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Buying or Selling a Home/Back Tax Forclosure
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Question
I am looking at a home that is being sold for back taxes. If I was to win the bid, what happens if the home has a lien against it or a mortgage? Am I responsible for either? Or is the house mine free and clear? Thank You Debbie
Hi Debbie,
Ever state is different in terms of how many years the property taxes have to go unpaid before a treasurers deed is issued. For example in Colorado it's 5 years. Assuming the property will indeed be deeded to you for the taxes all of the other liens will expire and go away.
Each lien holder has a right to pay the taxes and bring them current, so lenders sometimes do that.
Hope you get the house!
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Jay Denit
Expertise
I'm a Real Estate Broker/Loan Consultant in the state of Colorado. We have a separate foreclosure investing company, so I'm more than willing to answer any Colorado foreclosure questions for both the home owner and investor. I have sold bank owned homes all across the country for all of the big banks. I'd be happy to answer any questions about buying or selling residential homes and specialize in luxury estates. Furthermore, I have some experience in land acquisition and development and know a touch about water rights. We are a licensed lender in most states, so I can answer general questions about all types of mortgages.
Experience
My experience is really anything that has to do with real estate. From buying and selling to investing and foreclosure, I’ve done it all. Being able to handle the acquisition and financing under one roof gives me the intimate knowledge of all facets of property conveyance. My foreclosure/bank owned property (REO) experience gives me the problem solving mindset to always find a solution.
Organizations
BARA- Boulder Association of Realtors
NAR- National Association of Realtors
CAR- Colorado Association of Realtors
Education/Credentials
Xavier University-- BSBA Finance
Colorado State University-- Professional Certificate in Project Management
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