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Question
is there a certain age that you have to be in order to buy a house though back taxes? and im still a lil confused on how back taxes really work?
Hey, Rayneal.
I'm not sure I understand your question. Are you talking about an owner getting behind on his taxes, having the tax assessor take the property, and then either the owner or someone else buying it by paying the back taxes? States dictate how long an owner can buy his own property back, and some states dictate that even if someone else buys the property, they can still recover it by paying the back taxes. California is one that does that. I could lose my property by not paying the taxes, someone else could then buy it, but six months after someone else bought it, I could recover it by simply paying my taxes, as long as my mortgage payments were also current. It's a strange system.
If you're talking about the late-night informercials whereby property investors buy someone's $500,000 property for $672.12, that simply doesn't happen except in the very rarest of circumstances. Think about it like this: If you had a property worth $500,000 and you were behind on your taxes of $672.12, wouldn't it be likely that you also were several months behind on the mortgage payment, which would be much greater than $672.12 a month? Consequently, the bank doesn't want to lose its collateral to the tax assessor for something as insignificant (in the overall scheme of money) as property taxes. So they will foreclose on the property before they'll let it be sold for back taxes. And the owner doesn't want to lose his property either, so if someone really could buy it for a mere $672.12, one would think that the owner's mom, dad, brother, sister, or whomever would cough up the $671.12 to buy the property, especially since it's worth $500,000. That would be a magnificent investment.
If those don't answer your question, feel free to explain exactly what you're thinking of, or trying to do, and ask some more questions.
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Russel Ray
Expertise
Through home inspections, I provide an education about real estate. I'm one of those rare home inspectors who has been involved in real estate in many different capacities: as a Realtor (in Texas), as a property investor/flipper, as a teacher, and as a marketing expert (for Realtors and home inspectors). I believe that my experience as a Realtor and property investor provides me with a different viewpoint about home inspections in that I work for my Clients, but when there are other people involved in helping my Clients, then I firmly believe in helping them, too. That includes Realtors (both the seller's and the buyer's), repair professionals (e.g., plumbers, electricians, etc.). If I can get all the players (seller, seller's Realtor, buyer, buyer's Realtor, and repair professionals) playing in the same sandbox together to accomplish goals as a TEAM (Together Everyone Accomplishes More), then I believe I have succeeded in my job as a home inspector. My profession is, in my opinion, much more than simply documenting the condition of a property and then take the money and run. I am also a rare breed in that I don't believe that one inspection fits the needs of all Clients, and I have led the industry in understanding that fact. For example, the goals of a property investor are far different than the goals of someone buying a property to live in. The goals of a seller (a pre-listing inspection) are far different than the goals of a buyer (a pre-purchase inspection). To that end, I offer 14 different types of inspections, e.g., STANDARD, LIST, RENTER, BASIC, MAINTENANCE, SPOT, and more. I believe in giving the benefit of the doubt to all professionals in whatever industry they represent until they prove me wrong.
Experience
Over 42 years in all aspects of real estate--building homes, renovating homes, inspecting homes, Realtor.
Organizations
National Association of Certified Home Inspector, Better Business Bureau of San Diego
Education/Credentials
Graduate of Texas A&M University; College Station, Texas
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