California Tax Deed Sales
I have also spoken extensively to the CA County Tax Collector about this issue. What I have gathered from her is that the mortgage is NOT transferred to the person buying the deed. Any other deeds or liens from the state need to be paid by the new owner but anything else is NOT transferred.
What I am trying to find out is, what then? Once you own the deed what is the next step in taking possession of the property. The deed gives you rights to the Title but do you then have to evict the residents?
I have read the CA codes and what I understand is that you have to wait 366 days to make sure the owners don't fight the deed sale .... If they pay the county within 365 days of the deed sale you get your money back. This leads to another question.. Do you receive intrest on the money and if so how much?
Which sale are you going to in CA? There is one in Santa Clara County next week, which I am going to.
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Hey, did anybody answer your question? I am interested to know the answers as well.
I would suggest that you contact the Trustees Sales/Foreclosure division of your local/favorite title insurance company. They should have plenty of answers for you since they handle these sales everyday.
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I read a few books and did lots of research about Ca. Tax Deed Sales. Yes, prior owner/love ones (owner past away) have 1 year to fight for the deed, to prove that it is a error.
For San Bernardino County. I won the bid and still waiting for the tax deed. When I check the recorder's office. They just recorded my name on the document.
I spoke to the tax assesor's assistant. She said that I could do whatever I want to after that. I could sell it if I want to, but I think you have to follow the state codes.
The IRS have 90 days or 3 months for redemption. If you did or the prior owner redemption it. I think you get 6%, but for San Bernardino county. They forfieted the property the last day before the auction, but I still think that state codes applyes. The owner forfieted, but if they passed away, their love ones have 1 year to fight for it.
I don't know the steps to sell. This is my first sucessful purchase.
Hey how are you I live in the Riverside county area and I was wondering where did you buy you r deed and where can you buy some TLC's at I am looking to invest in my first ones and 1 more what are the proces that they usually run I only go about 3-4K is that enough to get a good one?