All Forum Posts by: Dennis Weber

@Ned Carey  Holy smoke!  I wouldn’t like that!   Bet there is a lot of abuse. Even on a bankruptcy to stop bank foreclosure the trustee is going to make borrower pay mortgage  payment or lose house. Wonder how it works in SC @John Underwood

  No, the taxman has first position. The mortgage company has been notified (or supposed to have been notified) and can decide whether to pay the lien or not. But I have never bought a tax lien on a property that has a mortgage. It’s just rare in my county I think. 

I would imagine that a bankruptcy court would want the taxes paid almost immediately. In which case, you get your redemption amount.   I’ve had two people file bankruptcy right before redemption period expired thinking it would delay things. It did. About a week for the auditor to inform the judge. In my county you pay the taxman or lose your property. 

 I think you got good advice. You can hope to find a gem in those passed up liens. Just don’t have high hopes. 

Addressing you interest in bank foreclosures why not be the bank instead of buying from a bank?  Learning how to purchase non performing notes may be more satisfying and profitable for you. 

Great, another question about liens and the poster doesn’t say where the lien is. 

It might be helpful to tell us where you are. Many local banks will go lower. I have a loan company that goes to 25k. 

Yes, the tax sale will put a cloud on the title. To get insured title you have to, for most Title companies, do a Quiet Title. A lawyer searches for all possible people who may have an interest in the property be noticed properly of the sale. If nobody comes forward than a judge issues an order then the title company is happy and insures the property (that’s how I think it happens anyway). The cheapest I’ve found for a quiet title is $1200 but I’ll bet it’s over $3000in Arizona. So, it’s cheaper to buy the lot outright to get insurance. A quit claim gives all sellers rights to the property to you. Just make sure your buying from the owner or legal custodian. I could sell you this property with a quit claim. Have no idea what closing costs and quit claims cost in AZ. 

Now, with all that said, title insurance only covers what you paid for the property. You may not need it unless you plan on selling it or building on it. If you sell it to a builder they usually don’t care because they know they’ll need better insurance and will take care of it. 

Again, not knowing anything about this lot, it’s hard to suggest the best strategy. An Arizonan investor could give you better advice. 

 Atta girl!  😀

@Jenna V Turner welcome to the exciting world of real estate investing! Network! Network! Network! Find and attend all the REIA groups in your city. Find a niche. Stick to it until you learn it then learn another one. As far as notes look up Scott Carson and Eddie Speed on the internet. Scott has a lot of videos out there and offers pretty affordable training. As far as liens, BP has a moderator that buys Baltimore liens. Find Ned Carey , and invite him to lunch or coffee and pick his brain.

 First check the county treasurers website and see who they send the tax bill to. Contact that person. Otherwise, if you get the lien, you’ll wait until redemption period and then file for an expensive quiet title. Cheaper to buy the property than buy the lien.  

 No, paying off lien gives you no ownership rights. 

You say that you know lien will not be paid off. That tells me the owner doesn’t want the property. Have you tried contacting him (her or heirs) to see if you can take it off their hands for $300 with quit claim?

Hard to say what the property would sell for without knowing more about it.