The competitions too merciless to get superb deals any more. Besides the competition theres one main, glowing reason why you must not buy real estate for back taxes at tax sale : you cant check it first. If you bid at tax sale, you are committing to buy, in readies, a property that can have in depth issues you dont know about.
Or that will become at length damaged in the time period after you have acquired it, but before you can foreclose ( 1-5 years, dependent on what state you are in ). When you are handling old houses, surprises are concealed behind walls, underneath the soil, and they generally tend to come in the middle of your rebuilding. Theyve had it for years and wish they didnt have it in any way. Nbsp, evaluate Your Inducement First nbsp, hence would I counsel you to buy and revive a historic home? Often not. Then do your studies well first and be prepared for delays, variances, a lot of bureaucracy, and difficulty in finding talented work, parts, and money if need it. But only after the property has been sold at tax sale. Heres another secret : in about 1/2 the states in the U After a year or thereabouts, legally, the money becomes property of the governing body, and the owner loses it forever - even though its $50,000.
Since this cash isnt held at the state level, you are not subject to the state unclaimed funds cash finder laws, in most places.
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