USING THE TAX DEED SALE
REPORT If attending the sale, upon the purchase of a property you attain immediate possession. The full balance of the bid will then be due within 24 hours. While no deposit is required, failure to return with the balance will result in ejection from bidding at the subsequent sale. These properties are not insurable thru any title company without doing a quiet title suit. Anticipate a quiet title suit to cost anywhere from $800 to $1500 and to require the services of a qualified real estate attorney. The suit takes about 60 to 90 days to complete. Upon completion, you will have clear title to do whatever you want. The purpose of the suit is to do just what it says - "quiet the title". All lienholders that have an interest in that property (i.e. mortgage holders, judgement holders, IRS, state liens) will be served and notified through the suit. Typically, you would be responsible for all government municipal liens. (i.e. county, city, state, and federal). But, each case is different. There may be liens that you think may attach. And then, through the quiet title suit, they may be wiped out. Always consult with a real estate attorney for advice on liens that may or may not attach. What happens with most of these properties? Most of these properties are redeemed prior to sale. This means that the owner pays the taxes current to prevent the property from going to sale. Of 30 or so properties scheduled, 5 to 8 may be remaining the day of sale. |
