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Old 04-11-2017, 10:12 PM
 
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But even with a tax certificate sale, don't you still owe all the back taxes (interest abated as of sale date) when you finish the redemption period and now file for the tax deed? Since your not paying at the sale, you should be required to pay at the transfer.
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Old 04-12-2017, 12:49 AM
 
1,130 posts, read 637,263 times
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Quote:
Originally Posted by Rabrrita View Post
But even with a tax certificate sale, don't you still owe all the back taxes (interest abated as of sale date) when you finish the redemption period and now file for the tax deed? Since your not paying at the sale, you should be required to pay at the transfer.
They said not. Only tax that would come due in the current year must be paid, or should be paid, if one expect to receive a tax deed at the end of the process. I don't have to pay past tax and penalties. The county has given up on past tax in hopes of collecting future tax. These properties have failed to sell at multiple past tax sales. As I understand it.
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Old 04-12-2017, 04:23 PM
 
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CONGRATULATIONS on the win at tax sale!

As an experienced tax title investor, I want you to study your county / state laws in regards to redemption rights. One of the pitfalls that may occur later is that you have problems obtaining title insurance because the former owner may cloud tht title. Title insurance allows the buyer of your land to get a loan from a bank.

Generally, you can only receive title insurance from a lawyer.
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Old 04-12-2017, 10:50 PM
 
1,130 posts, read 637,263 times
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I think the title company can do everything. I had a brief phone conversation with a title company guy. He's supposed to get back to me. I really don't want to start studying Indiana code for this. There will be a tax bill due next month. Probably like $64. Today I worked on my truck.
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Old 04-14-2017, 04:58 PM
 
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Have not been able to get title company on the phone yet. Two lawyers don't do this kind of thing. One referred my to a guy he knows at another title company. That guy got back to me but he didn't sound like he knew exactly what I needed. One out of this town law firm says, on their web page, they do title certificate stuff Nobody's working today.
At the actual sale someone asked about lawyers to help them with this and one young enthusiastic lawyer stood up smiling in the back of the room. Were not able to find him after the sale completed. My motivation is wearing thin. I can walk away and just lose $50.
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Old 04-14-2017, 05:32 PM
 
Location: Florida -
8,539 posts, read 10,340,117 times
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For $50, you may learn a valuable lesson at little or no cost.

My son got heavily entrenched in buying/selling tax certificates through a firm specializing in them (because he did not personally understand the ramifications in different areas).

Ultimately, he got some (most?) of his money back, but only after a lot of issues. In short, he invested many $thousands and, at best, broke even. Buying/selling tax certificates is not for the inexperienced.
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Old 04-15-2017, 06:45 PM
 
1,130 posts, read 637,263 times
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I got a letter from a lawyer offering his services for this. He must have seen a public record of the sale. At least somebody is interested.
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Old 04-21-2017, 08:51 PM
 
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Found a lawyer. $1500 covers everything.
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Old 04-22-2017, 10:31 AM
 
67,610 posts, read 68,413,496 times
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having dabbled in tax lien sales i can tell you i would never do it again .

the pitfalls you only find out afterwards can be a horror .

we didn't really expect to get the property . we really were doing it for the 18% interest . the owners always come up with the money at the last minute .

well this time they didn't . so with the people still living in the house we had to start the eviction process .

so now we are in to this for 2 years back taxes at 12k a year , and now legal fees .

they used every tactic to stall the court so they were finally evicted almost one year later and 3 years taxes

but now they left their stuff behind . it was basically junk but nj law says we have to store it for months and if not claimed and paid for it is ours .

so now a moving company moved everything out to storage . now we had storage fees for 6 months and moving expenses .

at the end of the time frame we had to pay again to have the stuff removed .

while the house was empty , we can't prove it but we are pretty sure the ex owners went back inside and vandalized the house ripping out all plumbing and wiring .

basically the house was trashed . my partner luckily was a builder so we ended up gutting it and starting over inside .

by the time we sold it the money we made and the aggravation was hardly worth it .

i would never get involved with these tax liens ever again .
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Old 04-23-2017, 12:00 PM
 
1,130 posts, read 637,263 times
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Well, this is a simple unoccupied property that has been neglected for 50 years. I don't think anyone wants it.
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