depending on who runs the auction. Anywhere from 10 days to 30 is about standard. Usually you have to put between 10-30% down on the day of the auction. Sometimes it's pay in full that day. Read the terms of sale carefully. Message me and I can give you some more info.