How Do I Get Ownership Of Tax Lien Properties?
I am interested in purchasing tax liens. I have located a few here where I live. I plan on attending the auction next month, but have a couple of questions from the experts. After paying the delinquent taxes and attorney fees for these properties, will I own the properties at this point? If not, what other steps will I need to take to take ownership? By the way, I live in Georgia.
[ Edited by loanmodmom on Date 12/26/2008 ]
In GA:
20% interest year 1.
add another 20% first day of year 2.
add 20% on top of that when you file to foreclose on the property.
1 year and 1 day before you can begin to take possession of property.
I live in GA (Gwinett Co.), maybe we can go get together and share info on these things?
Does anyone know the process for CA? Is anyone going to the Los Angeles sale?
Quote:
On 2009-01-13 02:55, Oreilly4897 wrote:
In GA:
20% interest year 1.
add another 20% first day of year 2.
add 20% on top of that when you file to foreclose on the property.
1 year and 1 day before you can begin to take possession of property.
I live in GA (Gwinett Co.), maybe we can go get together and share info on these things?
Is that 20% interest for first year on the amount you pay or the amount of the taxes and expenses. Example: taxes $400, publication fee $30 = cost to start bidding $430. However you and someone else want the property so you bid higher and get property for $600. So, is the 20% on the $430 or the $600. Here in MO it would be on the $430. No interest gained on the over surplus bid amount.
What is the 20% for when you file to foreclose. Is this something you have to PAY or is it a charge to the original owner, who may not pay???
Do you have to go though a foreclosure process or can you just take title to the property and foreclose at a later date if you can’t sell using the tax deed. I realize I may be using terms that are local to MO and not used in GA.
Last, would you send me the www address where I might go and read the state statutes on tax sales in GS. Here is the one for MO
http://www.moga.mo.gov/STATUTES/C140.HTM
I went to www.yahoo.com, typed in "florida state statutes" in the search box and found (first link) "The 2008 Florida Statutes"
http://www.leg.state.fl.us/Statutes/index.cfm?Mode=Search%20Statutes&Submenu=2&Tab=statutes
put "tax liens" in the search box. You should find something to stat with....
I check this out in CA.
There is nothing to prevent you from contacting the tax defaulting owner paying the taxes, and buying the house.
In states w/ redemptions periods this needs to be researched.
A quit claim may not be sufficient, and the owner may not transfer the redemptions right. It could be an Unconscionable contract.