Deleware Sherrif/tax Sales HELP NEEDED!
I wrote about a month or 2 ago asking how DE tax/sheriff sales work and got no response (mumble mumble mumble). I am in the New Castle area (been here about 2 years or so) and want to get into real estate starting with the Tax Sales which for me I feel would bring a higher return on investment that conventional means.
My question is are there "any" redemption period(s) here, if so how long? What are the mechanics of the sale if I win said property(s) ? What are the roadbocks or hurdles of buying at tax sales here?
Hidden cost/charges?
How long after sale would it be before I got a Title (insurable)?
PLEASE, "ANY"help in this State (DE) would be much appreciated!!!!
Thanks!!!
Mark B. :-?
I currently reside in New Castle County. Unfortunately, you cannot buy tax lien certificates here. The auctions are for acquiring the deed for the property itself. You can find information regarding the process and redemption regulations at the following link:
http://www.delcode.state.de.us/title9/c022/sc02/
You can also find info at the county's main site as well.
I hope this helps.
Quote:
On 2004-08-30 21:12, mbeli wrote:
I wrote about a month or 2 ago asking how DE tax/sheriff sales work and got no response (mumble mumble mumble). I am in the New Castle area (been here about 2 years or so) and want to get into real estate starting with the Tax Sales which for me I feel would bring a higher return on investment that conventional means.
My question is are there "any" redemption period(s) here, if so how long? What are the mechanics of the sale if I win said property(s) ? What are the roadbocks or hurdles of buying at tax sales here?
Hidden cost/charges?
How long after sale would it be before I got a Title (insurable)?
PLEASE, "ANY"help in this State (DE) would be much appreciated!!!!
Thanks!!!
Mark B. :-?
Ehshoku, thanks Have you purchases any properties at the Sherriff's sales, if so what should I be on the lookout for?
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From the link you sent it sounds as though propertys' bought at sherriff's sales are free and clear of all liens, encumbrances, back taxes etc except you have to wait for 60 days to petion the court for the deed, is that right? Is that a difficult process, how much more does that cost?
Also, are there any other legalities (environmental,zoning, codes etc etc) to be on the look out for?
Do you need the full purchase price or will the county/sherriff finance ?
Besides doing a physical inspection of said property(s) do you think it wise to do a title search "PRIOR" to auction/sale?
From your experience (if any) do properties go for pretty cheap if so, can you give some ballpark figures?
I really want to jump in and purchase property(s) thru this venue (seems to be the most cost effective way) for cashflow purposes (rentals) but am a lil nervous about it.
any more help/advice, you could give would be greatly appreciated!!!!
Thanks!!!
Mark B