Real Estate (Land) Question

[rikoshaprl]

You can't usually use adverse possession on government owned land. At least in NY you can't

[Taratova]

I don't think by using a piece of property in the Cape will make it yours. I heard residents cannot use anyone elses lot to store a boat or any other property.

[tjstrain]

This might be a case where you could take "adverse possession" of a property. You find a vacant property, move in and maintain it and pay the taxes for 7 years. Pay utilities for seven years and save all your receipts and checks used to pay the bills, get a good lawyer, or bone up on the laws and prove that you maintained it without the permission or knowledge of the real owner. Then you have a chance at getting it. If the owner gets wind of you using their property and agrees to let you continue using it and can prove they knew and let you, then there is no chance of you getting it. Usually an owner will draw up an agreement, contract and keep a copy to prove they gave permission of the use.

[BigMunch]

I dabbled in these in the 1999-2004 years, it was very interesting. Most of the bigwigs were after the tax certificates on waterfront lots and big houses, so I did them on inland lots that were close to the water but not on it, so they were still "cheap".

The tax certificate sale is usually held in May or June, whoever doesn't pay their taxes has their property's taxes added to the sale list. At the tax certificate sale, If there are multiple bidders on a specific tax certificate, then the bidders announce the lower interest rate that will be accepted on that certificate until only 1 bidder will take or even will pay to get the certificate. If nobody bids against you the rate was 18% that you would earn yearly . The certificates expired after 7 years if I remember correctly, so you had to make your move before they expired by calling for the sale. Not sure if they have changed this. Any that were not purchased and paid off at the sale become available and can be purchased from the county at any time.
I used to buy up the available tax certificates on empty lots in one area that I liked and then after the 3 year time period had passed, I would force the sale of the lots at the County Courthouse steps . A few paid them off but most of the deadbeat owners let them go. If nobody bids on them at the sale the certificate owner is the winner and now owns the lot. If you get other bidders you can bid against them if you want the lot or house.
This used to work well pre 2004 when the property appraiser's values were low and the taxes were very low, now I am not so sure about the tax carry costs if you plan on reselling. Paying a few thousand in taxes while you are waiting to sell a lot that is only worth a few thousand is the real problem right now.

I sent a hundred letters to owners of vacant lots, only one guy ever replied. The easiest way to buy it is to do it the slow and steady tax certificate way. If you don't get the lot you make some easy money, it's all good.