OfflineOkay, we're about to expand into tax foreclosures!!
We found an online list for "over the counter properties" in a nearby county (nearby our home county, not where we're currently staying, though).
Four properties, all failed to sell at auction, and county now owns them. Two of these we know right where they're at, and they insanely well priced, LOL!
Just to drop some feelers, we put an ad on the local craigslist with minimal description and the price. These are bare land (well, lots of trees), very steep, overlooking a beautiful river, minutes outside of town in a rural setting.
So, within 15 minutes I've already had two emails.
I called the county, just to double-check that it really is as easy as it sounds, and it IS. Only hang-up I can see right now is that it takes the county about 8 weeks to get the deed ready to record. They'll even carry with 10% down!!!!
So, any advice on how to proceed in the conversations with these people? I don't want to be a total liar, can't honestly say that we own them, or even control them - no way to lock them up until we actually buy them. Plus, being up here makes it harder to make things happen fast. (Of course, we could run down there tomorrow if we were ready, LOL!)
I'm waiting on a property profile and comps from the title company. Maybe I'll call them, just to get it faster and not drive myself crazy all day wondering if there's something terribly wrong with these parcels. I've priced the 10 acre lot at $18k over the county's cost.
BTW - if anyone wants to see my CL ad, and the other lots for sale and their costs - here's the link:
http://medford.craigslist.org/reo/1046911896.html
THANKS for any advice! I am REALLY excited and freaking out right now!!
Tracey R.
My two cents! First of all, before you purchase any property, you want to know what you want to do with it. Do you want to lock it and assign, lease, flip it, hold for long terms, etc, etc. Given the nature of these properties, which are vacant land with lot of trees, steep hills with a beautiful view. The last thing you want to do is getting stuck with properties and not being able to re-sell them. You should do your research in your area if there's people actually buying vacant land. See if there's sour, water and power line in placed. These are the info you want to find out about the land. If they are, then you migh have a good deal in placed, but if not, then you might also have to considered the cost to install such materials. If you have done your research and feels it's a great deal, then lock it up and then assign it since it will take the county eight weeks just to process the deeds. With the way the economy it is today, some may find it very difficult to purchase vacant land while other struggle to pay their mortgage payment, but if you feel that you can assign if and sell it for quick profit, then more power to you. Good luck!
Lloyd
We will definately be turning it. I'd love to just assign it, but not certain how to do that with an "over the counter" property. Can you still use an offer / purchase contract form for these properties? From what it sounded like, you just went in with cashier's check to the counter at the courthouse. But that can't be right, can it? You would have to have a sale contract of some type, right?
anyway, we planned to "pre-sell" the parcel, hopefully via this craigslist ad that we put up. One of the responses we had sounds really promising!
We would possibly use an HML for the purchase, then when the deed was ready and it had recorded (6-8 weeks), we would turn it over to the buyer.
I would MUCH rather do an assignment though.
Hoping that someone on here has done an "over the counter" tax property purchase before, and can give me some pointers!
THANKS!
Tracey R.
Do your due diligence! Find out everything about these properties before purchasing. Just because they're cheap doesn't always mean they're a great deal. See what they're zoned for, do they have utilities, are they in a flood zone. Make sure you know EVERYTHING about them before you buy them. Then like Lloyd said make sure you know what you're going to do with them. NEVER buy anything unless you do your due diligence!
God bless,
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
Well, I've gotten the property profile - they're zoned residential. No utilities on the land, but it runs along the highway at the property line. They would definately be in a flood zone (at least the lower portion) as they're on a steep hillside that is right across the highway from the river.
As long as there aren't any outstanding liens against them, and I have a buyer lined up before I purchase (or if I'm able to just directly assign), than everything else is consideration for the end-buyer, more-so than for me, right?
Tracey R.
I have purchased many parcels of land from my local county on tax deed and a couple of homes from the county through foreclosure. I have developed a good relationship with the office manager/paralegal of a local real estate attorney. I find it much more efficient to use an attorney because they can handle anything that comes up – they can clean up the title. If I used a title company then they would have to hire an attorney to clean up the title (would cost me more) and believe me most of the things you get through tax deed or foreclosure needs to be cleaned up (I’m talking about the title). I find it more economical to use the attorney for the closings. If you are in Florida I can give you the name and number of the firm I use.
Well after you do your dues< I would go ahead and buy them both put them both in my name if they want it then you can go back to the tax assessors office[after u sell]and put in their name for like $15 And tell them that it will be a few weeks before they get the deed because you and trying to get a clear title or you are cleaning up some paper work or deed! Hope this helps!I have gotten most of my properties over the counter.Look all your going to pay is taxes for the property!You need some help I'll help you!
mousebandet mentiond that the county allowed her to get the property for ".. 10% down". Which counties/states do this type of deals?