Can I Stop A Tax Sale By Getting The Deed From The Owner?
Hi,
There is a property right next to my house that has been vacant for many years. It is finally going up for Sherrifs sale at the end of the month. Can I get the owners to deed the house to me so i can stop the sale from happening? It is an excellent rehab opportunity.
Thanks,
Jim
Changing owners does not stop foreclosure, tax sells, etc. The lien is against the property, not the owner.
Just wondering, if the house was vacant for many years, and you either could not get or did not get the owner to deed it to you during those many years, how are you going to accomplish this within a month?
Brenda
Ok, I don't mean just getting the deed, I should of also said getting a hard money loan to pay the taxes off and do the rehab. As to why i think i can do it now. Maybe because now the people realize that they are going to lose it anyway. They don't want, they would never even admit that they where the owners. Kind of a long story. Anyway, I was just curious if I could get the hard money loan and get the deed signed over and pay the back taxes if that would stop the sale.
Jim
If it's a Sheriff's sale you're trying to beat, then it's the mortgage, not the taxes that are the main issue here. The taxes are probably deliquent too, but if you want to stop the Sheriff's Sale you need to get the deed and pay off the mortgage holder--with, e.g., your hard money--or find a way to take the house Sub2 the existing mortgage and make it current ASAP.
This has to happen before the sale. Or buy it at the sale itself, though you might have to face a redemption period and uncertainly then, and you need to cough up the cash on the spot. Make the owners an offer, but make sure you can get enough to pay off their bank. They may owe more than it's worth.
It is a tax sale. There is no mortgage on this property.
RERagsToRiches--(PA)-----------------
Sure you can, if you can locate the owners and get them to give you a deed. Why would you think you could not do so?
Even if you got a deed to only a partial interest, you could pay the taxes to stop the sale and then do a partition action lawsuit to get the whole property sold. And you would want to be allowed to bid at the partition sale.
You might get a loan just for the purchase and the taxes, then another loan for the rehab costs.
Good Investing*************Ron Starr*************
There can be Morgatges on properies sold at Tax Sales.
Simple answer: Yes.
You need to identify what is causing the sale and cure the problem.
Once you get the deed and cure the problem you may have other liens or costs to deal with. Make sure you understand this before you dive in.
From the way you describe this it is likely that this could be a good deal. It is also likely that you are not the only one chasing the deal if it is good. Be prepared to compete but stick to what you think it is worth to you.
John
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