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Buying or Selling a Home/tax lien
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Question
Hi Connie
I live in Memphis,TN and my question is how to obtain a property that has unpaid taxes due. The home is abandoned, I think the previous owner is deceased. there has been no activity at the house for 6 months. How would I go about getting this house before it goes to a foreclosure bank?
HI Tammy,
Just because a home is abandon, with a tax lien is not necessarily a property that 'can be purchased'. You will need to find out from the county recorder who the owner is first. Make contact with them, since it is vacant and it may have other issues that need attention, they may be amiable to selling to you. Also check with the city to see if they have any liens (building code violations, etc.) on the building. It may also be in conservator ship or probate. You will have to do some major digging. Then check with TN and find out what the foreclosure recourse laws are. In California, once foreclosed, it is next to impossible for the prior owner to regain ownership. But certain states have redemption laws even after the bank takes it back. Some for up to one year! Keep in mind if the prior owner owed more than the note is worth today, they may have decided to walk away from the property, your best bet then is to try and negotiate directly with the bank that holds the note and make an offer to purchase. Keep in mind you are buying "AS IS" the bank will cover nothing and guarantee nothing. Buyer beware!
You may wish to enlist the help of a local Realtor or real estate attorney, and for a flat fee have them assist in getting information on the property for you. Be sure to have a 'clean title' transferred with the purchase. They should know exactly where to go and retrieve information quickly.
Good luck!
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Connie Wildasinn-Broker,GRI,RealtorŪ
Expertise
Broker,GRI,RealtorŪ, Investor since 1979. Buying or Selling Residential and Income/Investment Properties, How to understand the process, how to negotiate through the transaction, What to Look for - But more importantly 'What to lookout for!', How to tell if the time is right - or hold on and wait. Why not to listen to your friends and even your family members, Who really has your best interest at heart?. Understand why any market is a good market and how to spot a good investment for you! If you are looking in California.. check out my website www.MetroCalBrokers.com and if you need assistance in a neighborhood I don't service, I will locate a local agent to that area who actually knows their profession and can assist you in your needs!
Experience
4th generation Realtor in the real estate business, I have helped for over 2 decades clients buy and sell, I am the owner of a local brokerage in the Los Angeles /Long Beach area, and have been a top producing agent in the area since I became licensed. Working through a deal is different to every client, no two people or deals are exactly the same. Knowing how to bring professional advise to the table with clear and concise understanding of real estate world. I can help you handle your buying, selling and investing, managing a 1031 Exchange, working with Equity Sales, Probate, Pre-Foreclosure Regular and Short Sales there is little that I have not seen come across my desk over the decades!
Organizations
NAR,
CAR,
WCR,
ABR,
e-Pro,
GRI,
BKBIA,
CHNA,SSG
Publications
Broker Agent Magazine
Long Beach Business Journal
Long Beach Press Telegram
Signal Hill Tribune
Grunion Gazette
All Experts
Zillow - Lead Agent - Advise Expert
Truila - Advise Expert
Education/Credentials
Broker-owner,
RealtorŪ,
GRI,e-Pro,
SSG-Short Sale Certified
Awards and Honors
Managing Broker for MetroCal Brokers. We merged my old brokerage with MetroCal this year, and we look forward to expansion and growth moving forward. We currently employ 30 Realtors and growing.
15 years running top selling agent in Long Beach, South Bay area California.
Top Producer 5 years straight Re/Max, C21, Realtyworld.
Past/Present Clients
upon request = or check out our website www.MetroCalBrokers.com and check the Testimonials section!
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