All Forum Posts by: Bruce Lynn

Interesting that they admit they did not really know what they were buying, just the general area.  Way too often I see this at tax sales.  Often the people in the know will warn the people bidding.....be care...do you know what you are buying....and they keep bidding.  Sometimes the lawyer selling the property will warn them.... and they keep bidding.   Most of the time it is land locked parcels....other times it is land in the flood zone or under water.   We'll see if they got lucky or not.   They might have just opened a can of worms that turn into cobras.  I wish them the very best.   I'm somewhat surprised no one has raised the issue of why this land was only being tax $14/year.   In San Fran, I would think that would be the tax for a pebble on the road.   Especially if parking is involved.   

More to the story...
http://www.sanjoseinside.com/2017/08/08/san-jose-couple-makes-big-news-by-snatching-up-private-street-in-swanky-s-f-neighborhood/

Looking at google maps, I wonder if it is the circle.   That should be interesting.

https://www.google.com/maps/place/26+Presidio+Terrace,+San+Francisco,+CA+94118/@37.7882039,-122.46166,17.73z/data=!4m5!3m4!1s0x8085873acfc5aa6d:0xc4f3f3511cd36c3c!8m2!3d37.7876463!4d-122.460155

I am reaching out to the buyers to see if they will keep us updated as to what happens.

@Matt K.   since you are in the area, could you keep an eye on this for us and update us periodically as to what happens.   

This should be very interesting.

Saw this recently in Texas two where a commercial building had several parcels of land around it.  One was the entrance to the parking lot and a small sliver of the parking lot.  It was near Austin if I remember right.  In the end I decided it was probably not worth the fight I would create.  At least the tax authority seems to be on the buyer's side.   I'm sure there will be some fun legal battles at some point.  Hope someone can keep us in the loop as to what happens.

Can you pitch the deal and let a local broker close it and send you a referral fee?

So you are buying the deed...the property.... not the note.

First thing that comes to my mind is taxes.

How much back taxes owed.

What's your rehab cost?

Are you going to keep it or flip it?

With 2 deed transfers back to back will it finance to the buyer you need?

$1400 is a lot and they're there to sell you something else.  Monthly subscription to something.

I'd start by going to your local sale....network there.....you can pick the professionals from the amateurs.

Take the professionals to lunch after the sale.....

Some of the national guys I have run across, give a broad overview, and really don't know enough about the specifics of any one state to be of much use.   I know a guy a saw recently pitching a seminar here in Texas was full of crap and flat out lying to the people in the free  1 or 2hr intro.   

In my experience Tax Title Services has you use Boston Title to close, but the Title Insurance is issued by First Amercian...which should be widely accepted by most lenders.

Talk to TTS and ask them who will issue the title insurance.

This is probably your cheapest option and probably the fastest.

Quiet title can take a long long time.

Another option is to sell to a cash investor who doesn't care about title insurance.

You might check the statute to see if it includes safekeeping of the property.

Do you have any invoice from a company to prove the expense.

I'm thinking you can't probably pay yourself.

I say control the transaction....Have your title attorney prepared the closing statement, include the charge and the invoice from a 3rd part, threaten not to close if they don't sign and pay for it....if it is worth it to you.  Is the deal or property good enough for them to sue you to force you to sell?